Barney Frank on AIG: 'Maybe It's Time to Fire Some People'
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Over the weekend, the revelation that bailed-out insurance firm AIG was still doling out hundreds of millions in "retention bonuses" sparked bipartisan outrage. On NBCâ€™s Today Show this morning, Rep. Barney Frank (D-MA) called for the government to fire AIG executives. "These bonuses are going to people who screwed this thing up enormously," he said:
FRANK: The federal government now is the 80 percent owner. â€¦ So, since the federal government, thanks to the Federal reserveâ€™s use of the power under the 70-year-old statute, now essentially owns that company, maybe itâ€™s time to fire some people. We canâ€™t keep them from getting the bonuses, but we can keep some of them from continuing in their jobs.
"Well, if they were in high school, they wouldnâ€™t have gotten retention, they would have gotten detention," Frank said, adding, â€œAnd yes, I think the â€” the time has come for the federal government to put some people in charge.â€
Satyam Khanna is a Research Associate for The Progress Report and ThinkProgress.org at the Center for American Progress.