Happy Thanksgiving! Traditionally today is the day we come together with friends and family to celebrate all we are thankful for. For a lot of people this year, like last year, finds them with less to be thankful for than normal.
Many families have one or more loved one fighting in Afghanistan or Iraq. Their prayer is for the safe return of that loved one.
Others find themselves depending on the aide of family or state or church agencies to help them eat this Thanksgiving because they fall in the category of the millions of unemployed.
Of course the fat cat bank executives have their fancy bonuses, so they'll be eating fine and I have a feeling very few of them will be helping out at local soup kitchens.
Congress is in recess and I am sure the Democrats and Republicans are getting ready to fight about Health Care, Social Security and the National Debt. Of course, they will also probably work in a raise for themselves even though they decided the elderly did not need the Social Security raised.
We all need to sit back and see what we are thankful for. for myself I am thankful for my wife, daughter, family and friends.
I am thankful that I am employed and in conditions to do a little to help others.
I am thankful that I live in a country where I can write a blog, criticize my government and not have to worry about imprisonment.
All of us have something to be thankful for. Let's celebrate today, and continue the fight tomorrow.
Its Common Sense!
Showing posts with label Bailouts. Show all posts
Showing posts with label Bailouts. Show all posts
Thursday, November 26, 2009
Wednesday, November 18, 2009
Senator Mikulski on Bonuses for Bankers
Senator Mikulski responded to my concerns about bonuses for bankers. I find her response weak and it is evident Congress did not think things through before throwing out the bailout money.
Read her response and see if you agree with me.
Dear Mr. Wolfe:
Thank you for getting in touch with me about the bonuses being paid out to executives at financial companies receiving support from the government. I appreciate hearing from you about this issue.
The taxpayers need to see that the government is serious about being stewards of their money, and corporate America needs a clear message from Congress that they've got to get serious about working with President Obama to get this economy back on track.
People who played by the rules and trying to run a small business don't have access to credit. They're worried about keeping their jobs. They're losing their life savings. They're worried about holding on to their homes or their health insurance. They've seen irresponsible lending practices and watched Wall Street gamble on risky investments. And they've watched those same executives pay themselves lavish salaries.
My priorities for when the government uses taxpayer dollars are transparency, integrity, and accountability. We need to make sure the money is going to good use. I sent a letter to the Chief Executive Officer of AIG asking his employees to voluntarily give up the bonuses.
Knowing of your views is very helpful to me and I will keep them in mind. If you'd like to read more, I encourage you to visit my website where you can read the transcript of my floor statement on this issue and my letter to the CEO of AIG http://mikulski.senate.gov/Newsroom/PressReleases/index.cfm.
Again, thanks for contacting me. Please let me know if I can be of help to you in the future.
Sincerely,
Barbara A. Mikulski
United States Senator
Read her response and see if you agree with me.
Dear Mr. Wolfe:
Thank you for getting in touch with me about the bonuses being paid out to executives at financial companies receiving support from the government. I appreciate hearing from you about this issue.
The taxpayers need to see that the government is serious about being stewards of their money, and corporate America needs a clear message from Congress that they've got to get serious about working with President Obama to get this economy back on track.
People who played by the rules and trying to run a small business don't have access to credit. They're worried about keeping their jobs. They're losing their life savings. They're worried about holding on to their homes or their health insurance. They've seen irresponsible lending practices and watched Wall Street gamble on risky investments. And they've watched those same executives pay themselves lavish salaries.
My priorities for when the government uses taxpayer dollars are transparency, integrity, and accountability. We need to make sure the money is going to good use. I sent a letter to the Chief Executive Officer of AIG asking his employees to voluntarily give up the bonuses.
Knowing of your views is very helpful to me and I will keep them in mind. If you'd like to read more, I encourage you to visit my website where you can read the transcript of my floor statement on this issue and my letter to the CEO of AIG http://mikulski.senate.gov/Newsroom/PressReleases/index.cfm.
Again, thanks for contacting me. Please let me know if I can be of help to you in the future.
Sincerely,
Barbara A. Mikulski
United States Senator
Monday, November 9, 2009
Credit Card Rage
I know there are a lot of important and pressing things going on in the world.
