Thursday, March 19, 2009

Republicans Could Have Stopped AIG Bonuses

From the DCCC:

Americans' outrage over AIG and Congressional Republicans' reaction to it doesn't match the reality of what Republicans have done in Washington to block limits on outrageous pay and bonuses.

"For years Republicans in Congress and former President Bush led the charge to block any effort to limit the outrageous salaries and bonuses of corporate executives," said Jennifer Crider, Communications Director at the Democratic Congressional Campaign Committee. "Outrageous bonuses like those for AIG executives could have been stopped long ago had Congressional Republicans done the right thing and worked with Democrats to put middle class Americans first.

"It's easy for Republicans to play to angry Americans and say they're offended by bonuses during a firestorm, but the reality is that Republicans' offense rings hollow after years of being part of the problem that led to outrageous executive pay and bonuses."


Republicans Voted Against President Obama's Economic Recovery Act (2009)

* Republicans unanimously opposed eliminating all future golden parachutes for TARP senior executives, stopping incentives for top executives to take unnecessary risks, and cracking down on future bonuses, retention awards, and incentive compensation for all TARP executives.

* Despite Republicans' obstructionism, President Obama's economic recovery act was signed into law last month.

Republicans Voted Against the Shareholder Vote on Executive Compensation Act (2007)

* Republicans opposed: Providing annual, clear disclosure of executive compensation and a sense of the views of stockholders regarding the company's compensation plans. Requiring shareholders of all publicly traded companies vote to express their views on executive compensation plans. Requiring a vote for shareholders to express their views before a company can award a severance package while simultaneously negotiating the purchase or sale of the company.

Republicans Voted to Strip Investor Protection, including Limits on Executive Compensation (2007)

* House Republicans, led by Congressman Price of Georgia, offered an amendment that would strike the entire shareholder vote bill and replace it with 2006 rules that said investor protections, including placing limits on executive compensation and bonuses, were sufficient and Congress didn't need to increase them.

* Substitute Amendment to HR 1257, the Shareholder Vote on Executive Compensation Act (2007).

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