Is AIG committing a legal crime by paying bonuses or simple a moral crime? The truth of the matter is that I do not know because I do not know what terms (contract) the banks/companies signed with the US government to receive our tax dollars. So I thought I would ask my senators to provide the actual terms of the contract. I also sent the request to Senators John McCain and Chris Dodd since they were principal players in the creation of the bailout.
As always, feel free to use all or any of the letter when contacting your own representatives.
Dear Senator
We have heard the outrage of everyone regarding the AIG bonuses and some in Congress are proposing a 90% tax on the money.
What I would like to know is just what are the terms of the loans (bailout) made to AIG, Morgan Stanley, CitiGroup, etc.
I would appreciate it if you could send me a copy of the terms these institutions agreed to follow before accepting taxpayer money.
I want to be certain they are being held accountable to a contract they made with the US government, rather than some moral code Congress is now imposing because of the public fury.
I think all of us need to know just what restrictions Congress put on these companies, what are the loan pay back conditions, and what penalties can legally be imposed if the companies fail to live up to their end of the contract.
Knowing what the contract says will make it easier and clearer to know just now our taxpayer dollars were used and just when they are going to be repaid, with interest.
Thank you for your assistance in this matter.
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