McCain on AIG: Let It Fail

Speaking at the Heritage Foundation, Sen. John McCain (R-Ariz.) said he opposed the 90 percent tax on AIG bonuses that passed the House. “I don’t support bills of attainder,” he said, to loud applause. He said he opposed the idea of controlling the salaries and bonuses of TARP-taking executives, focusing instead on creating a subcommittee to see where the money was going and to oppose any more bailouts. “The problem started when we bailed out AIG,” he said. “I would have let AIG go bankrupt. If they have to fail, they fail.”