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Wednesday, April 07, 2010
Abercrombie Promised He Would Not Reward Failed Banks with Massive Bailout – Then Did
By AtomicMonkey @ 12:06 PM :: 6548 Views :: Maui County, Education K-12, Energy, Environment, National News, Ethics

When it came to the bailout bill, Abercrombie bailed out on Hawaii.

In late 2008, Congressman Neil Abercrombie could not have been more clear in this letter to a Hawaii constituent, where he vowed to vote “no” on the $700 Billion bail out bill.

“I will not vote to bail out the people who committed a massive fraud on the American public,”  Abercrombie asserted. (4)

He expanded further, “A bail-out means we’re saving the people who caused the mess.”

“I have not lost sight of who’s being asked to foot the bill,” assured the Congressman.

Abercrombie said he received nearly 1,500 comments from constituents on his Web site and that only 11 were in favor of the plan. (1) However, Neil’s desire to “represent” the clear direction from his constituents faltered a few days later.

Less than one week from the date of Abercrombie’s  reassuring assertions, he voted for the bailout anyway.

The Emergency Economic Stabilization Act of 2008 (H.R.3997) was introduced on September 29, 2008, and defeated in the House that same day. On October 1, the Senate approved a similar measure, H.R.1424. The House approved H.R. 1424 on October 3, 2008, and President Bush signed the bill that same day. (7) Neal was among the “flip floppers” who voted against HR 3997 and five days later voted for HR 1425, a virtually identical bill. After going down in a stunning defeat a week ago, the $700 billion bailout made a successful comeback to pass the House Friday. (3)

Here’s partial list of the financial institutions that helped carve up the gargantuan taxpayer funded hand-out. (5)

For the complete list of financial institutions that received taxpayers’ bailout funds  and the truly mind boggling amounts that were dished out, visit this link.

The executives of those Wall Street financial institutions, whom Abercrombie had referred to as “the people who had caused the mess,” then proceeded to steal the money.

The Straits Times reports:

“WASHINGTON – BANKS that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion (S$2.32 billion) in salaries, bonuses, and other benefits in the calendar year 2007, an Associated Press analysis reveals.”

“Benefits included cash bonuses, stock options, personal use of company jets and chauffeurs, home security, country club memberships and professional money management, the AP review of federal securities documents found.” (6)

Congressman Abercrombie flip flopped on this critical issue, misled his constituents, disregarded their strong opposition to a bail out for Wall Street and then stood idly by while  tax dollars where plundered by crooked security executives.  This is NOT leadership we can trust.

---30---

1. Abercrombie, Hirono vote against bailout bill

2. House passes bailout; Hirono and Abercrombie vote yes

3. The Bailout Bill’s Flip-Floppers

4. Abercrombie letter to constituent

5. Bailed out banks

6. Bailed-out execs got $2.3b

7. OpenCongress Summary

 

 

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