January 27, 2009

Larson blasts Wall Street greed

Press release from U.S. Rep. John Larson, the East Hartford Democrat whose 1st District includes Bristol:

LARSON CONDEMNS CULTURE OF GREED ON WALL STREET

Washington, DC – Congressman John B. Larson (CT-01), Chairman of the House Democratic Caucus, made the following statement.
“I am outraged by the actions of John Thain and other Wall Street executives. They have made a mockery of the taxpayer and shareholder. While America loses its jobs and houses and health care, they shower millions on their executives, giving new meaning to the term robber baron. Wasting taxpayer money on personal luxuries and undeserved bonuses at a time of such serious crisis in the financial sector is morally reprehensible. These actions are further evidence of the culture of unrepentant greed on Wall Street.
“To save the entire economy from being brought down by Wall Street’s bad actors, I and other Members of Congress, both Democrats and Republicans, supported the Bush Administration’s request to establish the Troubled Asset Relief Program (TARP). And, I still believe that the consequences of not passing TARP would have been even more catastrophic.
“But now, we must explore all option to resolve the credit crisis because the Bush Administration, Wall Street and big banks failed to meet the expectations we set for them. The creation of a so called “bad bank”, direct government lending to consumers and businesses, lending through the Small Business Association and other alternatives must now be on the table.”
“The legislation that the House passed last week to hold executives accountable for how they use TARP funds and set executive pay caps was a good first step towards accountability. But, we need to do more.”
“Those who brought down our financial system need to be held accountable. I strongly support the prosecution of anyone who uses tax dollars to betray the public trust. We must revamp and restructure our regulatory agencies – the SEC, CFTC and FINRA. We must examine the role of rating agencies in the collapse of our financial markets. And, I will demand that the Treasury Department and other agencies recover all improperly used funds.
“It is imperative that we don’t make the same mistakes again. We owe it to future generations to do a thorough and exhaustive review of what brought about this crisis.”

*******
Copyright 2009. All rights reserved.
Contact Steve Collins at scollins@bristolpress.com

13 comments:

Anonymous said...

Oh, please John. Have your colleagues look in the mirror. Self-righteousness is the first sign of corruptness.

Anonymous said...

Why doesn't Congress repeal the Act?

Anonymous said...

Thank God for John Larson

Anonymous said...

How much does Johns Larsons office cost the taxpayer?

Anonymous said...

Larson...go talk to your buddy DODD While many CT residents are fighting to keep their homes, YOUR BUDDY DODD gets a deal on his mortgage that he will not disclose, and worst of all he IS the CO CHAIRMAN of the SENATE BANKING COMMITTEE where he FAILED to head off this disaster. LARSON THIS ECONOMIC FIASCO IS ON YOUR HANDS AND DODD'S. Stop trying to make excuses and blaming the Republicans.

WHEN WILL DODD GET HONEST WITH US?

Anonymous said...

Larson and Dodd have made a mockery out of tax payers and their hard earned money that they continue to suck out of us in the form of give aways and higher taxes.

Larson and Dodd shoukld be ashamed of themselves for doing nothing while in position to do so much. Stop pandering to the weak and the feable. Make some real hard arguments with facts as to what you did. You can not because you and DODDD did NOTHING.

Concerned Conservative said...

Why isn't Larson upset with Senator Dodd who took a cut rate loan from Countrywide? Why isn't he upset with Dodd or President Obama who took money for their campaigns from Freddie Mac?

Anonymous said...

"They have made a mockery of the taxpayer and shareholder. While America loses its jobs and houses and health care, they shower millions on their executives, giving new meaning to the term robber baron. Wasting taxpayer money on personal luxuries and undeserved bonuses at a time of such serious crisis in the financial sector is morally reprehensible"


In place of executives just replace it with Senator or Congressman.
That is the real irony.

Anonymous said...

Physican: Heal thyself!!!

Anonymous said...

Too bad Larson oesn't read this Blog!

Anonymous said...

What does Larson, or any other bigwig CT Democrat, have to say about Hartford Mayor Eddie Perez? Where's our Secretary of State? Is no one calling for Eddie's resignation among the Democrats? The silence is deafening, especially in contrast to the roar about John Rowland.

Anonymous said...

“Those who brought down our financial system need to be held accountable. I strongly support the prosecution of anyone who uses tax dollars to betray the public trust. We must revamp and restructure our regulatory agencies – the SEC, CFTC and FINRA. We must examine the role of rating agencies in the collapse of our financial markets. And, I will demand that the Treasury Department and other agencies recover all improperly used funds."

John, if the above is in fact what you believe, (I assume it is as you included it in your statement), then you can begin with many of your colleagues on the House Banking Committee who were in bed with these Wall Street executives or worse.

Frankly, your words are empty but it makes for a great press release if one believes you - I do not.

Anonymous said...

Courtois' Rule:
If people listened to themselves more often, they would talk less