Senator Cardin Sends Letter to Obama Urging "That Every Legal Avenue" Be Pursued to Rescind AIG Bonuses

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Senator Cardin Sends Letter to Obama Urging "That Every Legal Avenue" Be Pursued to Rescind AIG Bonuses

I am outraged over the $165 million in bonus payments to American International Group (AIG) and have written to President Obama applauding his directive to Treasury Secretary Timothy Geithner to pursue "every single legal avenue" to rescind the bonuses.

I also co-signed a letter to Edward Liddy, Chairman and CEO of AIG, saying he would support legislation that would allow the government to recoup these bonus payments, perhaps imposing a steep tax - as high as 91% -- that would in effect recover nearly all the bonuses that have been paid out since AIG turned to the American taxpayers for help.

I find it unconscionable that the very individuals at the heart of the credit-default swap problems that have wreaked havoc not only at AIG, but in the economy generally, should be rewarded for their 'efforts.' Taxpayers have ponied up $170 billion to prevent A.I.G. from collapsing and now own nearly 80 percent of the company. They will not support the Wall Street culture of privatized gains and socialized losses.

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