Troubled US insurer AIG is facing an investigation into how it is spending US bailout money on bonus payments for employees.

AIG's decision to award $165m in bonuses has sparked outrage as the company has taken $170bn of aid from the US government. President Barack Obama and legislators are seeking ways to recover the bonuses.

AIG also posted a record $62bn loss for the fourth quarter of 2008 - the largest such loss in corporate history.

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