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devoish (98.81)

Banker Bonus Bailout

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October 29, 2008 – Comments (2) | RELATED TICKERS: C , JPM , GS

“It would be an affront to taxpayers and shareholders alike if Wall Street executives cashed in on the bailout.  We must prevent bailout funds from being diverted directly or indirectly to bonuses and exorbitant compensation packages,” - Congressman Dennis Kucinich.

Apparently actually checking to see that a $700billion, budget busting, bonehead bribing, banker bailout is spent the way it was intended to be spent is something to be concerned with after the money gets handed out.

Today he released a letter sent to Congressman Henry Waxman, Chairman of the Committee on Oversight and Government Reform, asking that the Full Committee move quickly to investigate how bailout funds are being spent by the financial service companies participating in Treasury’s capital purchase program.

I believe that the American taxpayers who have provided this subsidy have legitimate concerns about how those companies will use those funds, what happened to require them to need those funds, and what they will be doing differently in the future to ensure that they will not need more assistance," wrote Kucinich in the letter.

What a novel f*ck'n idea.

The full text of the letter.

2 Comments – Post Your Own

#1) On October 29, 2008 at 7:12 PM, rd80 (99.12) wrote:

Gee, maybe they should have thought about how the money should be used before congress and the administration teamed up to pass a $700 billion account with blank checks.

Just as big an issue, maybe bigger, is that much of the money is going to acquisitions like PNC buying NCC rather than loans.

And that pales in comparison to auto companies, insurance, and who knows what other industries that are busy lining up their lobbyists with various spins on "but you bailed out the banks and _______ is just as important to the economy."

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#2) On October 29, 2008 at 7:56 PM, lquadland10 (< 20) wrote:

Didn't they say it was a national emergency and declared martial law? Were the bankers in parrel of not meeting their morage payment? I think it would have looked very bad indeed if the bankers lost their houses and had to live on the street.

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