WASHINGTON — According to a release from the Democratic Congressional Campaign Committee, Americans’ outrage over AIG and Congressional Republicans’ reaction to it doesn’t match the reality of what Representative Frank LoBiondo and Republican leaders have done in Washington to block limits on outrageous pay and bonuses.
“For years, President Bush and Washington Republicans 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. “When Representative Frank LoBiondo had the chance, he voted to allow outrageous pay and bonuses, like those for AIG executives, to continue.
“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 Representative Frank LoBiondo’s indignation rings hollow when he is part of the Republican ‘just say no’ policies that led to outrageous executive pay and bonuses.”
BACKGROUND
LoBiondo Voted Against President Obama’s Economic Recovery Act Which Limits Executive Pay and Bonuses (2009) http://clerk.house.gov/evs/2009/roll070.xml
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.
