A recent letter regarding my efforts to prevent egregious bonuses at companies receiving bailout funds, such as AIG, mischaracterized that I was somehow unaware a measure I co-authored in the Senate-passed stimulus bill was regrettably removed at the 11th hour.

During February’s Senate debate on the stimulus package, Sen. Ron Wyden and I saw the necessity – long before the AIG scandal – of compelling institutions that received bailout money to return excessive bonuses or face stiff tax penalties. To her credit, Sun Journal reporter Rebekah Metzler recognized and covered the issue on Feb. 10. Our amendment would have prevented AIG from doling $165 million in bonuses and recouped $18.4 billion in bonuses already paid by other bailout recipients in 2008.

Contrary to assertions made by your reader, I was well aware and appalled that, despite our vigorous efforts to preserve this measure, it was stripped after objections were raised – especially by the Treasury Department. Given our economy desperately required the stimulative measures in the bill, I decided against delaying a final vote on the package.

Unfortunately, only after the outrageous AIG bonuses were handed out did others recognize the significance of this provision, and the calamity at AIG that it could have forestalled. I share Mainers’ frustration over the current economic crisis.

The reckless greed that precipitated this financial meltdown are unconscionable and outrageous – and, indisputably, those responsible must be held fully accountable.

Sen. Olympia J. Snowe, Washington, D.C.