by Congressman Dennis Kucinich
Washington, Oct 19, 2008
In Light of Recent $700 Billion Bailout
Congressman Dennis Kucinich (D-OH), chairman of the House Subcommittee on Domestic Policy, said today he will direct his staff to immediately begin canvassing Wall Street firms which have been recipients of any portion of the $700 billion in federal bailout monies to determine the extent to which those firms are distributing bonuses to firm members. Kucinich has been one of the leading opponents of the $700 billion bailout passed by Congress last month.
Kucinich was responding to a published report in The Guardian (UK), which reported Friday that top banks’ employees were in line for more than $70 billion in pay and bonus deals, an amount equal to about 10% of the bailout.
“When Congress placed restrictions on excessive executive pay, it had no intention of permitting business as usual with respect to bonus structures. It would add insult to injury to ask taxpayers not only to bailout a firm, but to pay for bonuses as well. The Guardian’s report necessitates an immediate inquiry,” Kucinich said.
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