Madam Speaker, I rise today to express my deep outrage over AIG’s plan to give $198 million in bonuses to their employees next March, especially after paying out $165 million in bonuses earlier this year.   Meanwhile, Goldman Sachs is on track to provide a record payout to its executives by the end of 2009, and other firms will undoubtedly be following suit. 

I find it infuriating and insulting that these firms continue to reward incompetence and egregious risk-taking with taxpayer money.  They have not only received billions in direct federal bailouts to avert crises largely of their own making, but they also benefited from an array of federal fiscal policies that have placed increased burdens on taxpayers and our deficit.  These companies must be held accountable for their decisions, and for the federal assistance they only too gladly accepted.  That is why I supported legislation to block these bonuses and to ensure that taxpayers receive a full refund, and I will continue to press my colleagues and the Administration to ensure that as Wall Street again enjoys profitability, American taxpayers also see some reward.

I commend Chairman Frank and the Financial Services Committee for their hard work on the financial regulatory overhaul that is so critically needed in our country to prevent another crisis.  It is clear that our financial system demands common sense regulation, increased transparency, and improved oversight.  Wall Street CEOs cannot run their businesses assuming that the fruits of success will be entirely theirs to enjoy, while the costs of failure will be the shared responsibility of all Americans.  And their compensation plans can no longer benefit top executives at the expense of their companies, shareholders, employees, and ultimately the American taxpayer. 

After all this country has been through, and especially when 12.8 percent of Rhode Islanders are unemployed, seeing that Wall Street has not learned its lesson is a tremendous disappointment.  We cannot go down this road again.

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