AIG Gives $644,000 in 'Campaign Bonuses' to U.S. Senators and Representatives According to The O'Leary Report

/PRNewswire/ -- As President Barack Obama and Senator Chris Dodd (D-CT) continue to point fingers over which one of them is to blame for the stimulus bill's "Dodd Amendment," which specifically excludes bonuses from caps on executive pay, one thing is clear: both Obama and Dodd profited from AIG campaign "bonuses" and an overwhelming majority of Americans want them to give this money back.

According to a breaking poll conducted by The O'Leary Report and Zogby International, 73 percent of Americans think any members of Congress who received campaign contributions from AIG over the last two years should return the money.

This might go double for President Obama and Senator Dodd, who were by far the largest recipients of AIG campaign cash in the last election cycle. According to the Center for Responsive Politics, Obama received $104,332 from AIG and Dodd raked in $103,900. Obama and Dodd far outpaced the rest of Congress, as the next largest beneficiary received about $45,000 less than each of them. All told, AIG gave a total of $644,218 to federal candidates over the last election cycle.

The O'Leary Report/Zogby poll, which was conducted March 20-23 and has a margin of error of plus-or-minus 1.5 percentage points, asked 4,523 likely voters: "Should members of Congress who received campaign donations over the past two years from the troubled financial giant AIG return the contributions?"

Seventy-three percent of all respondents say "yes," these members of Congress should return their AIG bonuses. Among self-described Democrats, 61 percent say yes, as do 83 percent of Republicans and 78 percent of Independents.

Sixty-four percent of young voters aged 18-29 years old, one of the President's most enthusiastic support groups, think that Obama and congressional recipients of AIG donations should return them. Seventy-four percent of taxpayers and 70 percent of Americans who have no federal income tax liability also think the money should be returned.

The Center for Responsive Politics lists AIG as the fourth largest contributor to Senator Dodd, who chairs the Senate Banking Committee, giving him a total of $281,038 in campaign bonuses over his career. Senator Max Baucus (D-MT), who chairs the Senate Finance Committee, has received more money from AIG over his career ($91,000) than he has from any other company. The Center also reports that stimulus bill supporter Senator John Kerry (D-MA) "was by far the biggest investor in AIG, with stock valued around $2 million."

Congress may be undecided on how best to recoup AIG's taxpayer-funded bonuses, however, a clear majority of American voters want members of Congress to return the campaign bonuses they received from AIG.

10,000 Join in Nationwide Protests at AIG and Major U.S. Banks Today

/PRNewswire/ -- More than 10,000 Americans will participate in demonstrations across the country throughout the day today at the offices of AIG, Bank of America, Citigroup, and other major banks to vent their anger over an era of corporate excess at the expense of broader prosperity that has crippled the U.S. economy.

"The bonus scandals at AIG and the big banks are the last straw," said SEIU President Andy Stern. "Americans have simply had it with an economy that keeps delivering for top executives while leaving working people falling behind.

"It's time now for Congress to step in and make sure that workers in America can have a chance for a voice at their companies, affordable health care, and a financial system that works for people, not lavish corporate lifestyles."

The first national action since the bailouts began is being sponsored by a range of organizations, including the Service Employees International Union (SEIU), Change to Win, Rock the Vote, MoveOn.org, United Students Against Sweatshops, Coalition of Labor Union Women, Partnership for Working Families, Working Families Party, Brave New Films, Catholics United, and Jobs With Justice.

Demonstrations are planned at more than 100 locations in over 30 states, including:

Chicago: 3:30 p.m. CDT; Bank of America, 231 S. LaSalle, to AIG on Adams
Boston: Noon EDT; Bank of America, 100 Federal St. to AIG on High St.
Denver: Noon MDT; Wells Fargo, 1700 Lincoln St., to AIG, 1225 17th St.
Los Angeles: 4:45 p.m. PDT; AIG HQ, 1999 Ave of the Stars, Century City

New York: 4:00 p.m. EDT; Goldman Sachs, 85 Broad, to AIG, 70 Pine St., to Citi

Pittsburgh: 3:30 p.m. EDT; Spring Hill Suites, 223 Federal St.
Portland: 11:45 a.m. PDT; Salmon St. Fountain to Goldman Sachs
San Francisco: Noon PDT, Wells Fargo, 420 Montgomery, to AIG
Washington, DC: 12:30 p.m. EDT; AIG, 2020 K St. NW


The nationwide protests challenge Congress to take immediate steps to rebuild an economy that works for everyone by passing:

The Employee Free Choice Act so workers have the freedom to form unions for a voice to share in the economic progress they help create.

