Congressman calls bonuses “theft” of taxpayer money

DAILY PRESS & ARGUS | Nov 13, 2008

BY KRISTOFER KAROL

U.S. Rep. Mike Rogers, R-Brighton, on Thursday decried reports stating Wall Street firms being assisted through a massive government bailout are giving bonuses to executives.

“Bonuses for the Wall Street firms that triggered the credit crisis are exactly the kind of outrageous excesses I was concerned about when I opposed the $700 billion bailout bill approved by Congress,” a statement from Rogers reads.

“This is a simple matter: Wall Street firms taking a taxpayer bailout should pay absolutely no bonuses to any executive, period. Among the reasons I opposed the bailout was the fact that the legislation failed to provide adequate oversight.

“Now we are seeing the consequences as Secretary Paulson arrogantly refuses to disclose how he is spending an astronomical amount of taxpayer money.

“This approach must stop. I am ready to stand with anyone in Congress willing to fight to put a stop to the outright theft of American taxpayers’ money.”