The bailouts of the financial industry have not achieved their desired results, Sen. John CornynJohn CornynCruz, Cornyn to attend Biden inauguration McConnell about to school Trump on political power for the last time Rick Scott will 'likely' join challenge to election results MORE (R-Texas) asserted Friday.

Taking issue with Federal Reserve Chairman Ben Bernanke's characterization of economic progress under the billions spent to assist banks and other companies, Cornyn said that things may even be getting worse.

"I'm not seeing those results," Cornyn said. "I'm seeing get worse, perhaps."

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Some banks that have received assistance from the government last week announced they would not need the next installment of capital injections from the bailout package.

The Texas Republican did join the pile-on for AIG, though, saying executives at insurance giant AIG could learn a lesson from those in charge of General Motors and Chrysler

Cornyn said that the government should ask AIG to restructure and make the same types of sweeping the concessions Detroit's troubled automakers did in exchange for assistance from the federal government.

"We've asked the car dealers to restructure their organization -- including workers restructuring union contracts in order to save the auto industry," Cornyn said during an appearance on CNBC this morning. "We ought to be asking leadership at AIG to be making the same kinds of concessions to save AIG and the taxpayers' dollars."

Cornyn is one of several leading members of Congress to castigate AIG for having awarded bonuses to its executives while receiving major financial assistance from the government. While many lawmakers have had harsh words for the company, many have shied away from saying the government could force the executives to do anything about the bonuses.