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Klobuchar joins colleagues in lambasting AIG execs over bonus payments

WASHINGTON, D.C. — Sen. Amy Klobuchar joined other lawmakers today in lambasting AIG executives who took millions in bonuses after receiving billions in bailout money to keep the insurance group afloat.

In comments on the Senate floor, the Minnesota Democrat said that if AIG did not address the situation, Congress would move to impose a steep tax to recoup the money.

“They may be laughing all the way to the bank right now,” Klobuchar said. “But, if AIG can’t, or won’t, fix this problem, these people will be crying all the way to the tax office.”

Klobuchar joined other lawmakers, including Senate Finance Committee Chairman Max Baucus, D-Mont., and Senate Majority Leader Harry Reid, D-Nev., in sending a letter to AIG CEO Edward Libby insisting that he immediately renegotiate the contracts.

“There is no rational way to justify these bonuses to people who have caused untold damage to our economy,” said Klobuchar.

In what could now turn out to be an especially heated hearing, Libby is scheduled to testify Wednesday before the House Financial Services Committee.

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