For Immediate Release
Nathan White (202) 225-5871
Kucinich: Wall Street Insider Cannot Be an Unbiased Broker
Secretary Paulson Appoints Fox to Guard Hen House
WASHINGTON - Congressman Dennis Kucinich (D-OH) today spoke out against Treasury Secretary Henry Paulson's decision to name Neel Kashkari as interim assistant secretary for financial stability who will head up the bailout program within the Treasury.
"Poached from Goldman Sachs, Mr. Kashkari has less than one year of experience working for the Treasury Department. While everything I have read indicates that Mr. Kashkari is a hard working, intelligent man, his experience is in protecting stockholders. He has less than one year experience working on behalf of the public. His appointment seems like appointing a fox to protect the hen house," stated Kucinich.
Representative Kucinich, who was a leader in opposition to the bailout plan, has previously expressed concern that conflict of interest rules are not rigorous enough given the vast amount of wealth involved in the bailout plan.
"Now that the federal government is in the business of picking winners and losers on Wall Street, we must take calculated steps to ensure that key players do not have an inherent bias towards the companies into which they will be funneling billions of dollars. It is unlikely that any Wall Street insider can act as an unbiased broker," added Kucinich.
In opposition to the bailout bill, Congressman Kucinich has advocated stopping the financial crisis at its source, by helping homeowners who are unable to pay their mortgages.
"Regardless of who spends this $700 billion dollars, it will still go to Wall Street. I believe Congress should reconvene immediately to address the pending wave of home foreclosures and to create a massive job creation program, which would prime the pump of the American Economy. Trickle-down economics is defunct. It is time to invest in the middle class and the American Dream," stated Kucinich.