It is nice to remember that twenty years ago today the Berlin Wall came down and capitalism with all its positives and negatives engulfed the nations that had been "protected" by the Iron Curtain. Many things have happened in those twenty years and many more will follow.
However, today I want to vent about credit cards, or specifically the banks that control them. My only credit card is with CitiCard and today I received a letter informing me that starting in December my interest rate will be 19.99%. I have never been late with a payment, I rarely have a balance for more than a month, and I have been a faithful customer for fifteen years. This is my repayment, an interest rate jump of 8%.
We, the American taxpayer; bailed out the banks from collapse due to their greed and mismanagement and to show their thanks they decide its time to rip us off.
In addition, our thoughtless legislators in Washington D.C. are allowing this to happen and not doing any thing for the consumer. When is enough enough? It is almost to point where I want to tell the IRS where they can spend my tax money and where they can not use it.
Due to my anger I called CitiCard. For ten minutes I listened to a recording telling me how much they valued me and the next available caller would attend me. Finally someone spoke and I guessed he was from the great Asian sub-continent, probably residing in Mumbai. He was pleasant and tried to understand my concerns. Unfortunately, due to his accent, I did not understand half of what he was saying.
To my credit I did not rant and rave at this young man. I know he has no power and that he is being paid chump change because no one in the USA would accept such a low salary. (More saving on the part of CitiBank, why not share with your customers?)
Anyway, I am now faced with a dilemma. Do I dump CitiBank and go to another financial institution? I did some looking and all the major players seem to charging the same rate - no help there. So, I think I will check out my credit union and see if they have something positive to offer.
One thing is certain, I will appear in the offices of my senators if these banks ever ask for a bailout again and stage a one man sit down strike.
Hopefully, many of you share my sentiment and will be join me in D.C.
Its Common Sense!
It is nice to remember that twenty years ago today the Berlin Wall came down and capitalism with all its positives and negatives engulfed the nations that had been "protected" by the Iron Curtain. Many things have happened in those twenty years and many more will follow.
However, today I want to vent about credit cards, or specifically the banks that control them. My only credit card is with CitiCard and today I received a letter informing me that starting in December my interest rate will be 19.99%. I have never been late with a payment, I rarely have a balance for more than a month, and I have been a faithful customer for fifteen years. This is my repayment, an interest rate jump of 8%.
We, the American taxpayer; bailed out the banks from collapse due to their greed and mismanagement and to show their thanks they decide its time to rip us off.
In addition, our thoughtless legislators in Washington D.C. are allowing this to happen and not doing any thing for the consumer. When is enough enough? It is almost to point where I want to tell the IRS where they can spend my tax money and where they can not use it.
Due to my anger I called CitiCard. For ten minutes I listened to a recording telling me how much they valued me and the next available caller would attend me. Finally someone spoke and I guessed he was from the great Asian sub-continent, probably residing in Mumbai. He was pleasant and tried to understand my concerns. Unfortunately, due to his accent, I did not understand half of what he was saying.
To my credit I did not rant and rave at this young man. I know he has no power and that he is being paid chump change because no one in the USA would accept such a low salary. (More saving on the part of CitiBank, why not share with your customers?)
Anyway, I am now faced with a dilemma. Do I dump CitiBank and go to another financial institution? I did some looking and all the major players seem to charging the same rate - no help there. So, I think I will check out my credit union and see if they have something positive to offer.
One thing is certain, I will appear in the offices of my senators if these banks ever ask for a bailout again and stage a one man sit down strike.
Hopefully, many of you share my sentiment and will be join me in D.C.
Its Common Sense!
Wednesday, November 4, 2009
Election 2009 - Who Cares?
Yesterday New Jersey and Virginia elected Republican Governors and the TV pundits are trying to explain what it means now and what it could foretell about the 2010 Congressional election.
I can tell them what its all about, the American people are pissed off at all of their leaders and are looking for fresh options.
