-
Writes to AIG On Retention Payment
Congressman Elijah E. Cummings (D-Md.), a senior member of the House Committee on Oversight and Government Reform and a member of the Joint Economic Committee, sends a letter to Edward Liddy, President & CEO of AIG. The Congressman continues to be concerned about the company's decision to award 168 "retention payments," ranging in value from $92,500 to $4 million. -
Requests AIG Hearing
Congressman Elijah Cummings (D-Md.), a senior member of the House Committee on Oversight and Government, sends a letter to Committee Chairman Edolphus Towns (D-N.Y.) and Ranking Member Darrell Issa (R-Calif.) requesting a Congressional oversight hearing to examine recent actions of insurance giant AIG—the government bailout of which has cost taxpayers $152 billion. -
Urges Release Of AIG Comp.
On January 15, 2009 Cummings met then AIG CEO Ed Liddy and urged him to release basic data on AIG's executive compensation expenditures and policies, and AIG's expenditure of the federal bailout funds provided to it. -
Introduces TARP Accountability Legislation
On February 4, 2009, Cummings introduces the Accountability from Corporations for Outlays Under TARP (ACCOUNT) Act, which would require institutions receiving assistance under the Troubled Asset Relief Program (TARP) to report expenditures on corporate junkets, executive compensation and bonuses, and other employee perks. -
Writes to Geithner on AIG Bonuses
Congressman Cummings writes to Treasury Secretary Timothy Geithner expressing his outrage at AIG’s continued implementation of ‘retention payments’ plans for its employees totaling $1 billion—including $450 million to employees of the Financial Products division that was largely responsible for driving the company into the ground, $165 million of which will be distributed this month. -
"AIG is insulting taxpayers"
Congressman Elijah E. Cummings (D-Md.), a senior member of the House Committee on Oversight and Government Reform, sends a letter to Kenneth Feinberg, the “Compensation Czar,” regarding reported discussions between Mr. Feinberg and AIG about upcoming bonuses scheduled to be delivered to AIG’s executives and other employees -
Reins In Executive Compensation Packages
Cummings joins with a majority of his colleagues in passing the Corporate and Financial Institution Compensation Fairness Act—legislation to address the perverse incentives in compensation plans that encourage executives in large financial firms to take excessive risk at the expense of their companies, shareholders, employees, and ultimately American taxpayers. -
Feinberg Cuts Compensation
Cummings lauds recent ruling by Kenneth Feinberg, the Treasury Department's special master for compensation. Feinberg's ruling lowers compensation for 175 employees at these companies by an average of 50 percent. The highest-paid 25 employees of each company will see cuts, including up to 90 percent on salaries. Mr. Feinberg also demanded major governance changes for the firms, which were given taxpayer aid when it was feared their collapse could irreparably harm the U.S. economy. -
Condemns AIG Bonuses
Cummings (MD-07) today addressed the millions of dollars in retention payments given to employees of American Insurance Group (AIG), calling the bonuses “distasteful.” “I appreciate the willingness of AIG employees to give some of their bonuses back,” said Cummings. “However, AIG still owes taxpayers and there is little that AIG employees can do to deserve these bonuses while that is still the case...." -
Named Conferee On Wall Street Reform
Cummings was chosen by Speaker Pelosi to represent the OGR Cmte to reconcile the House & Senate versions of the Wall Street Reform and Consumer Protection Act.
“It is crucial to this nation that we get this right. Our responsibility is to those whose retirement savings were destroyed by this economic downturn; it is to those who have been thrown out of their homes; and it is to those who want to invest in the U.S., and who demand a clean, transparent, accountable marketplace." -
Wall Street Reform Passes
Cummings participated in the historic House-Senate conference which led to the adoption of the bill in the House. His efforts also provided four critical pieces of legislation contained within the bill to protect American homeowners. The most sweeping reform championed by Cummings is the creation of a $1 billion fund, underwritten with remaining TARP allocations, allowing “bridge loans” to homeowners who are facing foreclosure. -
Urges Compensation Hearing
On August 31, 2011 Cummings asked that Chairman Darrell Issa hold a Committee hearing on the issue of corporate executive compensation after a report reveals that 25 of the top 100 CEOs received more in compensation last year than their company paid in 2010 federal income taxes. -
Leads Fannie & Freddie Charge
Watch his Opening Statement In November of 2011 Cummings led the charge to investigate the compensation of executives at Fannie Mae and Freddie Mac, who reportedly were paid more than $12 million in bonuses despite inadequate efforts to help American families facing foreclosure and despite Inspector General reports finding deficient management practices. -
Executive Compensation Keynote
Watch the Video On Monday December 12, 2011 Rep. Elijah E. Cummings, Ranking Member of the House Committee on Oversight and Government Reform, delivered the keynote address on executive compensation at the Americans for Financial Reform Conference hosted by Public Citizen. -
Launches For-Profit Colleges Inv.
Watch the Video On December 12, 2011 Ranking Member Elijah Cummings announced an investigation into the compensation packages of top executives at for-profit colleges.
