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Protecting Taxpayers From AIG Abuse
March 18, 2009 - Senate Majority Leader Harry Reid on Tuesday called on AIG to reclaim its executive bonuses, which were funded with taxpayer money given to AIG with the express purpose of keeping the company afloat. He also discussed the affirmative steps Congress is taking in response, including a proposal being developed in the Senate that would subject the bonuses to severe tax penalties if they are not given back voluntarily.
"When a child breaks his curfew, he is grounded. When someone commits a crime, he is punished. And when an employee brings his company and our economy to the brink, he is not rewarded with a multimillion-dollar bonus paid by the taxpayers," Reid said. "AIG's attitude represents everything that is wrong with Wall Street, and its decision on these bonuses underscores the urgency with which we must demand reforms to ensure these abuses never happen again."
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The Senate will convene at 2:00 p.m. and proceed to a period of morning business until 3:00 p.m. with Senators permitted to speak for up to ten minutes each. Following morning business, the Senate will resume consideration of H.R.3590, with Senator Reid, or designee, permitted to offer the first amendment to the Reid substitute; further, that Senator McConnell, or designee, be permitted to offer the next amendment to the substitute with no other amendments in order during Monday's session. There will be no roll call votes during Monday's session.
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