AIG Tax Bill As Flawed As The Original Bailout
Congressman Joe Pitts (PA-16) released the following statement today after the House voted on a bill that would attempt to recoup the AIG executive bonuses through a 90 percent retroactive tax.
Secretary Geithner engineered the AIG bailout and approved these bonuses. For all intents and purposes the government owns AIG, so it's a little strange to hear the Obama Administration railing about the poor management decisions that led to these outrageous bonuses.
The Administration knew about these bonuses before they were handed out. Senator Chris Dodd removed a provision from the stimulus bill that would have prohibited the bonuses, and he did so at the behest of the Obama Administration.
These bonuses are the symptom of a larger problemthe government bailing out irresponsible behavior and using taxpayer money to prop up failing private enterprises.
For a politician that used the term exit strategy to great effect during the election, I ask the President, where is your exit strategy to remove the American taxpayer from the mess called AIG?