Jack Conway calls for Wall Street accountability
LOUISVILLE- In the coming days, Wall Street's big financial institutions are going to report the number and size of annual bonuses being given to their executives. Already they have begun trying to excuse and explain why, in some cases, the leaders of these 'too big to fail' banks deserve eight-figure bonuses just over a year after receiving billions of taxpayer dollars to keep them from failing.
These reports come on the heels of accusations that Treasury Secretary Timothy Geithner may have aided what some lawmakers are calling a "backdoor bailout" for AIG while he was President of the New York Federal Reserve in September 2008. Mr. Geithner has been called to testify before Congress regarding his relationship with the financial giant before being appointed to his current post.
The root of the problem is a lack of accountability. Our elected leaders in Washington have focused for too long on helping their friends on Wall Street and it has come at the expense of working families. The cozy relationship between government and these corporations must stop.
Jack Conway, Democratic candidate for U.S. Senate, in December called for tougher oversight on financial institutions and has today renewed that call.
"In their haste to bailout Wall Street, Washington cut big financial institutions a blank check that became a detriment to the American taxpayers. If they had structured the deal correctly, American taxpayers would be getting bonuses right now, not just Wall Street bankers. Taxpayers took all the risk and should be getting more of the reward," Conway said. "I strongly support the bi-partisan effort to hold oversight hearings and if elected to be Kentucky's next Senator, I will fight for ongoing, prudent oversight of financial institutions. We need independent leaders holding these institutions accountable. I will work to increase transparency in the financial industry, strengthen consumer protections and improve economic opportunities for the people facing hard times in Kentucky."
Mongiardo Calls Plan by Wall Street Banks
to Pay Record Bonuses to Executives "Obscene"
Supports Effort to Hold Wall Street Banks Accountable
FRANKFORT --- Lt. Governor and U.S. Senate candidate Daniel Mongiardo today issued the following statement supporting a temporary fee on Wall Street’s largest banks to recover taxpayer dollars used to bailout Wall Street.
Statement of Daniel Mongiardo:
“While Kentucky’s families and small businesses on Main Street are hurting, it is obscene that the largest banks on Wall Street, who were rescued from financial ruin with a huge bailout from American taxpayers, are now returning to business as usual, paying out record bonuses as their profits soar. To stop the corporate greed on Wall Street and make sure taxpayers get their money back, I support a temporary fee on Wall Street’s largest banks until we recover every penny of the $117 billion still owed to America’s taxpayers.
“As I have continuously traveled across our Commonwealth, I have listened to stories of economic hardship and sacrifice caused by the financial meltdown on Wall Street in 2008. It is particularly outrageous that Wall Street Banks – having returned to profitability thanks to a taxpayer funded bailout – are now paying out record billions in bonuses. At the same time, Kentucky consumers and small businesses on Main Street still cannot get the loans they need to expand their business and create jobs, refinance their mortgage or obtain a student loan. Congress should consider using some of the money paid back by Wall Street to help finance small-business lending programs on Main Street.
“My support for recovering the $117 billion still owed to taxpayers is only a start to fixing Wall Street. Americans on Main Street were forced to bail out fancy bankers and wealthy financiers on Wall Street in a last second attempt to avoid a complete collapse of our banking system because of one reason – GREED, greed that resulted in extreme risk taking and excessive profit taking. We must have, and as a United States Senator, I will vigorously support a comprehensive, commonsense regulatory overhaul of Wall Street to make sure this can never happen again. The stability of our nation’s economy depends on it.”