Republicans Who Opposed Wall Street Salary Caps Last Month Now Condemning ‘Outrageous’ AIG Bonuses

[ProSense]

Republicans Who Opposed Wall Street Salary Caps Last Month Now Condemning ‘Outrageous’ AIG Bonuses

As outrage mounts over the $165 million in executive bonuses paid to AIG staffers, many Republicans are trying to tap into the widespread public anger by striking uncharacteristically populist tones. Senate Minority Leader Mitch McConnell (R-KY) and Senate Banking Commitee ranking member Richard Shelby (R-AL) have said the following in recent days:

MCCONNELL: “Well, it is an outrageous situation. I wrote Secretary Paulson back in October complaining about the way AIG had been doing its business. <…> This is an outrage.” (ABC News, 3/15/09)

SHELBY: “We ought to explore everything that we can through the government to make sure that this money is not wasted. <…> A lot of these people should be fired, not awarded bonuses. This is horrible. It’s outrageous.” (AP, 3/16/09)

However, when Congress debated limiting executive pay last month, these same key Republican lawmakers stood firm in opposing such caps. McConnell argued against the “temptation” to “dictate” business practices when it comes to salaries and bonuses:

more

Some of the legislation Repubs opposed here:

McCaskill's office added that she would still push her CEO pay proposal "as a fallback assurance" that the new Treasury Department rules would be heeded. Sen. Bernie Sanders (I-VT), another leader on the executive-pay issue, also weighed in to call Obama's move "a good step forward, but we have to go further."

Will Democratic leaders allow a vote on McCaskill's bill during the stimulus debate? That remains to be seen.

Late Update: Sen. John Kerry (D-MA) joined the emerging chorus this afternoon with a letter to Treasury Secretary Geithner touting his proposal to limit the tax-deductibility of executive pay -- a separate issue, but equally relevant in terms of reining in bailed-out companies that are playing fast and loose with public funds.

Late Late Update: Sens. Olympia Snowe (R-ME) and Ron Wyden (D-OR) aren't giving up either; they just announced plans to offer an amendment forcing bailed-out companies to repay already distributed executive bonuses that exceed $100,000. The subtle message from Congress to the administration on these executive pay caps seems to be, "Good start -- but not enough for us."

Kerry's bill: Compensation Fairness Act of 2008 (PDF)

[BOSSHOG]

1. Republican leaders are outraged at republicans values???

[Laelth]

2. If so, it's about time! n/t

:dem:

-Laelth

[cloudbase]

3. Even those two

can figure out which way the wind blows.

[FrenchieCat]

4. That's why their Fake outrage along with that of the media

is nothing but theater.

[ProSense]

5. House GOP’s AIG plan simply recycles what Obama is already doing.

House GOP’s AIG plan simply recycles what Obama is already doing.

So predictable.

[ChimpersMcSmirkers]

6. Ain't it though. I think that the republics might be catching a clue though...

Hammering Obama directly isn't working so now they are going with trying to be the most populist...

[stillcool]

7. They're outrageous alright..

I see the date 1986 in Kerry's amendment there. I wonder if that is when all these 'outrageous' bonuses took root? It seems to me that we've been hearing about this 'outrageous' stuff for a very long time.

[Naturyl]

8. LOL - opportunism, anyone?

"Hey, let's decry our own values when they are deeply unpopular. Nobody will notice..."