Congress made us bailout the banks and financial markets with our tax dollars and are now allowing those same banks to pay exorbitant bonuses to the same jerks who put us in the crisis. In addition, these same banks are now upping credit card interest rates every two weeks, with some rates reaching the 40% range. Congress has a bill that would curb interest rate increases. Problem is, they were waiting for February 2010 to take effect. By then interest rates could be at 80%. (I heard this evening on the news that Congress is going to move that bill up, but established interest rates will not be touched.)
The USA is still fighting, after eight years, two wars, neither of which is promising to be resolved as a clear victory for the USA or the world over terrorism.
The government wants to take over even more of health care in this country. Its not enough that they are totally mismanaging MEDICARE and MEDICAID (there was a special recently about a special FBI unit in southern Florida combating MEDICARE fraud. According to their spokesperson, MEDICARE fraud is generating millions more dollars than the drug trade in what used to be the cocaine capital of the USA.)
Where are all the jobs Obama promised? Congress has extended unemployment benefits once again, although I am unclear where the money is coming from to pay for these benefits.
The swine flu pandemic is sweeping the nation and there isn't enough vaccination for the children, much less adults.
When you take all of this into account, its a wonder the reaction of the American public has been as calm and controlled as it has been.
That said, if the current Presidential Administration and Congressional majority don't get their act together and show some real concrete progress, then the independents who brought them to power are going to go seeking someone else who offers better hope.
Politicians in this country need to wake up to the fact that the independents are on the rise and they have no loyalty to either of the primary political parties. Independents are looking for truth, honestly and a square deal. They'll listen, they'll vote and if they feel they were mislead or lied to, they'll do it all again next time for somebody else.
Wake up Congress - its time to start doing your job and representing your constituents, not the power boys and lobbyists.
Its Common Sense!
I can tell them what its all about, the American people are pissed off at all of their leaders and are looking for fresh options.
Congress made us bailout the banks and financial markets with our tax dollars and are now allowing those same banks to pay exorbitant bonuses to the same jerks who put us in the crisis. In addition, these same banks are now upping credit card interest rates every two weeks, with some rates reaching the 40% range. Congress has a bill that would curb interest rate increases. Problem is, they were waiting for February 2010 to take effect. By then interest rates could be at 80%. (I heard this evening on the news that Congress is going to move that bill up, but established interest rates will not be touched.)
The USA is still fighting, after eight years, two wars, neither of which is promising to be resolved as a clear victory for the USA or the world over terrorism.
The government wants to take over even more of health care in this country. Its not enough that they are totally mismanaging MEDICARE and MEDICAID (there was a special recently about a special FBI unit in southern Florida combating MEDICARE fraud. According to their spokesperson, MEDICARE fraud is generating millions more dollars than the drug trade in what used to be the cocaine capital of the USA.)
Where are all the jobs Obama promised? Congress has extended unemployment benefits once again, although I am unclear where the money is coming from to pay for these benefits.
The swine flu pandemic is sweeping the nation and there isn't enough vaccination for the children, much less adults.
When you take all of this into account, its a wonder the reaction of the American public has been as calm and controlled as it has been.
That said, if the current Presidential Administration and Congressional majority don't get their act together and show some real concrete progress, then the independents who brought them to power are going to go seeking someone else who offers better hope.
Politicians in this country need to wake up to the fact that the independents are on the rise and they have no loyalty to either of the primary political parties. Independents are looking for truth, honestly and a square deal. They'll listen, they'll vote and if they feel they were mislead or lied to, they'll do it all again next time for somebody else.
Wake up Congress - its time to start doing your job and representing your constituents, not the power boys and lobbyists.
Its Common Sense!
Saturday, October 17, 2009
Goldman-Sachs Bonuses
I have been watching and reading the news regarding the huge bonuses Goldman-Sachs plans to pay their employees this year. Since my taxpayer money went to keep them from being on the street, I want to know why there has been no mention of my bonus.
Concerned that history will repeat itself and we will have to bailout these greedy bastards again, I have written to my senators. What I want to know is if the banks have to create escrow accounts to protect themselves from future collapse. Makes sense to me. I'm curious to see what the senators have to say.
As always, feel free to use any or all of the letter to ask the same questions of your representatives.
They work for us, are they really protecting us?
Here is the letter.
Dear Senator,
Goldman-Sachs has evidently recovered from their financial crisis, and the big news is the size of the bonuses they are going to pay their employees.
