New Report: Wall Street Firms Setting Aside Billions for Bonuses

 Merkley Calls for Tax Cuts for Working People Now

 
The same big Wall Street firms that caused the financial meltdown and are now receiving billions of taxpayer dollars from the bailout are setting aside more than $20 billion for executive bonuses, according to a new report from Bloomberg.  Some of the executives of Lehman Brothers, one of the firms whose bankruptcy started the crisis, will receive the exact same level of bonuses that they received last year. 

 
When the economic crisis hit, Jeff Merkley immediately called for legislation with real protections against excessive executive compensation.   

 
In response to the news, Jeff Merkley issued the following statement:

 
"While American taxpayers are facing job losses and disappearing 401(k)'s, the executives at these financial firms are planning lavish bonuses for themselves.  These executives drove their companies into the ground and American workers are paying the price.  While hardworking Americans are struggling in this economy, the big banker boys are making out like bandits. 

 
"Washington spent $700 billion of taxpayer money on a bailout with no accountability.  We have got to restore accountability and put fairness back into the system.  No more putting Wall Street CEOs ahead of America's middle class.  Rather than invest billions in executive bonuses, let's cut taxes for working people. 

 
"Yesterday I called on the lame duck session of Congress to return to Washington after the election and deliver tax cuts for working people.  It's clear that we also need to call these bankers before Congress and hold them accountable for how they use taxpayer dollars. 

 
"It all comes back to putting hardworking, middle class taxpayers first for a change.  Let's move forward on the first phase of Barack Obama's tax plan and cut taxes for every working family by $1,000.  Let's make these tax cuts retroactive for the current tax year, so that families start getting relief after they file their taxes next year.  This will stimulate the economy, but more importantly, it will start to restore fairness and give working families some much needed relief now."

 
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Posted October 28, 2008
Press