Kucinich Continues Investigation of Bail-Out Bonuses

[Jim O'Bryan]

Kucinich Continues Investigation of Bail-Out Bonuses
Requests Full Committee Resources to be Used

WASHINGTON, D.C. (October 28, 2008) -- Congressman Dennis Kucinich, Chairman of the Subcommittee on Domestic Policy is pressing his efforts to head off an avalanche of Wall Street bailout bonuses. Recent reports indicate bonuses and other compensation packages paid by financially troubled firms receiving government assistance could reach into the tens of billions of dollars.

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.

“It would be an affront to taxpayers and shareholders alike if Wall Street executives cashed in on the bailout. We must prevent the diverted directly or indirectly of bailout funds to bonuses and exorbitant compensation packages,â€

[Jim O'Bryan]

A side note to this, is that the banks that are recieiving money are using it to buy other healthy banks and consolidate, instead of putting the money into the cash flow of America, and paying off bad loans.

For my friends on the right, from Drudge
http://www.drudge.com/news/114122/bailout-may-help-banks-buy-banks
Bailout May Help Banks Buy Banks

First, the $700 billion rescue for the economy was about buying devalued mortgage-backed securities from tottering banks to unclog frozen credit markets. Then it was about using $250 billion of it to buy stakes in banks. But reports surfaced that bankers might instead use the money to buy other banks, pay dividends, give employees a raise and executives a bonus, or just sit on it. Insurance companies now want a piece; maybe automakers, too, even though Congress has approved $25 billion in low-interest loans for them.




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[ryan costa]

that's too bad. the legitimacy of Henry Paulson must be destroyed. The Republicans should be voted out of office until their neo-conservative contingent atrophy away.

[Stephen Eisel]

that's too bad. the legitimacy of Henry Paulson must be destroyed. The Republicans should be voted out of office until their neo-conservative contingent atrophy away.

Dems have been in control of Congress since 2006... just sayin

remember they were going to fix gas prices... Oh boy! They finally fixed gas prices by Bankrupting the US...


who stopped the hearings? Who said it was not broke? Who was pissed off? blame the y-t. republican. lol (clicky)


follow the money we got sold down the river because of a couple of dems (clicky)

[ryan costa]

sorry Steve. I am voting the Republicans out of office.

[Stephen Eisel]

sorry Steve. I am voting the Republicans out of office.

Welcome to the USSA http://oldbluewebdesigns.com/USSA.htm

[ryan costa]

Welcome to the USSA http://oldbluewebdesigns.com/USSA.htm

that webpage is complete bullchips. it does not deserve to be taken seriously.

[Jim DeVito]

That is true. 8 years of a repub at the helm means it is time for a change. That is just the way it works Regardless of who is in charge if they have failed us they must be replaced..