It is my hope that they have paid back the entire loan that we American taxpayers provided for them, and that there was a nice interest rate on the loan. (Out of curiosity, just how much interest was on the loan?)
I notice that there is no mention of any bonuses being paid to the taxpayers who saved their sorry, greedy butts.
What I want to know is the following. As part of the bailout/loan program, did the US Congress mandate as part of the bailout process, that the banks establish escrow accounts once their profits returned to insure they would never face a disaster again? Seems to me that all this bonus money should be going into an escrow account to insure that Goldman-Sachs never has to come running for a Federal bailout again. An escrow equal to the bonuses guarantees Goldman-Sachs stability far into the future. Needless to say, I expect that all the other banks would follow the same procedure.
So, did Congress include this or a similar stipulation when they gave our money to bailout the banks? Once was enough, we never should have to do it again.
Did you protect your constituents from ever having to sacrifice for the banks (who never showed any appreciation) again?
Eagerly awaiting your response.
Michael Wolfe
Concerned that history will repeat itself and we will have to bailout these greedy bastards again, I have written to my senators. What I want to know is if the banks have to create escrow accounts to protect themselves from future collapse. Makes sense to me. I'm curious to see what the senators have to say.
As always, feel free to use any or all of the letter to ask the same questions of your representatives.
They work for us, are they really protecting us?
Here is the letter.
Dear Senator,
Goldman-Sachs has evidently recovered from their financial crisis, and the big news is the size of the bonuses they are going to pay their employees.
It is my hope that they have paid back the entire loan that we American taxpayers provided for them, and that there was a nice interest rate on the loan. (Out of curiosity, just how much interest was on the loan?)
I notice that there is no mention of any bonuses being paid to the taxpayers who saved their sorry, greedy butts.
What I want to know is the following. As part of the bailout/loan program, did the US Congress mandate as part of the bailout process, that the banks establish escrow accounts once their profits returned to insure they would never face a disaster again? Seems to me that all this bonus money should be going into an escrow account to insure that Goldman-Sachs never has to come running for a Federal bailout again. An escrow equal to the bonuses guarantees Goldman-Sachs stability far into the future. Needless to say, I expect that all the other banks would follow the same procedure.
So, did Congress include this or a similar stipulation when they gave our money to bailout the banks? Once was enough, we never should have to do it again.
Did you protect your constituents from ever having to sacrifice for the banks (who never showed any appreciation) again?
Eagerly awaiting your response.
Michael Wolfe
Wednesday, July 22, 2009
Bank Interest Rates
Last night on the news I listened to a story about how the banks - the ones we bailed out - are raising their interest rates on credit cards, because they need to generate quicker income.
They do have a lot of nerve.
It ticked me off so i sent the following epistle off to our friends in D.C. (The President & my representatives.)
Please feel free to use any or all and write to the President and your representatives as well.
Dear Senator
Help me understand why the banks who took my tax money to bail them out of financial ruin are now being allowed to raise the interest rates on credit cards?
Worse, we are not talking about fixed rates, but variable rates which they control.
I have a card with Citi Bank and the interest rate is now 17+%. (I talked to them and got it down to 14+ whoop de do!)
From what I have seen, many of the banks are moving to the plus column. Why are they being allowed to take advantage of the consumer/taxpayer?
On last night's news I learned that the bill you passed to control credit card debt and interest rates does not go into effect until February 2010. By that time the banks will have fixed interest rates at 25+% and they will be able to remain.
To say the least, I am disappointed.
You borrow money from China to bail out the banks, which went into collapse due to greed and mismanagement, and now the taxpayer/consumer is suppose to pick up the pieces, bear the cost and accept all additional burdens.
Once again, middle class American workers have received a royal screwing.
When will the President and Congress consider us? We are not a fatted cow that continually gives. One day we will have nothing left.
The next time you decide to bail out the "big" boys, remember us in the trenches who have to pay for your decisions.
Yours
Michael Wolfe
They do have a lot of nerve.
It ticked me off so i sent the following epistle off to our friends in D.C. (The President & my representatives.)
