Madam Speaker, I rise today to express my deep outrage over AIG using $165 million in government funding to pay top executive bonuses.

I would like to commend Chairman Frank and Chairman Kanjorski for presiding over today’s hearing on AIG and for their continued oversight to make sure that taxpayer funds are being used responsibly to get our economy back on track.

While I was pleased to hear Edward Liddy say that he will try to recoup the bonuses from his employees, I remain furious at how and why AIG chose to reward complete incompetence with taxpayer money.  AIG executives must be held more accountable for their decision and may need to pay for this mismanagement with their jobs.  That is why I joined over ninety of my colleagues in sending a letter to Secretary Geithner demanding a full accounting of the use of taxpayer money at AIG and to block these bonuses and why I support legislation to ensure that taxpayers receive a full refund.

At this time of great uncertainty and instability in our nation, the public deserves more from AIG and from us, their elected officials who are trusted to make responsible decisions on their behalf. 

Thank you, Madam Speaker, and I yield back my time.