Carson: Outrageous AIG Bonuses Are a Slap in the Face to Main Street
February 4, 2010
February 4, 2010
INDIANAPOLIS- Congressman André Carson today released the following statement blasting the recent decision by AIG to pay $100 million in bonuses to employees of its financial products division-the same group that drove the company to the brink of collapse and helped fuel the deepest American recession in generations.
"I was outraged to hear of this latest move by AIG to again reward employees who nearly drove that company-and our nation's economy-into the ground. Giving huge bonuses after such colossal failure is horribly irresponsible and simply unconscionable.
"Millions of experienced, hard-working Americans are struggling right now. They played by the rules and did everything asked of them, but today they're out of work after falling victim to a steep recession that was fueled by foolish gambles taken by Wall Street. Despite all of this, AIG and its executives continue down the same path of greed and excess.
"These bonuses are nothing short of a slap in the face to Main Street; and they indicate to me and many of my constituents that this kind of irresponsibility will continue unless we pass into law the Wall Street Reform and Consumer Protection Act. This bill, which I crafted with my colleagues on the Financial Services committee, protects the American taxpayer by reining-in the risky excess of Wall Street. The legislation restricts outrageous executive pay and prevents any future tax dollars from being used to bailout companies deemed too big to fail, like AIG.
"These bonuses are nothing short of a slap in the face to Main Street; and they indicate to me and many of my constituents that this kind of irresponsibility will continue unless we pass into law the Wall Street Reform and Consumer Protection Act. This bill, which I crafted with my colleagues on the Financial Services committee, protects the American taxpayer by reining-in the risky excess of Wall Street. The legislation restricts outrageous executive pay and prevents any future tax dollars from being used to bailout companies deemed too big to fail, like AIG.
"While the Wall Street reform bill passed the House last year, work still remains to get it to the President desk. I urge my colleagues on both sides of the aisle, in both the House and Senate, to come together and send a clear message to the AIGs of the world that their reckless ways must come to an end."
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