Please feel free to use any or all and write to the President and your representatives as well.
Dear Senator
Help me understand why the banks who took my tax money to bail them out of financial ruin are now being allowed to raise the interest rates on credit cards?
Worse, we are not talking about fixed rates, but variable rates which they control.
I have a card with Citi Bank and the interest rate is now 17+%. (I talked to them and got it down to 14+ whoop de do!)
From what I have seen, many of the banks are moving to the plus column. Why are they being allowed to take advantage of the consumer/taxpayer?
On last night's news I learned that the bill you passed to control credit card debt and interest rates does not go into effect until February 2010. By that time the banks will have fixed interest rates at 25+% and they will be able to remain.
To say the least, I am disappointed.
You borrow money from China to bail out the banks, which went into collapse due to greed and mismanagement, and now the taxpayer/consumer is suppose to pick up the pieces, bear the cost and accept all additional burdens.
Once again, middle class American workers have received a royal screwing.
When will the President and Congress consider us? We are not a fatted cow that continually gives. One day we will have nothing left.
The next time you decide to bail out the "big" boys, remember us in the trenches who have to pay for your decisions.
Yours
Michael Wolfe
Sunday, April 26, 2009
Bailouts, Credit Card Interest Rates, Congress
Like most of you, I am getting angry about the bank?credit card company solution to paying back their bailout money. They expect us the consumer to pay ourselves back our tax money that we "lent" to them, so they could get out of the poorly managed situation.
Frustrated with the government's response or lack of, I decided it was time once again to get a letter off to Capital Hill. The letter to my representatives follows. Pleas feel free to us all or part in writing to your own representatives. We the people need to run the government, not the banks. Let's make sure that those we voted into office clearly understand who they are working for.
Its Common Sense!
Dear Senator,
As you know there has been a lot in the news recently regarding banks/credit card companies increasing their fees and interest rates. A spokesperson for the industry stated that the reason for the increases is so the banks/credit card companies can repay the government as quickly as possible.
Here is my confusion. The bailout money is our tax dollars. The banks are expecting us to pay back our tax dollars. Where is the bank's/credit card companies' responsibility in all of this? I have seen nothing about executive salary limits, elimination of bonuses and other perks. I saw the President meet with the various CEO's but did not get the impression that any of them were going to change the business practices.
Therefore, what I want to know is just what conditions, restrictions and protections you and the rest of Congress put into place before sending out the bailout money?
From what I have seen thus far it appears that nothing was done to protect the US taxpayer. Our money (and the tax dollars of the next two or three generations) was carelessly thrown out to various financial institutions with a smile and a "we know you'll do the right thing."
Frankly, I am very disappointed in the current Congress. First you send out a trillion in bailout. Then you pass a budget that is full of pork, come on railroads from Disneyland to Vegas, give me a break. Now there are rumors of even more bailouts to the banks.
It needs to stop. The taxpayers need relief. Those of us who are employed can only take so much. I know the President has promised no new taxes. Maybe from the federal government. But have you noticed that state taxes and fees are on the rise? Going to the grocery store has become more expensive because growers and sellers have more taxes and fees to pay.
What is needed is a just tax plan. Do not give me back $20.00 a pay from federal income tax, when the state I live in has doubled the price of license registration, increased property taxes, as well as the state income tax.
What we need to see from Washington are concrete solutions. We need to see the banks/credit card companies, and other industries held accountable. Why not inform the banks that CEO's need to cap their salaries at $400,000.00 a year, just like the President of the United States? That left over salary money would go a long way to paying off the bad debt the bank acquired when they were being greedy going after mortgages.
Do not talk in generalities. We do not need more feel good phrases that mean nothing. We need Congress and the President to take charge, hold those who screwed up accountable (I am tired of hearing that the employees at AIG most responsible for that company's collapse are the ones they can not afford to let go. There is no such thing as irreplaceable; there are probably at least ten overly qualified candidates for every position at AIG and the other financial institutions who can do better at a lower cost.)
Help us now! Take action! The American public needs to be protected. If the current Congress can not provide us with the support and protection we need, then come the next election we will have to review other alternatives.
Thank you.
