Cassidy Helps Introduce Legislation To Revoke, Prevent Outrageous AIG Bonuses

Press Release

Cassidy Helps Introduce Legislation To Revoke, Prevent Outrageous AIG Bonuses

Today, Congressman Bill Cassidy (R-Baton Rouge) helped introduce legislation (H.R. 1577) directing the Treasury Secretary to recoup $165 million in bonus payments to AIG executives and requiring that the Treasury Secretary approve any future bonus payments to executives of TARP recipients in advance.

"Auto workers are making sacrifices to save their companies," said Cassidy. "Why aren't these executives?"

Cassidy voted to bring up H.R. 1577 for immediate consideration today, but that measure was blocked by a vote of 221-182, largely along party lines.

On January 22, Cassidy voted against releasing the second $350 billion installment of Troubled Asset Relief Program (TARP) funding (H.J.Res.3).

To date, $173.3 billion has been spent bailing out AIG, including $70 billion from TARP. AIG has since proposed giving $165 million in retention bonuses to its executives, many of whom work in its financial products division, which is responsible for the risky credit-default swap investments that have driven the company nearly to bankruptcy.

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