Childers Urges Treasury to Crackdown on AIG Bonuses

Washington, DC – Today, Congressman Travis Childers (MS-01) sent a letter to the U.S. Treasury expressing his extreme disappointment in American Insurance Group’s (AIG) disbursement of employee bonuses this quarter. AIG received taxpayer-funded bailout money under the Trouble Asset Relief Program (TARP), but while the company has since reduced its employee bonuses, it has not altogether ended them.

The complete letter is attached.

“Every day I personally hear the thoughts and concerns of the citizens of North Mississippi as many of them continue to struggle in this economic climate,” Congressman Childers wrote. “When they read in their local newspapers that executives at firms such as A.I.G are still receiving bonus payments, it strikes at their very core, and it is my responsibility to voice their concerns to the proper channels.”

Stories about AIG’s bonuses ran today in publications like the Wall Street Journal.

Congressman Childers, a member of the House Financial Services Committee, recently helped pass the Wall Street Reform and Consumer Protection Act to address unfair pay practices and to help protect taxpayers from ever again bearing the burden of Wall Street’s irresponsible decision-making.