Wall Street bailout

November 17, 2009 -- WASHINGTON -- Attorney General Eric Holder, Treasury Secretary Tim Geithner, Housing and Urban Development (HUD) Secretary Shaun Donovan, and Securities and Exchange Commission (SEC) Chairwoman Mary Schapiro today announced that President Barack Obama has established by Executive Order an interagency Financial Fraud Enforcement Task Force to strengthen efforts to combat financial crime.    » read more »

November 17, 2009 -- Washington, DC -- Today, Congressman Hodes introduced and passed an amendment to financial industry reform legislation that would prevent more taxpayer-funded bailouts from occurring in the future. Congressman Hodes offered his amendment to the Financial Stability Improvement Act of 2009 in order to ensure that taxpayers are never again forced to pay for the reckless mistakes of Wall Street executives. The Financial Services Committee passed the amendment unanimously.    » read more »

National Mobilization Continues to Demand End to Multi-Billion Dollar Bonuses at Bailed Out Banks and the Too Big To Fail Doctrine

November 16, 2009 -- Washington, D.C.--Today, hundreds of workers, clergy members, community leaders, and other taxpayers converged on the Washington, D.C. headquarters of Goldman Sachs to demand the bank put an end to multi-billion dollar bonuses, reject the Too Big To Fail Doctrine, and use their anticipated $23 billion bonus pool to help families facing foreclosure.

Taxpayers also called on Congress to take immediate action on real financial reform.    » read more »

Proposal to Create a Sound Economic Foundation to Grow Jobs, Protect Consumers, Rein in Wall Street, End Too Big to Fail, Prevent Another Financial Crisis

November 10, 2009 -- Today Senate Banking Committee Chairman Chris Dodd (D-CT) was joined by fellow committee members Jack Reed (D-RI), Charles E. Schumer (D-NY), Robert Menendez (D-NJ), Daniel K. Akaka (D-HI), Jon Tester (D-MT), Mark Warner (D-VA), Jeff Merkley (D-OR) and Michael Bennet (D-CO) to unveil a tough, bold bill to reform the way that our financial system is regulated.    » read more »

November 9, 2009 -- The U.S. Department of the Treasury today announced that the Capital Assistance Program (CAP) which was set up to provide a mechanism for additional taxpayer support in financial institutions subject to the Supervisory Capital Assessment Program (SCAP) will close today with no investments having been made. Earlier today, the Federal Reserve announced that 18 of the 19 banks participating in the SCAP or "stress tests" were shown to have no additional capital need or have now fulfilled their need in the private market.    » read more »

Senator says failure to address market structure issues could mean systemic risk

November 5, 2009 -- WASHINGTON, D.C. – In a speech on the Senate floor today, Senator Ted Kaufman continued his push for more regulatory oversight of the U.S. equity markets by the Securities and Exchange Commission (SEC). As Kaufman noted, “just over one year since the collapse of Lehman Brothers ... Wall Street is essentially unchanged.” Not only are the same practices that led to the financial debacle 14 months ago still present, but the market is increasingly dominated by “new practices which are leading to new problems and new systemic risks.”

The danger, Kaufman warns, is that with no immediate crisis at hand, it is all too easy to slip back into complacency.    » read more »

Congressman joins colleagues in urging bailed out Wall Street firms to stop taking advantage of responsible customers

WASHINGTON, Oct 30 - Today Congressman Mark Schauer (D-MI) co-sponsored the Credit Card Rate Freeze Act, legislation that would immediately freeze interest rates on consumer credit card accounts ahead of federal credit card reform legislation slated to go into effect early next year.

Earlier this week, Schauer joined 45 of his House colleagues in sending a letter to the CEOs of Bank of America and Citigroup, which together have received $45 billion in federal bailout funds, urging them to reconsider their decision to charge new credit card fees on customers in good standing.    » read more »

Obama Administration Special Pay Master Responds to Requests by Anna Burger, 10,000 Taxpayers to Take Action on Ken Lewis Pay

Sets Precedent for Protecting Americans from CEO Pay Abuse -- Washington, D.C.--The Service Employees International Union (SEIU) released a statement from Secretary-Treasurer Anna Burger following news that Ken Lewis will not be receiving his 2009 compensation and bonus pay in light of his multimillion-dollar retirement package.    » read more »

Obama Administration Special Pay Master Responds to Requests by Anna Burger, 10,000 Taxpayers to Take Action on Ken Lewis Pay

Sets Precedent for Protecting Americans from CEO Pay Abuse -- Washington, D.C.--The Service Employees International Union (SEIU) released a statement from Secretary-Treasurer Anna Burger following news that Ken Lewis will not be receiving his 2009 compensation and bonus pay in light of his multimillion-dollar retirement package.    » read more »

Compensation Estimates Highlight Need for Reforms; Statement of Robert Weissman, President, Public Citizen

Oct. 15, 2009 -- Note: U.S. banks and securities firms are on track to pay a record $140 billion in compensation to staff - more than at the peak of 2007, according to a recent Wall Street Journal analysis.    » read more »

October 15, 2009 -- WARWICK, RI - Congressman Jim Langevin (D-RI) today expressed outrage over news of more massive bonuses to Wall Street executives, including $198 million to be distributed by AIG next March and indications that Goldman Sachs is on track to provide a record payout to its executives by the end of 2009.    » read more »

October 8, 2009 -- Washington, D.C. -- Today, the Service Employees International Union (SEIU) sent a letter to Obama administration pay czar Kenneth Feinberg requesting action to prevent outgoing Bank of America CEO Ken Lewis and executives at other banks receiving taxpayer funds from receiving multimillion-dollar retirement, severance, or compensation packages.    » read more »

October 6, 2009 -- Washington, DC -- Congressman Paul Hodes issued the following statement after the release of a new report that shows that the Treasury Department misled the public in statements on the TARP program. Special Inspector General Neil M. Barofsky’s report charges that Treasury officials made inaccurate statements regarding the financial health of some of the nation’s biggest banks while they were receiving billions of dollars in aid from taxpayers.

"The details of this report are troubling," said Congressman Hodes. "Treasury officials must be accountable to American taxpayers, especially when taxpayers are being asked to pay for the mistakes and greed of Wall Street. Granite Staters have a right to know exactly how their tax dollars are being spent.    » read more »

Lewis Departure Follows Year-Long SEIU-Sponsored Taxpayer, Bank Worker, Shareholder Revolt and Campaign to Reveal Failed Policies

October 1, 2009 -- WASHINGTON, DC--Following the news of Bank of America CEO Ken Lewis' planned retirement, the Service Employees International Union (SEIU) continued its efforts to bring change to the banking industry by releasing a detailed record of Lewis' failed leadership.

"Ken Lewis is the poster boy for a financial industry fueled by reckless lending practices, platinum bonuses, and a disregard for workers and our economy," said SEIU Secretary-Treasurer Anna Burger. "The Ken Lewis banking model continues drive up big bank profits while causing millions of Americans to lose their jobs, their homes, and their retirement savings."    » read more »

October 1, 2009 -- WASHINGTON, D.C. - Senator Bob Bennett (R-Utah), a member of the Senate Banking Committee, issued the following statement today regarding the passage of the Emergency Stabilization Act, which created the Troubled Asset Relief Program one year ago:

"Today is the anniversary of one of the most difficult votes I've ever had to cast as a senator: the vote to authorize TARP to stabilize the financial system, not only here, but around the world.    » read more »