Congressman Ron Klein Statement on AIG

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Hi Ron,

Add this?

But let me add that it’s our fault. We make the laws and the regulations. If anyone violates the laws there are prisons waiting for them.

If they acted within our laws, however flawed, it’s our responsibility to alter those laws to serve public purpose as we can best determine.

Therefore, while addressing the current injustices will be pursued with the full force of the law, I will be moving just as forcefully to alter existing law to remove the incentives that encouraged this outrageous behavior, and put in additional safe guards, along with appropriate supervision, to ensure public purpose is served by our corporate structures.

All the best!


Statement of Congressman Ron Klein, as prepared for delivery

Hearing of the Subcommittee on Capital Markets, Insurance, and Government Sponsored Enterprises

“American International Group’s Impact on the Global Economy: Before, During, and After Federal Intervention”

Wednesday, March 18, 2009

Thank you, Chairman Kanjorski, for holding this important hearing.

I am disgusted by the deplorable saga of AIG, and I join my constituents in their unfettered outrage about the millions of dollars in bonuses that are being awarded to AIG employees.

The American people understand that we are going through a difficult time, and are prepared to sacrifice and work together to get our country back on track. But they will not stand for taxpayer dollars being lavished on bonuses for people who bear responsibility for this crisis, and neither will I.

When I am back in my district in South Florida, I talk to people who have lost their jobs. Who have closed the doors to their small business because they can’t get a loan on reasonable terms. Who have lost their health care, or their home, or their pension and retirement savings.

Yet here I am sitting across from the AIG Chairman and CEO who is distributing million dollar bonuses to those who drove company in the ground. There is a tremendous disconnect between South Florida and the executive offices of AIG.

I just want to know one thing. What were you thinking?

I look forward to the testimony, and a frank discussion today.