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Berkley Outraged at Latest Bonuses For Wall Street Fat Cats
(January 12, 2010)  Congresswoman Shelley Berkley renewed her call for limits on exorbitant bonuses paid to banking industry and Wall Street executives at a time when the nation is still struggling in the aftermath of the global economic crisis.

“Another year, another round of outrageous multi-million dollar bonuses for the fat cats on Wall Street and America’s banking barons.  Nevadans are stunned and outraged by the greed and arrogance that accompanies these annual payouts made by industries that literally owe their very existence to America’s taxpayers,” said Berkley.  “These executives are blinded by greed to the real hardships inflicted on families in Nevada and across our nation as a result of reckless actions by the financial sector.  Before anyone is awarded a bonus, these firms should repay the billions they owe to the American people.  And if they refuse to do the right thing -- and insist on making these bonus payouts -- then they should be forced to make good on their outstanding financial commitments to this nation’s taxpayers.”

Berkley voted in favor of legislation in March 2009 (H.R. 1586) that imposed a 90% tax on bonuses paid after December 31, 2008, by companies that received more than $5 billion in TARP funds. The tax would also apply to bonuses paid by entities affiliated with these companies.  The bill passed the House on a vote of 328 – 93.  The Senate has yet to act on the bill.

The Congresswoman also expressed support for a recent White House proposal to recover a greater portion of the TARP funding provided to America’s banks and lending institutions in order to help address the deficit.

“These funds were always meant to be come back to the American taxpayer,” said Berkley.  “I support efforts to recover more than $120 billion in outstanding TARP funds so we can use these precious dollars to help boost our economy, address current deficits and to put the brakes on outrageous executive bonuses.”
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