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$50M in AIG Bonuses Returned » As the Senate delays action on a punitive tax aimed at AIG bonuses, 18 of the 25 most senior Financial Products executives at insurance firm have agreed to return their retention payments, amounting to more than $50 million of the $165 million in bonuses originally issued. Meanwhile, the Internal Revenue Service is probing the same AIG unit at the center of the bonus controversy. — Washington Post, Reuters

Broader Treasury Powers Sought » The Obama administration is considering asking Congress to give the Treasury secretary unprecedented powers to initiate the seizure of non-bank financial companies, such as large insurers, investment firms and hedge funds, whose collapse would damage the broader economy. Meanwhile, inspector general Neil M. Barofsky says the Treasury Department isn't doing enough to oversee the program. — Washington Post

Bailing Out the Rich » The Treasury Department has doled out nearly $2.5 billion in bailout money to banks that focus heavily on managing assets for the richest Americans. But a review of bank records shows that money under the Troubled Asset Relief Program went to the banks even though they had little or no exposure to subprime mortgages or other toxic assets. — Portfolio

Campaign Finance Challenged » After the most expensive campaign cycle in U.S. history, a bipartisan group of lawmakers will introduce legislation this week to create an ambitious voluntary public campaign financing system that would ban contributions from lobbyists and place strict limits on other sources of campaign cash. — Washington Post

Trustee Finds $75M in Madoff Money » The trustee handling the liquidation of Bernard L. Madoff's brokerage business told a federal judge on Monday that he had found $75 million in new assets in Gibraltar, bringing total assets recovered so far to $1 billion. — New York Times

After the jump...

BEST OF THE REST
» AIG Sells Two Corporate Jets (ABC)
» Stanford CFO Reportedly Talking to Investigators (Reuters)
» Regulators ramp up fraud training after Madoff (Reuters)
» Politico: Lobbying statute ripe for abuse (Politico)
» Postmaster General faces questions over compensation (GovExec)
» Ex-Daley aide Sanchez guilty in hiring fraud trial (ChicagoTrib)