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Frank: AIG bonuses go to ‘people that screwed this thing up’

By David Edwards
Monday, March 16, 2009 10:51 EDT
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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.



Download video via RawReplay.com

David Edwards
David Edwards
David Edwards has served as an editor at Raw Story since 2006. His work can also be found at Crooks & Liars, and he's also been published at The BRAD BLOG. He came to Raw Story after working as a network manager for the state of North Carolina and as as engineer developing enterprise resource planning software. Follow him on Twitter at @DavidEdwards.
 
 
 
 
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