Affordable, quality health care for all where everyone, including big corporations, does their share and Americans no longer have to go without quality health care or face health costs that sink a family's budget.

Strong banking reform to make sure the financial services industry can never again bring our economy down by prioritizing huge profits and executive pay over responsible lending, or by preying on consumers, gambling with families' hard-earned money, and hiding their dealings.

For more information on actions happening across the country, please visit www.TakeBackTheEconomy.org.

With 2 million members in Canada, the United States and Puerto Rico, SEIU is the fastest-growing union in the Americas. Focused on uniting workers in healthcare, public services and property services, SEIU members are winning better wages, healthcare, and more secure jobs for our communities, while uniting their strength with their counterparts.

Consumer Advocates Call on President to Fire Treasury Secretary Geithner

/PRNewswire-USNewswire/ -- In a letter issued today, two consumer advocacy groups called on President Obama to obtain Treasury Secretary Timothy Geithner's resignation.

The letter, from Harvey Rosenfield, the California-based consumer advocate who authored the state's insurance rate rollback Proposition 103, and Jim Donahue of the Washington-based WallStreetWatch.Org, asserts that Geithner has been unable to transcend his earlier role, while Chair of the New York Fed, as an architect of the failed Bush Administration Wall Street bailouts -- including the initial $80 billion AIG bailout.

Moreover, it appears the Treasury Department was aware of the latest round of bonus and retention payments but failed to announce them until after AIG issued $160 million in checks. Pointing out that the President has often called for "an open, honest government that would fight" for people, not special interests, it concludes that "In these grave days of national reckoning, the citizenry deserves better."

"It is clear that Treasury Secretary Timothy Geithner cannot provide the requisite independence that is required in an environment in which financial institutions and other businesses are demanding trillions of dollars of taxpayer money," the letter to President Obama states. "With respect, we urge you to ask for his resignation."

Two weeks ago, WallStreetWatch.Org issued a 231-page report pinpointing twelve policy decisions by the federal government that led directly to the current financial calamity -- and how those policies were dictated by Wall Street through over $5 billion in campaign and lobbying expenditures between 1998 and 2008 by many of the same firms who are receiving American taxpayer dollars.

The letter calling for Geithner's resignation, and "Sold Out: How Wall Street and Washington Betrayed America," are available at: WallStreetWatch.org.

Boehner Expresses Outrage at Obama Administration’s Handling of AIG Bonuses, Abuse of Taxpayer Funds

In a news conference yesterday morning, House Republican Leader John Boehner (R-OH) made the following remarks regarding the White House’s claim two weeks ago that it was confident it knew how taxpayer dollars were spent by the insurance giant AIG:

“Two weeks ago, the President’s spokesman said that they were confident that they knew how every dime was being spent at AIG. Well clearly, they didn’t know what they were talking about. I think this is outrageous and I think the American people are rightly outraged that their tax money is going to pay bonuses to the very people that got this company in trouble.” (AUDIO)

NOTE: For months, House Republicans have been calling for more stringent accountability regarding the use of taxpayer dollars in financial bailouts. House GOP leaders wrote to Treasury Secretary Timothy Geithner last month, urging him to present an exit strategy to get the federal government back out of the private sector. The leaders sent a similar letter to former Treasury Secretary Paulson and Federal Reserve Chairman Ben Bernanke late last year. The following exchange took place between White House Press Secretary Robert Gibbs and ABC News reporter Jake Tapper on March 2, 2009.

JAKE TAPPER: AIG, is the administration confident that it, that it knows what happened to the tens of billions of dollars previously given to AIG?

ROBERT GIBBS: Is it confident – I’m sorry?

TAPPER: That they know -- that you guys know what happened to the previous billions before you hand over this next $30 billion.

GIBBS: Yes -- yes, the -- I mean, I don’t think it's a -- well, obviously, you’ve got a huge insurance company that is losing money, not the least of which because of its sheer size and sheer size and decrease in the growth in our economy. It experiences a far bigger drop, largely because of its size. But, again, the steps that -- that Treasury and -- and others took were to ensure a larger systemic problem wasn’t one that we had to deal with here today in letting something just die.

TAPPER: But in terms of specifically the -- I guess it's like $150 billion before, you guys are confident...

GIBBS: Yes.