Calling for the Prevention of Bonuses Paid to AIG Executives at Taxpayer's Expense

Floor Speech

CALLING FOR THE PREVENTION OF BONUSES PAID TO AIG EXECUTIVES AT TAXPAYERS' EXPENSE -- (House of Representatives - March 17, 2009)

(Mr. BUCHANAN asked and was given permission to address the House for 1 minute.)

Mr. BUCHANAN. Mr. Speaker, the American people were outraged yesterday, and with good reason, when they learned that the bonuses of $165 million were going to executives at AIG, an insurance company. They are the very executives who drove the company to the ground and helped create the economic problems we're facing today. Instead of getting bonuses, they should be fired.

AIG is now 80 percent owned by the Federal Government, which is the American people. This is an outrageous injustice at taxpayers' expense.

I have been in business 30 years. We always pay for results, proven results, in this case something that would be a return to the American people. But that hasn't happened. This rewards greed and recklessness.

AIG recently reported in a 2008 fourth quarter more than $60 billion in losses, all while the unemployment in America hit a 25-year high.

I ask the President to use all the power at his disposal to prevent these bonuses from being paid at taxpayers' expense.

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