Senate Proceeding on Mar 17th, 2009 :: 2:19:55 to 2:24:55
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2:19:52 to 2:20:12( Edit History Discussion )

Amy Klobuchar: these are people responsible for the fancy wheeling that nearly destroyed the company and wreaked havoc on our entire financial system. the american public is outraged by the arrogance and the abuse of taxpayer i was just in my state, mr. president. there are people that are barely holding on to their homes,

2:19:55 to 2:24:55( Edit History Discussion )
Speech By: Amy Klobuchar

2:20:13 to 2:20:33( Edit History Discussion )

Amy Klobuchar: people who've had their hours cut, they're just one step away from their home going into foreclosure or from losing their car. and we learn this today. last year, under desperate but necessary circumstances, the u.s. government had to rescue a.i.g. from total collapse. this was done not to rescue the

2:20:34 to 2:20:55( Edit History Discussion )

Amy Klobuchar: company itself but to rescue our financial system. a.i.g. would not even continue to exist today except for the infusion of $170 billion in taxpayer funds. the american people now own essentially 80% of the company. and a.i.g. is supposed to be doing everything possible to right itself. well, they haven't.

2:20:56 to 2:21:17( Edit History Discussion )

Amy Klobuchar: there is no rational way to justify these bonuses to people who have caused untold damage to our economy. this is not pay-for-performance. it's pay-for-failure, which makes no sense at all. why should they get the golden parachutes when their company and our financial system have been crashing into the ground.

2:21:18 to 2:21:39( Edit History Discussion )

Amy Klobuchar: the bonuses these individuals are receiving for their f is more than most americans make in a lifetime, mr. president. the american people simply should not be in the position of rewarding the failure of high-flying wall street bankers who brought their company and our economy crashing down. that's why i've joined today with senator schumer and other

2:21:40 to 2:22:00( Edit History Discussion )

Amy Klobuchar: colleagues in writing to edward lidy, the chairman and c.e.o., of a.i.g. we are telling him that if these bonus contracts are not renegotiated immediately, we will offer legislation that will have the effect of making american taxpayers whole. a.i.g. needs to step up and do the right thing.

2:22:01 to 2:22:23( Edit History Discussion )

Amy Klobuchar: but if a.i.g. doesn't take action on its own to correct this outrage, we stand ready to step of enacting legislation that would allow the government to recoup these bonus payments through the tax code. if we are forced to do this, we will impose a steep tax, possibly as high as 91%, that would, in effect, recover nearly

2:22:24 to 2:22:45( Edit History Discussion )

Amy Klobuchar: all the bonus money. now, i'm like most americans. i don't like to see taxes raised. but in this instance, i think all of us can make an exception. if they refuse to do the right thing, then it's only fair to impose this kind of tax against the people who've done such great harm to our financial system. they just can't walk away with millions of dollars, mr. president.

2:22:46 to 2:23:07( Edit History Discussion )

Amy Klobuchar: they may be laughing all the way to the bank right now, but if a.i.g. can't or won't fix this problem, these people will soon be crying all the way to the tax office. these people seem to think they can operate with the arrogance and irresponsibility. this is not just a business

2:23:08 to 2:23:28( Edit History Discussion )

Amy Klobuchar: outrage, it's a moral outrage. i'm also concerned that in addition to the bonuses already handed out, a.i.g. has plans to spend an additional $450 million in bonuses over the next two years. based on what we know now, can we really trust that these bonus payments really go to the people who deserve it, the people who fix the problems when the people

2:23:29 to 2:23:49( Edit History Discussion )

Amy Klobuchar: who just make the problems? a.i.g. is set to go into the history books as a company that symbolizes the type of greed and recklessne our economy. where i come from, we reward those who work hard and play by the rules. and we take responsibility when we screw up.

2:23:50 to 2:24:10( Edit History Discussion )

Amy Klobuchar: i believe that the administration and congress should do everything in our power to block these payments and demand accountability now, we know this is insult to the many good, strong, healthy financial institutions across this country, the small banks like we have in the healthy financial institutions that didn't engage in these shouldn't be punished, their stock shouldn't be

2:24:11 to 2:24:33( Edit History Discussion )

Amy Klobuchar: punished because of what companies like a.i.g. did. as a prosecutor for eight years, mr. president, i dealt with criminals all the time. i have to say that the white-collar crooks were often the worst to deal with because they claim that their crimes were just an honest mistake and that there really weren't any victims. as far as i'm concerned, it didn't matter if someone

2:24:34 to 2:24:56( Edit History Discussion )

Amy Klobuchar: witwith a crowbar or a computer or they committed their crimes in a nice office or out on the streets. they needed be held accountable under the law. now, time will tell and the justice department and other prosecutors and police will sort this out to figure out, as we look at this financial wreck, when and where crimes were committed. but it is clear that what we need here is accountability.