VA Senator Mark Warner Received $5,000 from AIG
Posted by Bill Dupray
on Mar 19 2009 Filed under Politics.
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According to Open Secrets, Virginia Democratic Senator Mark Warner received $5,000.00 in campaign contributions from AIG in the last election cycle, and is the only sitting member of Congress from Virginia to do so.
We contacted Senator Warner’s office yesterday to confirm whether the contribution had been received, and if so, whether he intends to return the money. Warner’s Communications Director, Kevin Hall, could not confirm or deny the contribution, but said he would look into the matter. Despite another message left for Mr. Hall today, the Senator’s office has not responded.
Senator Warner issued a press release and letter on Tuesday blasting AIG CEO Edward Liddy for having the temerity to pay $165 million in bonuses out of taxpayer bailout money.
SENATOR WARNER JOINS COLLEAGUES IN DEMANDING REPAYMENT OF AIG BONUSES
~ Criticizes bonuses as “unconscionable” and “morally unacceptable” ~Senator Mark R. Warner today joined his colleagues in demanding that AIG Chairman and CEO Edward Liddy renegotiate contracts that include $165 million in taxpayer-financed bonuses to employees who were in part responsible for the insurance giant’s near collapse.
The letter pledges additional action if AIG fails to act, including legislation that could impose severe tax penalties in order to recover the bonus money.
“It is simply unacceptable that these executives would expect American taxpayers to finance these retention bonuses after AIG accepted more than $170 billion in US government funding,” Senator Warner said.
“If AIG officials do not step up and do the right thing by finding a way to cancel these contracts, Congress will take swift action to make sure the taxpayers are not subsidizing these extravagant and unacceptable bonuses.”
As a member of the Senate Banking Committee, Senator Warner is continuing to work with his colleagues on legislation that will impose rational regulations and restore accountability to Wall Street practices.
In light of the fact that the stimulus bill, which Senator Warner voted for, explicitly permitted the bonuses, it seems that Liddy was simply following the law. The outrage expressed by those on Capitol Hill is starting to look an awful lot like a deflection from their own misguided vote on a bill the Democrats unanimously supported.
If, as Senator Warner says, “the very employees responsible for running the company into the ground,” are the same employees who gave him $5,000.00 in campaign donations, wouldn’t the right thing to do be to return the money to the taxpayers? If not, it sure makes his criticism of AIG ring a little hollow, when their donations helped get him elected to the office he now holds.
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