AIG Bonuses

Floor Speech

Mr. McCONNELL. Madam President, over the weekend we learned the extent of the bonuses being paid to some of the same people at AIG who got this company in the position it is in. Many of us on both sides of the aisle expressed absolute outrage that these bonuses could be paid. Yesterday, the White House joined that chorus and promised to do everything possible to get the taxpayers' money back. Well, we certainly appreciate those efforts. However, it could have been handled a little differently. It would have been better if this pledge had included action 2 weeks ago. Just 2 weeks ago, the Treasury agreed to give AIG another $30 billion in taxpayer money--just within the last 2 weeks. For example, wouldn't the Treasury and the taxpayer have had more leverage over AIG's executive contracts before providing another $30 billion in tax money for them? Once that money was handed over to AIG, the leverage was lost. That would have been the perfect time to make sure this didn't happen.

It is my hope the Treasury will be vigilant in safeguarding taxpayer funds from here on. I certainly expect them to look for every possible legal way to live up to the pledge made yesterday on behalf of the taxpayers of the United States.

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