October, 19 2008, 05:53pm EDT
For Immediate Release
Contact:
Nathan White 202.225.5871 (c) 269.267.0580
Kucinich Questions Wall Street 'Bonuses'
In Light of Recent $700 Billion Bailout
WASHINGTON
Congressman Dennis Kucinich (D-OH),
chairman of the House Subcommittee on Domestic Policy, said today he will
direct his staff to immediately begin canvassing Wall Street firms which have
been recipients of any portion of the $700 billion in federal bailout monies
to determine the extent to which those firms are distributing bonuses to firm
members. Kucinich has been one of the leading opponents of the $700 billion
bailout passed by Congress last month.
Kucinich was responding to a published report in The
Guardian (UK),
which reported Friday that top banks' employees were in line for more than $70
billion in pay and bonus deals, an amount equal to about 10% of the bailout.
"When Congress placed restrictions on excessive
executive pay, it had no intention of permitting business as usual with respect
to bonus structures. It would add insult to injury to ask taxpayers not only
to bailout a firm, but to pay for bonuses as well. The Guardian's report
necessitates an immediate inquiry," Kucinich said.
Dennis Kucinich is an American politician. A U.S. Representative from Ohio from 1997 to 2013, he was also a candidate for the Democratic nomination for president of the United States in 2004 and 2008.
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[image or embed]
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