[Congressional Record (Bound Edition), Volume 155 (2009), Part 6]
[House]
[Pages 8233-8234]
[From the U.S. Government Publishing Office, www.gpo.gov]




               TARP FUND RECIPIENTS EXERCISE NO RESTRAINT

  The SPEAKER pro tempore. Under a previous order of the House, the 
gentleman from North Carolina (Mr. Jones) is recognized for 5 minutes.
  Mr. JONES. Mr. Speaker, last week, the American people were 
justifiably outraged by news that American International Group--AIG--
would be paying out $165 million in bonuses. AIG would be rewarding its 
employees for helping the economy post a record $62 billion loss--and 
it would be doling out these bonuses while dipping its hands in the 
taxpayer till.
  When a company is 80 percent owned by U.S. taxpayers and it has 
accepted $173 billion in Federal bailout funds, the American people 
expect more.
  Unfortunately, Mr. Speaker, with the start of a new week, the U.S. 
taxpayer is hit with reports of another ``TARP-funded corporation gone 
wild.''
  ABC News reported that JPMorgan Chase, a bank that has received $25 
billion in TARP funds, is moving ahead with a $138 million plan to buy 
two brand new, luxury corporate jets. The bank will also build a lavish 
corporate aircraft hangar to house the new jets. According to JPMorgan 
Chase architects, the new hangar will even be built with a vegetated 
roof garden.
  Mr. Speaker, why can't these TARP beneficiaries get a clue? Where 
does it end?
  Last fall, I voted against the $700 billion government bailout 
because U.S. taxpayers should not have to pick up the tab for the poor 
business decisions of high-flying Wall Street firms.
  Let's not forget--no more than a week after Congress passed this $700 
billion bailout, AIG spent over $400,000 on a lavish retreat for 
company executives--after they had accepted $85 billion in Federal 
bailout money.
  The behavior of these financial institutions shows that taxpayers 
will certainly get a raw deal when the Federal Government does not 
demand oversight and accountability. These corporations have resorted 
to taking taxpayer dollars to stave off failures, yet they are still 
spending like it's business as usual. All the while, the working people 
of this country are tightening their wallets and coping with a tough 
economy.
  Our country's outstanding public debt is more than $11 trillion, and 
it grows by nearly $4 billion every day. When will the Federal 
Government stop digging the American taxpayers into this debt?
  Mr. Speaker, it's time for our government to start working for the 
American taxpayer and not the other way around. The American taxpayer 
is tired and fed up with business as usual. We have got to change the 
way we do business and remember that the taxpayers pay the bills and 
the debt of this government.
  With that, Mr. Speaker, I will say God continue to bless our men and 
women in uniform, and God continue to bless America.

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