Category Archives: Senate banking committee

AIG BONUSES "ARE AN INSULT TO FAMILIES TRYING TO SURVIVE THE ECONOMIC CRISIS,"

U.S. Senator Robert Menendez (D-NJ), a member of the Banking Committee released the following statement on bonuses paid out by AIG, the insurance giant that also has benefited from a government rescue plan:

“These bonuses are an insult to families who are trying to survive the economic crisis by saving every penny and changing their way of life. They have every right to be furious that AIG is taking their tax dollars while carrying on with what can only be described as business as usual – particularly when business as usual helped put us in this mess.

“President Obama is right to have his administration search every legal means available to try to block these bonuses, and I will help push similar efforts in the Senate. The question must be asked: If unions can be expected to renegotiate contracts to help save companies or industries, then why can’t companies do the same with their executives during this crisis?

“We have to make sure that Wall Street is using taxpayer money in a responsible manner. Perhaps equally as important, we have to make sure that some on Wall Street don’t further erode the confidence of the American people by failing to recognize the need for shared sacrifice. There is a fundamental and troubling disconnect between the realities that families across this country are living through and how some on Wall Street are acting like there is no crisis.”

Senator Menendez also appeared yesterday afternoon on the MSNBC program “1600 Pennsylvania Avenue” with host David Shuster to discuss his feelings on the AIG bonuses.

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Filed under 1600 Pennsylvania Ave, AIG, corporate bonuses, David Shuster, MSNBC, President Obama, Senate banking committee, Senator Bob Menendez, TARP, Treasury Secretary Tim Geithner

Dodd Says Auto Bailout Lacks Votes in Senate

The NY Times has just posted a column by David Herszenhorn stating how Connecticut Senator Chris Dodd, who is Chairman of the Senate banking committee, has just announce that Auto industry bailout lacks votes in the Senate at this time.

“The chairman of the Senate banking committee said on Thursday that he did not believe there would be enough Republican support for efforts to aid floundering automobile manufacturers, raising doubts about whether Congressional leaders will call the House into a lame-duck session next week.

“Right now, I don’t think there are the votes,” the chairman, Senator Christopher J. Dodd of Connecticut, said, adding that he personally was in favor of using money from the $700 billion financial rescue program to help General Motors, Ford and Chrysler. But Mr. Dodd said he did not believe such a bill would get through the Senate.

“I don’t know of a single Republican who’s willing to support,” Mr. Dodd said. “So I want to be careful about bringing up a proposition that might fail in light of the fact the authority exists, and under an Obama administration there seems to be a greater willingness to deal with the issue. So there are some political considerations to be made.”

Passing any legislation to aid the auto companies would require 60 votes in the Senate. Democrats have 49 seats, Republicans have 49 seats and there are 2 independents who caucus with the Democrats…”


Click HERE to finish reading David Herszenhorn’s column in the NY Times

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Filed under Auto Industry, bailout, Chris Dodd, David Herszenhorn, NY Times, Senate banking committee

>Dodd Says Auto Bailout Lacks Votes in Senate

>The NY Times has just posted a column by David Herszenhorn stating how Connecticut Senator Chris Dodd, who is Chairman of the Senate banking committee, has just announce that Auto industry bailout lacks votes in the Senate at this time.

“The chairman of the Senate banking committee said on Thursday that he did not believe there would be enough Republican support for efforts to aid floundering automobile manufacturers, raising doubts about whether Congressional leaders will call the House into a lame-duck session next week.

“Right now, I don’t think there are the votes,” the chairman, Senator Christopher J. Dodd of Connecticut, said, adding that he personally was in favor of using money from the $700 billion financial rescue program to help General Motors, Ford and Chrysler. But Mr. Dodd said he did not believe such a bill would get through the Senate.

“I don’t know of a single Republican who’s willing to support,” Mr. Dodd said. “So I want to be careful about bringing up a proposition that might fail in light of the fact the authority exists, and under an Obama administration there seems to be a greater willingness to deal with the issue. So there are some political considerations to be made.”

Passing any legislation to aid the auto companies would require 60 votes in the Senate. Democrats have 49 seats, Republicans have 49 seats and there are 2 independents who caucus with the Democrats…”


Click HERE to finish reading David Herszenhorn’s column in the NY Times

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Filed under Auto Industry, bailout, Chris Dodd, David Herszenhorn, NY Times, Senate banking committee