Missouri Senator Claire McCaskill (D) has started a blog. AIG gets to feel the brunt of the Senate’s wrath:
There will be a letter sent to the CEO of AIG from most, if not all, of the Democratic Senators momentarily. This letter will demand that any bonuses be withheld or repaid immediately. The letter goes on to explain that we will proceed to recover the bonuses through taxation if AIG fails to recover this money for taxpayers. We state the obvious in the letter, bonuses should not be given for failure.
Legislation wil be introduced in the next 48 hours or so that will tax these companies and the bonus recipients. The tax will be aimed at executives at companies that have recieved significant taxpayer assistance through the TARP funds and will recover almost all of these funds for taxpayers. The Finance Committee is drafting the legislation with the assistance of a number of Senators.
I feel better. We are taking action. It’s time we right this wrong on behalf of hard working Americans everywhere.
I will post the letter and the legislation on my senate web site as soon as they are available. www.mccaskill.senate.gov
Thank you for all of your comments and suggestions about this mess. Your input matters.
I’m fascinated by that part of the culture at AIG which made them believe they could get away with this. Amazing.