Treasury had more leverage with AIG two weeks ago
March 17, 2009
‘It is my hope that the Treasury will be vigilant in safeguarding taxpayer funds as we move forward’
WASHINGTON, DC – U.S. Senate Republican Leader Mitch McConnell made the following statement on the Senate floor Tuesday regarding AIG: “Over the weekend, we learned the extent of the bonuses being paid to some of the same people at AIG that were responsible for getting them into this mess. Many of us expressed absolute outrage. And yesterday, the White House joined that chorus and promised to do everything possible to get the taxpayer’s money back.
“I appreciate their efforts.
“However, it would have been better if this pledge included action two weeks ago when the Treasury agreed to give AIG another $30 billion in taxpayer money. For example, wouldn’t the Treasury and the taxpayer have had more leverage over AIG’s executive contracts before providing another $30 billion in taxpayer money—rather than allowing the bonuses to be paid with taxpayer money?
“It is my hope that the Treasury will be vigilant in safeguarding taxpayer funds as we move forward. And I certainly expect them to look for every possible legal way to live up to the pledge made yesterday on behalf of taxpayers.”
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WASHINGTON, DC – U.S. Senate Republican Leader Mitch McConnell made the following statement on the Senate floor Tuesday regarding AIG: “Over the weekend, we learned the extent of the bonuses being paid to some of the same people at AIG that were responsible for getting them into this mess. Many of us expressed absolute outrage. And yesterday, the White House joined that chorus and promised to do everything possible to get the taxpayer’s money back.
“I appreciate their efforts.
“However, it would have been better if this pledge included action two weeks ago when the Treasury agreed to give AIG another $30 billion in taxpayer money. For example, wouldn’t the Treasury and the taxpayer have had more leverage over AIG’s executive contracts before providing another $30 billion in taxpayer money—rather than allowing the bonuses to be paid with taxpayer money?
“It is my hope that the Treasury will be vigilant in safeguarding taxpayer funds as we move forward. And I certainly expect them to look for every possible legal way to live up to the pledge made yesterday on behalf of taxpayers.”
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