Kucinich Calls for Probe of Bonuses for Bailout Recipients

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.

Source

Why yes Mr. Corporation, we will be seeing those books now. Open Wide.

reply to post by DancedWithWolves


Go Keebler, go Keebler, go Keebler Elf! I love Kucinich and his passionate, delusional optimism as he goes tilting at windmills while never getting discouraged.

Unfortunately he never gets much done in the literal sense, but let's all take a moment and give thaks for the fact that he is. And just by being he gives those of us who have given up all hope of any functional, reasonable accoutability in a government for and by the people, an opportunity to smile... and then frown because we realize we have lost the ability to care.

reply to post by TheWayISeeIt

I love Dennis Kucinich ,every so often I go on his website and send him a little letter of support, I think he's one of the few people on the planet who really gives a damn. That's what giving a damn means you don't stop ,you can't because of the whole giving a damn thing.

If I had to isolate the one thing that perpetuates the current state of corruption ,I guess it would be what you said ,NOT giving a damn. So in the vacuum created by peoples self absorption,viola greed and corruption flourish.Which is cool 'cause nobody really gives a damn except Dennis

he's the bravest man ever,It takes guts to do what he does,I hope there are rewards in some kind of wonderful afterlife for souls like him

there sure aren't any in this one

he's spitting into the wind...

after all, Bush, Bernanke, Paulson ... All 3 of em pressed Congress and threathened Martial Law in the metro areas ..If the bank$ & banking $ystem wasn't rescued !

which is not hard to decipher-> 'Busine$$ As Usual'

1. which means that more toxic products can be originated and sold...
2. the payment structure of the under capitalized banks will remain...
3. only the 'new' & 'excessive' bonuses and 'golden parachutes' are to be restricted/reviewed ....
(and that will only apply to the CEO, CFO, & the top tier VPs/Execs, i.e. the top 5 execs in any bailed out firm... the oversight does not apply to any other employee or contractor...)


Kucinich is attempting to point out that the Imcumbants who voted for the bailout... were totally incompetent, got played with the Bill's legal jargon...

He's bringing the pay-outs & bonuses up to the public, hoping that the public will oust all the 'yea' voting representatives for caving in to Paulson
and voting for such a loophole laden 'Rescue Plan'...
It's too late to un-do the 'bailout', but its not too late to un-do a bunch of career politicians.



on my ballot, out goes Brown & Graham
only DeMint can be allowed to stay in office




[edit on 20-10-2008 by St Udio]

Kuciniwho?? Mr. Kucinich is Ohio's embarrassment. He loves playing the David in the classic David and Goliath tale. Meanwhile all of the union jobs in his district have shriveled up and disappeared. The man ran a campaign that he never stood a chance in and wasted money. He needs to focus on his district instead of fighting the giant beasts. I think he is still trying to impeach Bush. I don't know how this flake keeps getting reelected.

studio

i don't how many more toxic products will be originated....the finance sector has lost the TRUST that many of the naive (buyers) gave it......the funniest/dumbest phrase i hear parroted by the MSM cheerleaders is ..................."when " " (insert lending, "the economy"/whatever) condtions become normal again.

lending conditions were not normal in 2003-2007 there will not be times like this for a long time (not year's)

the investment banks business model is broken (i.e securitization)

the economy is not gong to be bouncing anywhere anytime soon

the economy has become more dependant on finance and debt creation

until middle class debt is reduced (i.e loans re-written, or union's re-strengthen and wages go up up and away) the economy won't return to "normal" don't hold your breath

people will take a while to get it.........but i assume as the years pass........the hope will fade away........and reality will sink in that the united states just lowered it's standard of living PERMANENTLY , sure there will be a wealthy elite, but the middle class are not bouncing back, even some upper will be taken down into the lower class as banks are not going to be lending much, millions of jobs will be lose over the coming years.

from an individual perspective (opposed to the Per capita in u.s.a) things are alot more optomistic because certain opporunity's will still be there (usually depending on who you know/ the brake's you get) but they will be fewer and more distance between IMO.

I think the winning attitude going forward is to become less materialistic in your goals/ and perception of your success, and put more energy into relationships and active hobby's for enjoyment while obviously making sure you have a job to pay the bills.