Although she had to wait until almost the end because of her lack of seniority, Congresswoman Jackie Speier let the former chief executive officer of American International Group (AIG) have it right between the eyes Tuesday.

During a hearing on AIG's recent $85 billion federal bailout by the House Government Oversight Committee, the newly minted representative lashed into the insurance giant's two former CEOs, Martin  Sullivan and Robert Willumstad.

"Shame on you. The shareholders of that company have nothing and you walked away with $15 million," the San Mateo Democrat directed toward Sullivan, referring to the so-called "golden parachute" compensation package the executive walked away with.

During her time questioning of Willumstad, Speier said she didn't understand how Wall Street could have continued to give the troubled corporation a "AA" bond rating on the Friday before the government announced the bailout.

"I was trying to understand how you can be rated as AA on Friday and come the following week week you need an $85 billion bailout?" Speier asked. "That kind of rating doesn't make sense to me."

Willumstad just shrugged and said: "You'll have to talk to the rating agencies about that."

Speier then pursued the odd relationship AIG maintained with Joseph Cassano, president of the company's financial products division.

During a Dec. 5, 2007 teleconference with key investors and shareholders, Cassano was heard greatly downplaying the risk the company was facing by having so much its assets backed by mortgage-backed securities, in particular the now infamous credit-default swap instruments.

Cassano, who was fired Feb. 29 after his unit lost $11 billion, walked away from AIG with $280 million in executive bonus money and $34 million in other compensation. However, once separated from AIG, Cassano was retained as a consultant at a rate $1 million per month,  company records, now in the hands of federal regulators, show.

"Mr. Sullivan, you were on that same call. You knew that the company was in trouble. You allowed Mr. Cassano to make these statements and you didn't stop him. You didn't suggest that he was overstating the case. Is that transparent? Is that what you should be doing on behalf of the shareholders?" Speier asked.

Sullivan then tried defending his lack of action during the call. Speier, who had to yield back her time to allow another member of the committee to continue the questioning, just shook her head in disbelief.

As a result of its Sept. 16 $85 billion bailout, the federal government now owns a 79.9 percent stake in AIG, officials say.