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Congressman Bob Latta (R-Bowling Green) made the following statement in light of the recent AIG bonus legislation. 

 “I have voted against giving big bonuses to employees of companies who received taxpayer money by opposing the Financial Market Rescue legislation and the “stimulus” bill twice.  Now, Democrats in the House and Senate want to provide cover for themselves by passing flawed legislation. 

The blame for these AIG bonuses falls squarely on the shoulders of President Obama, Senate Majority Leader Harry Reid, House Speaker Nancy Pelosi, and Senator Chris Dodd.  Under their watch and support, the language that allowed these bonuses to be paid to AIG employees was able to make it into the “stimulus” bill and become law. 

From the start of the “stimulus” debate, Republicans in the House and Senate were shutout of the legislative process.  When the “stimulus” package was brought to the House floor for final passage, not one Member of Congress had read this bill.  Later, under the darkness of night in the Conference Committee, Democrats were able to add the provision that allowed these bonuses.  President Obama then broke his own promise and did not allow five days of review before signing the “stimulus” package into law.  If this legislation was not rushed through Congress, and legislative due process was allowed, the light of day would have revealed the language that allowed for these bonuses to be paid.  

I opposed both the Financial Market Rescue Legislation from the 110th Congress and the stimulus Package passed earlier this year, and, unfortunately, this exact situation is one of the primary reasons for my firm opposition to both pieces of legislation.  Both bills lacked the accountability, transparency, and oversight needed to prevent situations like this from happening.  Because these bills were rammed through Congress for reasons still unbeknownst to the American people, problems are now surfacing that raise serious questions about who will be held accountable for the billions of dollars in taxpayer money the Democrat majority authorized to be spent.   

Earlier today, House Democrats introduced a bill to tax the $165 million in AIG bonuses at only 90%.  I ask the House Democrat leadership why they are not trying to recoup every penny paid out in these bonuses?  House Republicans introduced a plan to recoup 100% of the bonuses financed by American taxpayers and prevent future payments of this nature to be made.  Unfortunately, the Republican bill was not allowed to be considered because of legislative games.  The American taxpayer deserves better than the legislation passed today.”