Wyden Won't Quit Effort to Recover Wall Street Bonuses for Taxpayers

(WASHINGTON D.C.) - Thanking his cosponsors Senator Olympia Snowe (R-Maine) and Blanche Lincoln (D-Ark) for their leadership in fighting for the recovery of employee bonuses to financial institutions that took "federal bailout" funds from the Troubled Asset Relief Program (TARP), U.S. Senator Ron Wyden (D-Ore.) said that he would find an opportunity to reintroduce the Wyden-Snowe-Lincoln amendment which was stripped from the final language of the American Recovery and Reinvestment Act of 2009.

The provision would have required institutions that took bailout funds to either repay the cash portion of any bonus paid in excess of $100,000 early – within 120 days of the amendment's enactment – or face an excise tax of 35% on what is not immediately repaid to the treasury.

Savings to be returned by recovering TARP-funded bonuses from Wall Street and bank executives were estimated to bring $3.2 billion back to taxpayers.

"Wall Street's clout continues unabated in Washington, despite having wrecked our economy," said Wyden. "I am unbelievably disappointed, but I want it understood that I will be back again and again to recover for taxpayers the exorbitant Wall Street bonuses paid for with TARP money."

The Wyden-Snowe amendment would have worked in conjunction with the Treasury Department's new guidelines on executive pay for financial institutions receiving TARP funds, by applying to bonuses paid for work in 2008.

In 2008, financial institutions received more than $274 billion through TARP, while paying out an estimated $18.4 billion in employee bonuses, which is roughly the same amount paid out in 2004 when the Dow Jones industrial average was over 10,000.

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Henry Ruark February 15, 2009 8:53 am (Pacific time)

To all: Even if one shares comments here along these lines, next question rationally must be: What ELSE, WHERE else, by what MEANS, controlled by WHOM, do you propose we act ? ANYone on thread wish to lay out detailed, funded plan ? What OTHER choice do we still have EXCEPT to START OVER, with Obama and Congress under such sharp, constant, and --yes-- "threatening" surveillance we can count on different and more sensible approach ? moreofsame will produce only Iceland solution: first nation to go bankrupt by similar silly decisions, deregulation and desperate inanities by citizens and politicians both. SO speak up, with SPECIFICS, rather than more empty words of anger, disgust, desperation --all appreciated BUT far from offering any better way. Should we gather in the street bringing both flags and guns ? Should we AGAIN begin the process of SECESSION ? Should we flood DC and state capitols with sit-in strikes and civil disobedience ? Demand NEW VOTE via special dispensations nationally ? OR proceed Constitutionally, with participation this time by thinking citizens as well as paid propagandists and huge piles of corporate campaign contributions ?? Dialog here wide-open and waiting...that's why we S-N operates channel, for your cogitation reflected in our dialog here for all to share and learn rather than debate for "win or lose" by ANY means and ANY mouthing manipulation without factual, checkable fundamental foundation.

Skipper Osborne February 14, 2009 12:10 pm (Pacific time)

Wake up America! We should now finally see who really is in control of America, it is NOT OUR ELECTED OFFICAILS; IT IS THE CORPORATIONS AND THEIR HIGH PAID EXECUTIVES! America, it is time for us to take back "We The People Of The United States..!!

ChrisJones February 13, 2009 1:22 pm (Pacific time)

While you're at it ron why don't you give us our 8.7 trillion you guys took in the last 6 months back too?

cimmoron February 13, 2009 1:00 pm (Pacific time)

Way too little and way too late.....the bonus babies are sitting back laughing at the gullible fools in Congress (Smith former senator R-OR voted YES) who believed the sky was falling and handed over billions with no strings attached........gawd save us from elected cretins.......

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