Frustrated with the government's response or lack of, I decided it was time once again to get a letter off to Capital Hill. The letter to my representatives follows. Pleas feel free to us all or part in writing to your own representatives. We the people need to run the government, not the banks. Let's make sure that those we voted into office clearly understand who they are working for.
Its Common Sense!
Dear Senator,
As you know there has been a lot in the news recently regarding banks/credit card companies increasing their fees and interest rates. A spokesperson for the industry stated that the reason for the increases is so the banks/credit card companies can repay the government as quickly as possible.
Here is my confusion. The bailout money is our tax dollars. The banks are expecting us to pay back our tax dollars. Where is the bank's/credit card companies' responsibility in all of this? I have seen nothing about executive salary limits, elimination of bonuses and other perks. I saw the President meet with the various CEO's but did not get the impression that any of them were going to change the business practices.
Therefore, what I want to know is just what conditions, restrictions and protections you and the rest of Congress put into place before sending out the bailout money?
From what I have seen thus far it appears that nothing was done to protect the US taxpayer. Our money (and the tax dollars of the next two or three generations) was carelessly thrown out to various financial institutions with a smile and a "we know you'll do the right thing."
Frankly, I am very disappointed in the current Congress. First you send out a trillion in bailout. Then you pass a budget that is full of pork, come on railroads from Disneyland to Vegas, give me a break. Now there are rumors of even more bailouts to the banks.
It needs to stop. The taxpayers need relief. Those of us who are employed can only take so much. I know the President has promised no new taxes. Maybe from the federal government. But have you noticed that state taxes and fees are on the rise? Going to the grocery store has become more expensive because growers and sellers have more taxes and fees to pay.
What is needed is a just tax plan. Do not give me back $20.00 a pay from federal income tax, when the state I live in has doubled the price of license registration, increased property taxes, as well as the state income tax.
What we need to see from Washington are concrete solutions. We need to see the banks/credit card companies, and other industries held accountable. Why not inform the banks that CEO's need to cap their salaries at $400,000.00 a year, just like the President of the United States? That left over salary money would go a long way to paying off the bad debt the bank acquired when they were being greedy going after mortgages.
Do not talk in generalities. We do not need more feel good phrases that mean nothing. We need Congress and the President to take charge, hold those who screwed up accountable (I am tired of hearing that the employees at AIG most responsible for that company's collapse are the ones they can not afford to let go. There is no such thing as irreplaceable; there are probably at least ten overly qualified candidates for every position at AIG and the other financial institutions who can do better at a lower cost.)
Help us now! Take action! The American public needs to be protected. If the current Congress can not provide us with the support and protection we need, then come the next election we will have to review other alternatives.
Thank you.
Tuesday, April 21, 2009
Senator Mikulski on Executive Bonuses
A little late, but Senator Mikulski finally responded to my question about executive bonuses.
Is it just me, or does it appear that she does not intend to do anything constructive about the situation other than whine and send a letter or two?
I know that's what I'm doing, but until I can fund a campaign and run for office, there's not a hell of a lot else I can do
The senator can do a lot more and she and her colleagues should get on the stick!!
Its Common Sense!
Below is her response.
Dear Mr. Wolfe:
Thank you for getting in touch with me about the bonuses being paid out to executives at financial companies receiving support from the government. I appreciate hearing from you about this issue.
The taxpayers need to see that the government is serious about being stewards of their money, and corporate America needs a clear message from Congress that they've got to get serious about working with President Obama to get this economy back on track.
People who played by the rules and trying to run a small business don't have access to credit. They're worried about keeping their jobs. They're losing their life savings. They're worried about holding on to their homes or their health insurance. They've seen irresponsible lending practices and watched Wall Street gamble on risky investments. And they've watched those same executives pay themselves lavish salaries.
My priorities for when the government uses taxpayer dollars are transparency, integrity, and accountability. We need to make sure the money is going to good use. I sent a letter to the Chief Executive Officer of AIG asking his employees to voluntarily give up the bonuses.
Knowing of your views is very helpful to me and I will keep them in mind. If you'd like to read more, I encourage you to visit my website where you can read the transcript of my floor statement on this issue and my letter to the CEO of AIG http://mikulski.senate.gov/Newsroom/PressReleases/index.cfm.
