Congressman Dennis Kucinich (D-OH) has called for a probe into $70 billion worth of pay deals planned for employees of failed banking firms receiving government aid.Kucinich said Sunday that he was directing his staff to immediately probe Wall Street firms that have received any portion of the $700 billion bailout plan recently passed by Congress, in response to a recent report by The Guardian outlining the firms' dramatic drops in revenue, but not in executive compensation.
That Friday report showed that over $70 billion was to be allocated towards pay deals, including discretionary bonuses, at firms such as Goldman Sachs and Citigroup.
"When Congress placed restrictions on excessive executive pay, it had no intention of permitting business as usual with respect to bonus structures," Kucinich said. "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."
Source: Rawstory
1 comment:
Hank Paulson will make sure all the 700 billion bailout money goes to those companies and Friends who were in on the plan from the beginning. Look Americans aren't doing anything or even asking questions as they lose more jobs, homes and life savings. As Bush said wait it will take time, what he really ment was give the WH until Jan 20th when they clean up out and made the debt 53 Trillion then mission will be completed. Notice the World Leader know better and are leaving the US out. As for that US Economic Summit Bush is looking for he has no takers or their line is busy.
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