Pelosi: If AIG Refuses to Voluntarily Forgo Bonuses, Treasury Should Use Tools at Its Disposal to Make AIG Repay Taxpayers

March 16, 2009

Pelosi: If AIG Refuses to Voluntarily Forgo Bonuses, Treasury Should Use Tools at Its Disposal to Make AIG Repay Taxpayers
Monday, March 16, 2009
Contact:Brendan Daly/Nadeam Elshami, 202-226-7616
Washington, D.C. â€" Speaker Nancy Pelosi issued the following statement on AIG using taxpayer funds to pay executive bonuses.
"The American people do not want their tax dollars spent on bonuses for AIG executives who have mismanaged their company into near bankruptcy. AIG executives should voluntarily forgo their excessive retention payments, but if they refuse, the U.S. Treasury should use whatever tools at its disposal to make AIG repay taxpayers.
"AIG has turned on its head the basic principle that bonuses and retention payments are rewards for outstanding performance. No taxpayer funds should be used to pay bonuses or other unjustified compensation to AIG executives whose irresponsible risk-taking brought our financial system to the brink of collapse.
"This week, Congress will demand further answers from AIG on the steps the government-controlled company will take to repay taxpayers. Congress and the Obama Administration are working to protect taxpayers from such irresponsible misuse of taxpayer funds."