Grassley: AIG Execs Should Quit Or Commit Suicide

IOWA CITY, Iowa — Sen. Charles Grassley wants AIG executives to apologize for the collapse of the insurance giant _ but said Tuesday that "obviously" he didn't really mean that they should kill themselves.

The Iowa Republican raised eyebrows with his comments Monday that the executives _ under fire for passing out big bonuses even as they were taking a taxpayer bailout _ perhaps should "resign or go commit suicide."

But he backtracked Tuesday morning in a conference call with reporters. He said he would like executives of failed businesses to make a more formal public apology, as business leaders have done in Japan.

"What I'm expressing here obviously is not that I want people to commit suicide. That's not my notion," Grassley said Tuesday. "But I do feel very strongly that we have not had statements of apology, statements of remorse, statements of contrition on the part of CEOs of manufacturing companies or banks or financial services or insurance companies that are asking for bailouts."

Grassley's initial comments came during an interview Monday with Cedar Rapids radio station WMT. They went further than remarks he has made in the past about corporate executives and public apologies.

"I suggest, you know, obviously, maybe they ought to be removed," Grassley said Monday. "But I would suggest the first thing that would make me feel a little bit better toward them if they'd follow the Japanese example and come before the American people and take that deep bow and say 'I'm sorry,' and then either do one of two things: resign or go commit suicide.

"And in the case of the Japanese, they usually commit suicide before they make any apology."

Japanese executives often take responsibility for scandals within their companies by issuing public apologies on camera and stepping down. It is rare, however, that business executives have gone so far as to take their lives, though in feudal Japan, ritual suicide was considered an honorable death under the samurai warrior ethic.

Grassley spokesman Casey Mills noted that Grassley had in the past criticized executives who accepted tax money and then spent it on travel and bonuses.

"Senator Grassley has said for some time now that generally speaking, executives who make a mess of their companies should apologize, as Japanese executives do," Mills said Monday. "He says the Japanese might even go so far as to commit suicide but he doesn't want U.S. executives to do that."

The senator's remarks added to a chorus of public outrage over the disclosure that AIG was paying its executives $165 million in bonuses after taking billions in federal bailout money. President Barack Obama on Monday lambasted the insurance giant for "recklessness and greed" and pledged to try to block payment of the bonuses.

Comments

[jme-SD]

Come 'on Sen. Grassley - no need for suicide - just demand the DOJ charge them with shareholder fraud (ala Enron) and when they are convicted take all their personal wealth as payment of the fine and stick them in jail for about 20 years to boot. They don't ever even have to be contrite or remorseful - they can just be in jail where they belong.

[Nyah Molineaux]

Why did Grassley apologized for what he said, I agree with the guy. These AIG people should be in the jail cell next to Madoff.

[motoGpifupleez]

Senator Grassley, I salute and support you.

[derekc06]

There you go... Mock the leading cause of death in the Army for the month of January. That'll get you guys elected.

[NeoStar9]

His comment had nothing to do with the Army so don't even try to connect the two.

[NoMoFearNoMoHate]

Leave it to a Republican Senator to completely blow it and get way out of line.

[GeorgeP922]

Oh NOES! Backpeddle!

Must of been Rush called him and said "How Dare you attack these fine patriots"

[idisVA]

I'd strongly recommend the latter option for those traders who traded in those toxic instruments

[GeorgeP922]

Brilliant, someone make this guy chair of the RNC.

I am a far left liberal Democrat to the bone, but feel dry mouthed when it comes to my party and it's velvet gloves.

What we need to do is print a list of names with pictures and addresses to their homes, vacation homes, yachts and marina slips they own, etc.

These people received these bonuses, took one look at the tax payer, gave a madof smirk and then spit in our faces.

[rpnewman7]

Are we going to also call for the heads of all those in government who handed billions of taxpayer dollars over to ineptly run businesses like AIG and GM without any plan on how business practices would change or at least how the money would be spent?

[NeoStar9]

That would be the Bush administration and the Treasury. They bailed out AIG first and didn't even ask Congress to do it. Just did it, then informed Congress of what they did, and put no rules on the money at the time either.

[NYCIC]

Are we going to also call for the heads of all those in government who handed billions of taxpayer dollars over to ineptly run businesses like AIG and GM without any plan on how business practices would change or at least how the money would be spent?

Uh, yeah.

[lakeqi]

I've already done it. In every parliamentary system in the world Cheyney and rumsfeld would have been forced to resign after no WMD were found. Only in America can politicians get away with murder.

[Tom95134]

Looking back over the mistakes that the Senator has made, he doesn't have much room to be giving advice to the executives at AIG as to what they should do. One who suggests application of the Tanto should first make sure their own "honor" is intact.

[princessofnowt]

because as enemy combatants they arent eligible for our prisons?

They have made themselves an entity not answerable to our government- and hostile.

Rescind ALL bailout, and act on their bad faith with all necessary force.

They are threatening to take down the entire economy.

That is a national threat to our security.

[SeeDaddy]

Grassley is the only sensible one in the Repub bunch. Why reward and retain the very people who have led AIG to the brink of bankruptcy? In a capitalist economy, business people/managers who make bad decisions that ruin their company are supposed to be fired. Let these AIG execs look for another job. Let's see if they take a cut in pay and benefits like us lower class folks do.

[NotGuilty]

It was early 1992, and the occasion was an informal gathering of a select committee investigating lingering issues about Vietnam War prisoners and those missing in action, most notably whether any American servicemen were still being held by the Vietnamese. It is unclear precisely what issue set off McCain that day. But at some point, he mocked Grassley to his face and used a profanity to describe him. Grassley stood and, according to two participants at the meeting, told McCain, "I don't have to take this. I think you should apologize."

McCain refused and stood to face Grassley. "There was some shouting and shoving between them, but no punches," recalls a spectator, who said that Nebraska Democrat Bob Kerrey helped break up the altercation.

[HNWBanker]

Wow, there is a lot of hate here.

[GeorgeP922]

Nice name, I hope you lose your job and savings and house.

Your people started a class war that we are more than happy to enlist in.

[HNWBanker]

Thanks for the love G. Never happen though, too well diversified across uncorrelated asset classes.

Regarding the class war, don't be foolish.

[tom12010]

For once a Republican has a sensible idea.

[holator]

Sen Grassley isn't far wrong. But for once he doesn't go far enough.
These greedy and stupid people should resign, and then commit suicide.
Be done with them and their ilk once and for all.