Press Releases
Brendan Daly/Nadeam Elshami
202-226-7616
09/23/2008
Pelosi: ‘The Party is Over for CEOs Who Take Golden Parachutes as They Drive Their Companies Into the Ground’
Washington, D.C. – Speaker Nancy Pelosi and Democratic Caucus Chairman Rahm Emanuel held a media availability this afternoon after the House Democratic Caucus meeting today. Below are her remarks:
“As the Chairman said, this is the most recent in a series of meetings that we have had with our Caucus on this subject.
“As you know, on Thursday evening we heard from the Administration about the dire straits the economy is in, the fragility of the markets – again the fragility of the financial institutions, as well, and that there was need for an intervention.
“And Saturday, we got a copy of what they were talking about. We were stunned by the $700 billion tax bailout figure. And now we are taking a look to see how this can be improved.
“And I would say the message from our Caucus, both in these meetings and meetings we have had individually with Members, is one that the Democrats have been calling for for a long time: The party is over. The party is over for this compensation for CEOs who take the golden parachute as they drive their companies into the ground. The party is over for the disparity in our country between CEOs making almost immoral salaries and not being interested in lifting other people up.
“The party is over for financial institutions taking risks, but at the same time privatizing any gain they may have while they nationalize the risk, asking the taxpayer to pick up the tab.
“So we can't even consider any legislation that the Republicans send us unless it ends, it addresses and it reforms compensation for chief executive officers, unless it has protections for the taxpayer. That's our responsibility.
“Certainly, we want to stabilize the markets, but we want to do so at the same time as we protect the taxpayer. We want to insulate Main Street and everyday Americans from the crisis on Wall Street. In order to do that, we must have an independent oversight. The party is over for this no regulation, no supervision, anything goes, so-called free market, which has taken us to this place.
“Clearly, the Bush economic policies have failed. Do we need any further evidence?
“So, again, we hope that we can work together in a bipartisan way -- that's what I've said from the start -- to address this issue, to stabilize the market, as we protect the taxpayer; as we address the issues relating to homeownership, executive compensation and a new fresh outside oversight so that this never happens again.
“Again, we're moving forward. I think we are making some progress. I'm sure that we are. And we look forward to continuing the conversation.
“We're hard at work. Progress is being made.
“Barney Frank is our quarterback on this, our field marshal, our leader, and we couldn't be prouder of the work that he is doing on behalf of America's taxpayers.
“Thank you all very much.”