At a Congressional hearing today by the Senate Banking Committee, Christopher Dodd had sharp words for Treasury Secretary Henry Paulson for not using enough of the $700 billion rescue plan to help people keep their homes since the housing crisis is at the heart of our current problems. From MSNBC.com,
“Let me say as clearly as I can,” said committee chairman Sen. Christopher Dodd, D-Conn. “Hoarding capital and acquiring healthy banks are not — I repeat are not — reasons why Congress authorized $700 billion in emergency funding.”
The government is carefully watching how banks and investment firms are using money provided by the bailout. In New York, the attorney general is making sure those obscene bonuses are not part of the this taxpayer boost.
Elsewhere, New York Attorney General Andrew Cuomo has subpoenaed Bank of America for a list of every executive who received a bonus of more than $250,000 over the past two years.
The demand for data on executive pay was part of Cuomo’s investigation into whether banks receiving federal bailout funds are making sure that no government money goes to line the pockets of company bigwigs.
$250,000? I think I’m going to urge my daughter to study finance while in college.
Here’s some real estate headlines:
Foreclosures bigger problem in New Jersey than Pennsylvania
See you in the funny papers (tomorrow)!
Technorati Tags: bank rescue, economic rescue plan, financial rescue plan, foreclosure, foreclosuresAdd to:
