New IG Study on TARP is “Sickening” says Tea Party
|Today, Tea Party Patriots, the nation’s largest tea party organization, issued the following statement in response to a new report that the U.S. Treasury Department paid “excessive” salaries and bonuses to executives at three firms bailed out during the financial crisis.
“We opposed TARP and government bailouts because they assaulted free markets and rewarded bad behavior,” saidJenny Beth Martin, National Coordinator of Tea Party Patriots. “Now we discover that our badly-behaving government rewarded its pet crony executives at AIG, GM and Ally with lavish pay increases – exactly the sort of corruption that stems from government bailouts – with money confiscated from struggling American families.”
According to the Inspector General’s report, the US Treasury approved “excessive” pay hikes for executives in bailed-out companies that exceeded pay limits including “pay packages totaling $5 million or more for nearly a quarter of the executives at those firms,” as reported in The Washington Post.
“This is beyond sickening,” added Martin. “This government bailout cronyism is an assault on the idea of America, and on the pocketbooks of American families.”