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Senators Take Their Turn Bashing AIG

Members of the Senate Banking Committee opened a hearing today on the arcana of insurance regulation by joining in Washington’s new favorite pastime -- bashing AIG, The Post's David Hilzenrath reports.

“It smacks of greed and arrogance and worse,” said Sen. Sherrod Brown (D-Ohio)

“One way or another we’re going to try to figure out how to get these resources back,” Chairman Christopher J. Dodd (D-Conn.) said.

Sen. Jon Tester (D-Mont.) mocked the argument that the bonuses were promised by contract, saying the contract would be worthless if not for the taxpayer bailout. “This company would be out of business and those people would be on the street,” Tester said.

Sen. Mike Crapo (R-Idaho) questioned the assumption that any insurer should be regarded as too big to fail. He recalled that the AIG bailout was originally billed as a potentially money-making investment for the U.S. government.

“Nobody’s saying that any more,” Crapo said.

Senate Democratic Leader Harry Reid (D-Nev.) said Congress would introduce legislation that will force AIG employees to give back some of the $165 million in bonuses, the Associated Press reported. Reid said he and Sen. Max Baucus would introduce a bill in the next several days.

-- Frank Ahrens
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By Frank Ahrens  |  March 17, 2009; 10:44 AM ET
Categories:  The Ticker  | Tags: AIG  
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Next: Grassley: That AIG Suicide Thing? Didn't Really Mean It.

Comments

I guess this story hit deadline too early to include this gem from Chuck Grassley:

http://www.baltimoresun.com/news/nation/politics/bal-aig-grassley0317,0,752276.story

"IOWA CITY, Iowa - Iowa Sen. Charles Grassley suggested that AIG executives should accept responsibility for the collapse of the insurance giant by resigning or killing themselves.

The Republican lawmaker's harsh comments came during an interview Monday with Cedar Rapids, Iowa, radio station WMT. They echo remarks he has made in the past about corporate executives and public apologies, but went further in suggesting suicide.
..."

Posted by: bucinka8 | March 17, 2009 12:00 PM | Report abuse

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