A Message from Senator Carl Levin

I thought you might be interested in the speech I gave in the Senate yesterday [March 19, 2009] regarding the outrageous bonuses given to executives at American International Group (AIG).

As has been widely reported, AIG chose to dole out sizeable performance and retention bonuses last week to executives of the very financial services division that was responsible for creating many of the exotic securities that brought the company to its knees. this tone-deaf decision represents not only an egregious misuse of taxpayer funds, but highlights just one of the many double standards that have been applied to companies receiving federal assistance.

It was only four months ago that our nation's struggling domestic auto-makers asked for government loans that amount to a small fraction of the money we have given to Wall Street. Hardworking Americans, who put in an honest day's work building automobiles, were summarily criticized for making a living wage as executives at financial services companies receiving billions of taxpayer dollars rewarded themselves with obscene bonuses. Unlike the autoworkers, A.I.G.'s executives didn't step up to the plate. I felt compelled to highlight this shameful double standard when I spoke yesterday on the floor of the United States Senate.

Sincerely,

Carl Levin

You can view Senator Levin's full speech by clicking here.

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