AMENDMENT IN STIMULUS BILL BY SEN. DODD ALLOWED PAYMENT OF BONUSES

Washington, Mar 19, 2009 - “As Americans, we share outrage over the taxpayer-funded bonuses handed out to executives who ran AIG into the ground, and I am deeply concerned with the actions of Sen. Chris Dodd (D-CT) and the Obama Administration in enabling the payment of these bonuses,” said Rep. Cliff Stearns (R-Sixth). “The American people own an overwhelming stake in AIG and these funds must be returned to the taxpayers.”

An amendment inserted by Sen. Dodd in the Stimulus Act removed language blocking the payment of retroactive bonuses to companies rescued by taxpayers. Sen. Dodd claims that the Obama Administration requested that he remove the language and paved the way for the payment of these bonuses. Stearns opposed passage of the Stimulus Act.

“The fact that we could have prevented these bonuses so easily only makes this abuse of taxpayers more atrocious,” added Stearns. Today, Stearns voted to return to the taxpayers 90 percent of the bonuses paid to AIG executives, while opposing a non-binding resolution absolving the Obama Administration for its role in providing these bonuses.