Barney Frank on AIG: 'Maybe It's Time to Fire Some People'
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 NBCÃ¢â‚¬â„¢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. Ã¢â‚¬Â¦ So, since the federal government, thanks to the Federal reserveÃ¢â‚¬â„¢s use of the power under the 70-year-old statute, now essentially owns that company, maybe itÃ¢â‚¬â„¢s time to fire some people. We canÃ¢â‚¬â„¢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 wouldnÃ¢â‚¬â„¢t have gotten retention, they would have gotten detention," Frank said, adding, Ã¢â‚¬Å“And yes, I think the Ã¢â‚¬â€ the time has come for the federal government to put some people in charge.Ã¢â‚¬Â