Mr. JONES: Mr. Speaker, to date, the Federal Government has given American International Group, AIG, $173 billion in bailout funds.

AIG, which is now 80 percent owned by the American taxpayer, posted a record $62 billion loss in the fourth quarter of 2008. And that's why this week the American people were outraged to hear that AIG would be paying out $165 million in bonuses, courtesy of the United States taxpayer.

To add insult to injury, the bulk of the payments are going to employees of AIG Financial Products, the unit of the company that sold the risky contracts that caused massive losses for AIG. The American people are angry and frustrated. They want to know why are we giving taxpayer money to failing companies so they can hand out bonuses?

Mr. Speaker, last fall I voted against this $700 billion government bailout because I do not believe American taxpayers should pick up the tab for the poor business decisions and greed of high-flying Wall Street firms. Because the bailout was authorized, every American taxpayer has an interest in ensuring that the U.S. Treasury does not recklessly squander their hard-earned money.

And the Secretary of the Treasury, Henry Paulson, as former CEO of Goldman Sachs, allowed Lehman Brothers to fail, but AIG got a bailout. AIG went on to pay out $13 billion of that Federal aid to trading partner Goldman Sachs.

And now, thanks to the American taxpayer, AIG is still doling out hundreds of millions of dollars in employee benefits and retention pay. To the taxpayers who are footing the bill, the Federal Government's selection of winners and losers just does not meet the smell test.

The lack of oversight in the process is outrageous. Employees in eastern North Carolina, which I have the privilege to represent, are not rewarded bonuses when their companies lose money.

Constituents in my district want to know why should the employees of Wall Street be any different? I join the American taxpayers in their frustration. I pay taxes, and I'm frustrated too.

Unfortunately, all we hear from AIG chairman Ed Liddy is that AIG's hands are tied because these bonuses are based on binding contracts that were made before the government bailout. Well, Mr. Speaker, this Congress and the current administration better make sure that no further corporate bonuses are paid for with taxpayers' money.

I thank President Obama for speaking out so clearly and plainly about these retention bonuses because, like those of us in Congress, he has been hearing from frustrated taxpayers. I call on the Federal Government to explore every legal option available to block these excessive and undeserved bonuses on behalf of the taxpayers of America.

And in closing, Mr. Speaker, I ask God to continue to bless our men and women in uniform and their families, and may God continue to bless America.