It has been brought to taxpayer's and shareholder's attention that 86 percent of the $700 billion that has been earmarked to bailout nine of the largest banks and financial institutions, have paid it to their top executives. The bailout legislation, known as the Emergency Economic Stabilization Act (EESA), was designed for the purpose of getting banks to loosen their purse strings and to begin lending to the public once more.
Representative Peter Defazio, a Democrat from Oregon, says that his constituents applauded him for voting against the EESA and soon will be demanding that someone go to jail for their fraudulent behavior. The bailout is commonly referred to as the Wall Street bailout package. It includes some minor restrictions on what executives can receive from the bailout monies. Huge bonuses given to executives have always been a huge controversial issue, but because of the financial crisis the U.S. economy is now facing, nothing rubs citizens more raw than the inconsiderate way the government is handing out taxpayer's hard earned money. Taxpayers are angrier than ever before because the government is helping big business to refinance their debts while taxpayers are losing jobs at a phenomenal rate and foreclosures on homes has never been higher.
AIG received federal bailout money in the amount of $182 billion and they seem to be the main target by congress, especially when it comes to returning bonuses that only amount to $165 million. Legislation is planning on taxing away 90 percent of all bonuses that AIG executives and other company executives receive in bailout monies.
President Obama believes the bonuses were outrageous and plans to make sure that as long as he is in office, that the government is never put in this position again.
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