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Bailouts OversightYou’re Scaring Me, Obama: Let the Bush Years Die
To be honest, Obama, you lost me when you voted for the PATRIOT Act reauthorization in 2006. You lost me again when you voted for the Foreign Intelligence Surveillance Act (FISA) amendment in 2008. And you lost me every single time you voted for yet more war funding.
Don't even get me started on your vote for the $700 billion Wall Street bailout. I cast a ballot for you in November, but I just can't share in this moment of collective euphoria over your election. So, if your transition team really wants feedback on "where President-Elect Obama should lead this country," here's a Top Five list:
Kucinich: Congress Should Withhold Second Part of Bailout from TreasuryCiting Administration’s Failure and Unwillingness to use funds to Prevent Foreclosures, as Congress Intended Washington D.C. (November 17, 2008) – Representative Dennis Kucinich (D-OH) today sent a letter to Representative Barney Frank, Chairman of the House Financial Services Committee, recommending that Congress inform the White House that it will not authorize the second $350 billion tranche of the bailout funds to the Treasury Department. The Financial Services Committee is scheduled to hold a hearing tomorrow examining oversight of the implementation of the bailout and of government lending and insurance facilities. Kucinich Announces Witness List for Subcommittee HearingWashington D.C. (November 12, 2008) – Congressman Dennis Kucinich (D-OH), chairman of the Domestic Policy Subcommittee, today announced the witness list for the upcoming Subcommittee hearing “Is Treasury Using Bailout Funds to Increase Foreclosure Prevention, as Congress Intended?” The hearing will be held on Friday, November 14, 2008, at 10:00 a.m. in Rayburn House Office Building, Room 2154.
Subcommittee Demands Testimony from Treasury Official on Use of Bailout Funds; “Serious Questions” for Mr. KashkariWashington D.C. (November 11, 2008) – The leading Democrat and Republican of a House Oversight Subcommittee insisted on the testimony of a top Treasury official today. Congressman Dennis Kucinich (D-OH) and Congressman Darrell Issa (R-CA) sent a letter to Secretary Paulson insisting that Mr. Neel Kashkari, the Interim Assistant Secretary of the Treasury for Financial Stability, testify before a hearing of the Domestic Policy Subcommittee on Friday, November 14, 2008. Congressman Kucinich is the Chairman of the Domestic Policy Subcommittee and Congressman Issa is the Ranking Minority Member. “There are serious questions about Treasury Department’s plans to realize the goals of the Emergency Economic Stabilization Act of 2008 that can only be addressed by the official in charge,” Kucinich and Issa wrote in the letter. Hearing: Is The Treasury Using Bailout Funds as Congress Intended?From Dennis Kucinich: WASHINGTON, D.C. (November 6, 2008) — On Friday, November 14, 2008, at 10:00 a.m. in Rayburn House Office Building, Room 2154, the Subcommittee will hold a hearing entitled, “Is Treasury Using Bailout Funds to Increase Foreclosure Prevention, as Congress Intended?” This will be the Subcommittee’s sixth hearing in the 110th Congress examining the foreclosure crisis and its solutions.
Goldman Sachs ready to hand out £7bn salary and bonus package... after its £6bn bail-outGoldman Sachs ready to hand out £7bn salary and bonus package... after its £6bn bail-out Goldman Sachs is on course to pay its top City bankers multimillion-pound bonuses - despite asking the U.S. government for an emergency bail-out. The struggling Wall Street bank has set aside £7billion for salaries and 2008 year-end bonuses, it emerged yesterday. Each of the firm's 443 partners is on course to pocket an average Christmas bonus of more than £3million. The size of the pay pool comfortably dwarfs the £6.1billion lifeline which the U.S. government is throwing to Goldman as part of its £430billion bail-out.
Conyers, Kucinich Express Alarm Regarding the Use of Funds from the $700 Billion Rescue PackageWASHINGTON, D.C. (October 29, 2008) -- House Judiciary Committee Chairman John Conyers, Jr. (D-MI) and Government Oversight Subcommittee Chairman Dennis Kucinich (D-OH) today expressed alarm that the $700 billon from the Troubled Asset Relief Program has apparently not yet been used to make loans to businesses and consumers. Recent media reports suggest the banking industry will not use these funds to facilitate lending, but will instead use them to facilitate mergers. “It is very troubling to learn that the $700 billion rescue package sold to the American consumer as necessary ensure to continue loans to small businesses and consumers, is apparently being used instead to squeeze smaller banks out of the market,” said Conyers. “I’m concerned about the federal government using these funds to take sides in mergers and to promote consolidation within the financial markets instead of reviving our economy.” Waxman Acts on Kucinich's Prompting: Demands to Know How Much of Our Loot Wall Street Criminals PocketToday Chairman Waxman sent letters to nine major banks that will receive $125 billion of taxpayer funds requesting information on their compensation and bonus plans in 2008. Letters were sent to: Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JP Morgan Chase, Merrill Lynch, Morgan Stanley, State Street Corporation, and Wells Fargo. The text of the letter follows: Earlier this month, the Treasury Department announced plans to invest $125 billion of taxpayer funds in nine major banks, including yours, as an emergency measure to rebuild depleted capital. According to recent public filings, these nine banks have spent or reserved $108 billion for employee compensation and bonuses in the first nine months of 2008, nearly the same amount as last year.
Kucinich Continues Investigation of Bail-Out BonusesRequests 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,” he said.
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Escrow to Keep Obama Progressive Local: connect with Democrats.com members in your State, County, and Congressional District Are you really registered to vote? "Google" your voter registration to find out Ten Reasons to Impeach Bush & CheneyNo Pardons for Bush-CheneyOut of Iraq PetitionForumsPollShould Congress Give Paulson $700 Billion Blank Check? Yes 1% No 99% Total votes: 260 Protest and Organize! |