Again, thanks for contacting me. Please let me know if I can be of help to you in the future.Sincerely, Barbara A. MikulskiUnited States Senator P.S. If I can be of further assistance in the future,please visit my website at http://mikulski.senate.gov/or call my Washington D.C. office at 202-224-4654
Is it just me, or does it appear that she does not intend to do anything constructive about the situation other than whine and send a letter or two?
I know that's what I'm doing, but until I can fund a campaign and run for office, there's not a hell of a lot else I can do
The senator can do a lot more and she and her colleagues should get on the stick!!
Its Common Sense!
Below is her response.
Dear Mr. Wolfe:
Thank you for getting in touch with me about the bonuses being paid out to executives at financial companies receiving support from the government. I appreciate hearing from you about this issue.
The taxpayers need to see that the government is serious about being stewards of their money, and corporate America needs a clear message from Congress that they've got to get serious about working with President Obama to get this economy back on track.
People who played by the rules and trying to run a small business don't have access to credit. They're worried about keeping their jobs. They're losing their life savings. They're worried about holding on to their homes or their health insurance. They've seen irresponsible lending practices and watched Wall Street gamble on risky investments. And they've watched those same executives pay themselves lavish salaries.
My priorities for when the government uses taxpayer dollars are transparency, integrity, and accountability. We need to make sure the money is going to good use. I sent a letter to the Chief Executive Officer of AIG asking his employees to voluntarily give up the bonuses.
Knowing of your views is very helpful to me and I will keep them in mind. If you'd like to read more, I encourage you to visit my website where you can read the transcript of my floor statement on this issue and my letter to the CEO of AIG http://mikulski.senate.gov/Newsroom/PressReleases/index.cfm.
Again, thanks for contacting me. Please let me know if I can be of help to you in the future.Sincerely, Barbara A. MikulskiUnited States Senator P.S. If I can be of further assistance in the future,please visit my website at http://mikulski.senate.gov/or call my Washington D.C. office at 202-224-4654
Monday, March 23, 2009
Toxic Loans?
Okay, I admit that I am having trouble understanding the Treasury's plan to buy the Toxic Debt from the banks. If these are bad debts to begin with, how is purchasing them with my tax dollars going to work into a plus for me?
Isn't it the Toxic Debt that started the financial crisis?
Next question - are the banks going to sell these debts at bargain basement prices or are they planning to rip us off for as much as they can?
Finally, if the banks sell the Toxic Loans to us, do they guarantee that in the future they will stick to the rules and only make loans that are reasonable and fair? Or are we just opening them up to repeat what they have done in the past?
I have to be honest and admit that I do not have a lot of faith in the banks that approved ridiculous loans and then started to cry when they realized their get rich scheme fell apart because they allowed greed to blind common sense.
I need some real convincing to see the wisdom of the US government using my tax dollars as funds to buy the consolidated debt of several banks.
Why help these big greedy banks? Why not make funds available to little banks, who know how to loan responsibly and who will make a profit on our money in the long run?
The big banks got what they deserved. Why do we have to pay for their greed and stupidity?
I don't trust the banks to do the right thing. We will have to watch closely and be ready to call them to task immediately. We have to make sure that Congress actually becomes the watchdog they should have been all along.
Its Common Sense!
Isn't it the Toxic Debt that started the financial crisis?
Next question - are the banks going to sell these debts at bargain basement prices or are they planning to rip us off for as much as they can?
Finally, if the banks sell the Toxic Loans to us, do they guarantee that in the future they will stick to the rules and only make loans that are reasonable and fair? Or are we just opening them up to repeat what they have done in the past?
I have to be honest and admit that I do not have a lot of faith in the banks that approved ridiculous loans and then started to cry when they realized their get rich scheme fell apart because they allowed greed to blind common sense.
I need some real convincing to see the wisdom of the US government using my tax dollars as funds to buy the consolidated debt of several banks.
Why help these big greedy banks? Why not make funds available to little banks, who know how to loan responsibly and who will make a profit on our money in the long run?
The big banks got what they deserved. Why do we have to pay for their greed and stupidity?
