House Proceeding 03-16-09 on Mar 16th, 2009 :: 0:21:30 to 0:25:05
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0:21:27 to 0:21:47( Edit History Discussion )

Walter B. Jones: to enforce the rule of law in this country, because that is the duty of government. and that just the way it is. i yield back. the speaker pro tempore: the gentleman yields bacthe balance of his time. ms. kaptur from ohio. mr. jones from north carolina.

0:21:30 to 0:25:05( Edit History Discussion )
Speech By: Walter B. Jones

0:21:48 to 0:22:08( Edit History Discussion )

Walter B. Jones: mr. jones: thank you, mr. speaker. mr. speaker, to date, the deral government has given american international group a.i.g., $173 billion in bailout funds. a.i.g., which is now 80% owned by the american taxpayer posted a record $62 billion loss in the

0:22:09 to 0:22:31( Edit History Discussion )

Walter B. Jones: fourth quarter of 2008. and that's why this week the american people were outraged to hear that a.i.g. would be paying out $165 million in bonuses courtesy of the united states taxpayer. to add insult to injury, the bulk of the payments are going

0:22:32 to 0:22:54( Edit History Discussion )

Walter B. Jones: to employees of a.i.g. financial products, the unit of the company that sold the risky contracts that caused massive losses for a.i.g. the american people are angry and frustrated. they want to know why are we giving taxpayer money to failing companies so they can hand out bonuses. mr. speaker, last fall, i voted

0:22:55 to 0:23:17( Edit History Discussion )

Walter B. Jones: against the $700 billion bailout because i do not believe american taxpayers should pick up the tab for the poor business decisions and greed of how-flying wall street firms because the bailout was authorized, every american taxpayer has an interest in ensuring that the treasury does

0:23:18 to 0:23:40( Edit History Discussion )

Walter B. Jones: not recklessly squander their hard-earned money. former secretary paulson was allowed to fail, but a.i.g. got a bailout. a.i.g. went on to pay out to goldman sachs. and now thanks to the american

0:23:41 to 0:24:03( Edit History Discussion )

Walter B. Jones: taxpayer, a.i.g. is still doling out hundreds of millions of dollars in empyee benefits and retention pay. the federal government selection of winners and losers just does not meet the smell test. the lack of oversight in the process is outrageous. employees in eastern north carolina which i have the

0:24:04 to 0:24:25( Edit History Discussion )

Walter B. Jones: privilege to represent do not get rewards when their companies lose money. why should the employees of wall street be any different. i join the american taxpayers in their frustration. i pay taxes and i'm frustrated, too. unfortunately, all we hear from a.i.g. chairman is that a.i.g.'s

0:24:26 to 0:24:47( Edit History Discussion )

Walter B. Jones: hands are tied because these bonuses are based on binding contracts that were made before the government bailout. well, mr. speaker, this congress and the current administration better make sure that no further corporate bonuses are paid for with taxpayers' money. i thank president obama for speaking out plainlynd clearly

0:24:48 to 0:25:05( Edit History Discussion )

Walter B. Jones: about these retention bonuses because like those of us in congress, he has been hearing from frustrated taxpayers. i call on the federal government to explore every legal option available to block these undeserved bonuses on behalf of the taxpayers of america.