The Democrats’ Four-Step Plan to Exorcise AIG of Its Greed

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First, we are sending AIG a letter asking them to renegotiate the contracts that include these appalling bonuses. Second, if they don’t, Chairman [Max] Baucus [D-Mont.] will propose legislation to give this money back to the taxpayers by subjecting the bonuses to severe tax penalties. Third, as part of the Economic Recovery Act, we asked the Treasury Department to establish guidelines regarding executive pay and luxuries. Last week we sent Treasury a letter urging it to quickly finish these guidelines; today we reiterate that request. Fourth, we will work with President Obama and the Banking Committee to complete a Wall Street Accountability bill as soon as possible.