I don't trust the banks to do the right thing. We will have to watch closely and be ready to call them to task immediately. We have to make sure that Congress actually becomes the watchdog they should have been all along.
Its Common Sense!
Sunday, March 22, 2009
What are the actual terms of the "Bailout"?
Is AIG committing a legal crime by paying bonuses or simple a moral crime? The truth of the matter is that I do not know because I do not know what terms (contract) the banks/companies signed with the US government to receive our tax dollars. So I thought I would ask my senators to provide the actual terms of the contract. I also sent the request to Senators John McCain and Chris Dodd since they were principal players in the creation of the bailout.
As always, feel free to use all or any of the letter when contacting your own representatives.
Dear Senator
We have heard the outrage of everyone regarding the AIG bonuses and some in Congress are proposing a 90% tax on the money.
What I would like to know is just what are the terms of the loans (bailout) made to AIG, Morgan Stanley, CitiGroup, etc.
I would appreciate it if you could send me a copy of the terms these institutions agreed to follow before accepting taxpayer money.
I want to be certain they are being held accountable to a contract they made with the US government, rather than some moral code Congress is now imposing because of the public fury.
I think all of us need to know just what restrictions Congress put on these companies, what are the loan pay back conditions, and what penalties can legally be imposed if the companies fail to live up to their end of the contract.
Knowing what the contract says will make it easier and clearer to know just now our taxpayer dollars were used and just when they are going to be repaid, with interest.
Thank you for your assistance in this matter.
As always, feel free to use all or any of the letter when contacting your own representatives.
Dear Senator
We have heard the outrage of everyone regarding the AIG bonuses and some in Congress are proposing a 90% tax on the money.
What I would like to know is just what are the terms of the loans (bailout) made to AIG, Morgan Stanley, CitiGroup, etc.
I would appreciate it if you could send me a copy of the terms these institutions agreed to follow before accepting taxpayer money.
I want to be certain they are being held accountable to a contract they made with the US government, rather than some moral code Congress is now imposing because of the public fury.
I think all of us need to know just what restrictions Congress put on these companies, what are the loan pay back conditions, and what penalties can legally be imposed if the companies fail to live up to their end of the contract.
Knowing what the contract says will make it easier and clearer to know just now our taxpayer dollars were used and just when they are going to be repaid, with interest.
Thank you for your assistance in this matter.
Thursday, February 26, 2009
USA Auto Industry
General Motors is posting losses in the billions for the fourth quarter of 2008 and doubt if they will be able to continue without more loans from the USA and Canada. Chrysler and Ford are having their own problems and the question is what is going to happen to American car companies.
Thousands of jobs are at stake, and the lives of those dependent on those workers in one form or another are also at stake. Yet, how much tax payer money should be given to an industry that refuses to adapt, is poorly managed and clearly has no vision of the future?
Is the best thing to stop the loans, force the companies to declare bankruptcy and begin again? Maybe under a new structure, with new contracts between the industry and unions things could actually work out for the best?
Free enterprise means that you have to compete and if you are going to be the winner, you have to have the best ideas, be the most creative and offer the best product. The American car industry has failed in this regard.
Bankruptcy just might be the way to inspire them to approach the business from a new point of view.
I say no more loans. If they cannot adapt and survive on their own, then things will just have to continue in a new direction.
Survival of the fittest.
Its Common Sense!
Thousands of jobs are at stake, and the lives of those dependent on those workers in one form or another are also at stake. Yet, how much tax payer money should be given to an industry that refuses to adapt, is poorly managed and clearly has no vision of the future?
Is the best thing to stop the loans, force the companies to declare bankruptcy and begin again? Maybe under a new structure, with new contracts between the industry and unions things could actually work out for the best?
Free enterprise means that you have to compete and if you are going to be the winner, you have to have the best ideas, be the most creative and offer the best product. The American car industry has failed in this regard.
Bankruptcy just might be the way to inspire them to approach the business from a new point of view.
I say no more loans. If they cannot adapt and survive on their own, then things will just have to continue in a new direction.
Survival of the fittest.
Its Common Sense!
Subscribe to:
Posts (Atom)
