Flashback: In October, Obama Said That AIG Execs 'Should Be Fired' for Their Excesses


Earlier this week, after the AIG bonuses were revealed, Rep. Barney Frank (D-MA) called for the replacement of company executives. “Since the federal government … now essentially owns that company, maybe it’s time to fire some people.� Frank told ThinkProgress that, “when you are trying to undo something, it is often not the case that the people who did it are the ones to put in place.� So far, however, the administration has not embraced Frank’s call.

Last fall, as Wall Street crumbled and just one week after the federal government bailed out AIG, the firm’s executives spent $440,000 on manicures, facials, pedicures, and massages at a luxury resort in California. At the time, Obama was a vocal proponent of firing AIG executives. During an October 7, 2008 presidential debate with Sen. John McCain (R-AZ), candidate Obama declared, “those executives should be fired�:

OBAMA: It means we are cracking down on CEOs and making sure that they are not getting bonuses or golden parachutes as a consequence of this package [TARP]. In fact, we just found that AIG � a company that got a bailout � just a week after they got help, went on a $400,000 junket. I’ll tell you what. Treasury should demand that money back, and those executives should be fired.

Understand the importance of honest news ?

So do we.

The past year has been the most arduous of our lives. The Covid-19 pandemic continues to be catastrophic not only to our health - mental and physical - but also to the stability of millions of people. For all of us independent news organizations, it’s no exception.

We’ve covered everything thrown at us this past year and will continue to do so with your support. We’ve always understood the importance of calling out corruption, regardless of political affiliation.

We need your support in this difficult time. Every reader contribution, no matter the amount, makes a difference in allowing our newsroom to bring you the stories that matter, at a time when being informed is more important than ever. Invest with us.

Make a one-time contribution to Alternet All Access, or click here to become a subscriber. Thank you.

Click to donate by check.

DonateDonate by credit card
Donate by Paypal
{{ post.roar_specific_data.api_data.analytics }}
@2022 - AlterNet Media Inc. All Rights Reserved. - "Poynter" fonts provided by fontsempire.com.