Frank: AIG bonuses go to ‘people that screwed this thing up’
Barney Frank told NBC’s Meredith Vieira that he outraged by bonus that AIG will pay out to executives. “These people may have a right to their bonuses, they don’t have a right to their jobs forever. The federal government is now an 80% owner. one of the things we can do to make sure this doesn’t happen again,” he said.
“We’ve got people who are so irresponsible. It does appear we’re rewarding incompetence. Forget about the legal matter. These bonuses are going to people who screwed this thing up enormously, who made terrible decisions,” said Frank.
If the bonus payments can’t be stopped then Frank wants to consider firing some executives. “Since the federal government — thanks to the federal reserve’s use of the power under the 70-year-old statute — now essentially owns the company, maybe it’s time to fire some people. We can’t keep them getting the bonuses, but we can keep some of them from continuing in their jobs,” he said.
This video is from NBC’s The Today Show, broadcast Mar. 16, 2009.