Well, well, well, looky here: Allyson Schwarz (who helped put you in the hole with her support of the 2005 Bankruptcy Bill) is at it again, this time giving out the fellatio to AIG and the rest of the banks that crashed out economy and gave Philadelphia a $1,000,000,000.00 deficit.
The bill, called the Pay Performance Act, passed the House on Wednesday. In its original form, it required all TARP recipients to make all bonuses performance based, and sought to put an end to the $1 billion in retention bonuses still to be paid out in July and September this year by AIG per an agreement they reached with Treasury Secretary Timothy Geithner. In other words, AIG could only pay out bonuses if the company actually did well, and couldn’t be doling them out while the company was losing money and on taxpayer life support…
The banks didn’t want the bill to pass, and it looked like the Republicans wouldn’t be able to stop it. So, Bean offered up an amendment which allowed TARP recipients to get out from under the bill’s limitations if they had started paying their loans back.
Brad Sherman, known for being a genuinely fiscally responsible member of the House, objected (see YouTube). He said "it would allow a large number of companies to escape the effect of the bill without doing much more than making a few monthly payments of a very small amount."…
"I could agree to exempt financial institutions that pay back all of the federal money they received under the Troubled Assets Relief Program within a 12 or 24 month time frame. However, the amendment opens the possibility of agreements of far longer duration. It would allow agreements with even a 10 or 15 year term." It also doesn’t prevent banks from taking more TARP money to make payment on their loans.
So: the banks get to keep paying retention bonuses unrelated to performance, on YOUR dime, as long as they pay back the money on a timetable. what’s that timetable? Who’s to say, right? Could be 10 years, could be a hundred years, could be a thousand years! And, they can borrow MORE money to pay us back! talk about robbing Peter to pay Paul!
This would be bad enough from ANYONE, but Allyson Schwartz’s district includes some of the poorest areas and most working class areas of Philadelphia and Montgomery counties. Someone should ask Allyson why she thinks the people she purports to represent in Philadelphia aren’t as important as the people who crashed our economy. Oh wait, I did, just 2 seconds ago. And her office hung up on me.
So I called back, and expressed my objection to her vote to save AIG some money, and then pointed out that this is part of a pattern, leading back to her vote for the bankruptcy bill, which allowed credit cards to charge whatever interst rate they like, putting thousands of Philadelphians in an economic hole. A pompous and arrogant young man told me "that’s not what the bill did".
"Don’t you lie to me, sir," I retorted. "I can quote you chapter and verse on that bankruptcy bill, and that is EXACTLY what it did. You are not talking to a stupid person: i am an educated and informed voter. And you had better moderate your tone: I am the constituent. YOU are the public servant, and you will speak to me with respect."
So much for representation. These people forget who’s the boss, so they feel compelled to rape you again and again and again.
I’ve had it with shitty Democrats.