In 1999 Congress passed the Financial Modernization Act, which allowed banks, insurance companies and investment houses to merge. Many experts point to it as one of the causes of our current financial crisis. At the time, Byron Dorgan was one of the few senators to speak out strongly against the legislation. Looking back, his predictions in 1999 seem prophetic and, looking forward, his views raise more questions about the $700 billion bailout plan.
Well, It makes me happy to see a few people stand up in congress on behalf of the American People. Macy Kaptur was one of those people that I am proud to call an American. If I had the chance I would have voiced a very similar speech to the other member of congress (House).
To see how the American people should be represented, take a look at her address to other members in the video below:
Commentary: Bankruptcy, not bailout, is the right answer
By Jeffrey A. Miron Special to CNN
Editor’s
note: Jeffrey A. Miron is senior lecturer in economics at Harvard
University. A Libertarian, he was one of 166 academic economists who
signed a letter to congressional leaders last week opposing the
government bailout plan.
CAMBRIDGE, Massachusetts (CNN) — Congress has balked at the
Bush administration’s proposed $700 billion bailout of Wall Street.
Under this plan, the Treasury would have bought the “troubled assets”
of financial institutions in an attempt to avoid economic meltdown.
This bailout was a terrible idea. Here’s why.
The current
mess would never have occurred in the absence of ill-conceived federal
policies. The federal government chartered Fannie Mae in 1938 and
Freddie Mac in 1970….
Richard Fuld
CEO Lehman Brothers
Made $354,000,000 - Million Dollars from 2004-2007
As reported in Forbes 400 Richest American People
$466,000,000 - Million while At Lehmann Brothers (NY Times)
John Thain
CEO Merrill Lynch
Came on in 2007
at $50,000,000 - Million a Year
With estimated earnings of $100,000,000-$120,000,000 Million a Year
Associated Press Reported he made $93.1 Million Dollars and Earned the Title of "Highest Paid CEO Among the S&P Companies"
Stan O’Neal
Former CEO Merrill Lynch Ran for more than 5 years before John Thain and deserves recognition for the current financial mess.
Also was the first Black Man to Hold the Top postion of a Major Investment Firm.
In 2006 earned $48,000,000- Million Dollars
Sept 2007 Merrill Lynch reported $8,000,000,000 - Billion in Losses
Oct 2007 O’Neal Retired "out of the blue" and took with him a severance pakage of $161,500,000 - Million Dollars
James Cayne
CEO Bear Stearns
Architect of Financial Behemoth Collapse
Forbes Reports Cayne earned $138,000,000 Million Dollars between 2003-2007
The Day after J.P. Morgan Chase Make the Deal to buy his Firm (Bear Stearns) and the deal is backed by the Federal Reserve a.k. Taxpayers Treasures, he sold all his shares and made over $66,000,000 Million Dollars.
This is beyond gross oversight and extremely loose regulation.
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