No sooner does the uproar over Obama’s pay Czar’s unconstitutional decision of Kenneth Feinberg to cut exec pay at financial institutions hit the airwaves, than I get a spam e-mail from my Congressman, George Miller, trying to reposition and refocus on banks-as-evil.
Duck and cover. Spin and deflect.
Interesting timing, given the message that champions some vague notion of looking out for the middle class, whatever that is. Didn’t Democrats just scream about GOP sending out SPAM e-mails as propaganda?
Dear Friend,
Big news—the bankers who wreaked financial havoc on middle class America are getting a pay cut. They won’t go broke, obviously, but President Obama will soon announce plans to force a 50 percent pay cut to top executives who benefited from the Bush Bank Bailout.
This is a major correction to the flawed Bush bailout. And we’re pushing other reforms to hold banks accountable and recoup taxpayer funds.
Elizabeth Warren, the top cop on the bailout oversight beat and an ardent defender of the middle class, reported in July that banks were only repaying 66 cents on the dollar compared to the fair market stock value owed to taxpayers through the bailout. As a result of her work, banks are now paying back 94 cents on the dollar.
There are other positive bailout developments. Taxpayers are actually earning a profit from money provided to the banks. And Congress is moving forward with legislation to protect consumers and prevent future financial crises.
There’s still hard work ahead to rescue the economy, but one step must be holding banks accountable, as we are now starting to do.
Sincerely,
Congressman George Miller
httpv://www.youtube.com/watch?v=MbXUWMZ94LM
