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.
March 17, 2009; 10:44 AM ET
Categories: The Ticker | Tags: AIG
Save & Share: Previous: Nokia To Lay Off 1,700 Employees
Next: Grassley: That AIG Suicide Thing? Didn't Really Mean It.
Posted by: bucinka8 | March 17, 2009 12:00 PM | Report abuse
The comments to this entry are closed.