Sunday, March 3, 2024
Hawai'i Free Press

Current Articles | Archives

Wednesday, April 7, 2010
Abercrombie Promised He Would Not Reward Failed Banks with Massive Bailout – Then Did
By AtomicMonkey @ 12:06 PM :: 12125 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.


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




TEXT "follow HawaiiFreePress" to 40404

Register to Vote


808 Silent Majority

Aloha Pregnancy Care Center


Antonio Gramsci Reading List

A Place for Women in Waipio

Ballotpedia Hawaii

Broken Trust

Build More Hawaiian Homes Working Group

Christian Homeschoolers of Hawaii

Cliff Slater's Second Opinion

DVids Hawaii


Fix Oahu!

Frontline: The Fixers

Genetic Literacy Project

Grassroot Institute

Hawaii Aquarium Fish Report

Hawaii Aviation Preservation Society

Hawaii Catholic TV

Hawaii Christian Coalition

Hawaii Cigar Association

Hawaii ConCon Info

Hawaii Debt Clock

Hawaii Defense Foundation

Hawaii Family Forum

Hawaii Farmers and Ranchers United

Hawaii Farmer's Daughter

Hawaii Federalist Society

Hawaii Federation of Republican Women

Hawaii History Blog

Hawaii Homeschool Association

Hawaii Jihadi Trial

Hawaii Legal News

Hawaii Legal Short-Term Rental Alliance

Hawaii Matters

Hawaii's Partnership for Appropriate & Compassionate Care

Hawaii Public Charter School Network

Hawaii Rifle Association

Hawaii Shippers Council

Hawaii Smokers Alliance

Hawaii State Data Lab

Hawaii Together



Hiram Fong Papers

Homeschool Legal Defense Hawaii

Honolulu Moms for Liberty

Honolulu Navy League

Honolulu Traffic

House Minority Blog

Imua TMT

Inouye-Kwock, NYT 1992

Inside the Nature Conservancy

Inverse Condemnation

Investigative Project on Terrorism

July 4 in Hawaii

Kakaako Cares

Keep Hawaii's Heroes

Land and Power in Hawaii

Legislative Committee Analysis Tool

Lessons in Firearm Education

Lingle Years

Managed Care Matters -- Hawaii

Malama Pregnancy Center of Maui

Military Home Educators' Network Oahu

Missile Defense Advocacy

MIS Veterans Hawaii

NAMI Hawaii

National Christian Foundation Hawaii

National Parents Org Hawaii

NFIB Hawaii News

No GMO Means No Aloha

Not Dead Yet, Hawaii

NRA-ILA Hawaii

Oahu Alternative Transport


OHA Lies

Opt Out Today

Patients Rights Council Hawaii

PEACE Hawaii

People vs Machine

Practical Policy Institute of Hawaii

Pritchett Cartoons

Pro-GMO Hawaii


Rental by Owner Awareness Assn

ReRoute the Rail

Research Institute for Hawaii USA

Rick Hamada Show

RJ Rummel

Robotics Organizing Committee

School Choice in Hawaii

Sink the Jones Act

Statehood for Guam

Talking Tax

Tax Foundation of Hawaii

The Real Hanabusa

Time Out Honolulu

Trustee Akina KWO Columns

UCC Truths

US Tax Foundation Hawaii Info

VAREP Honolulu

West Maui Taxpayers Association

What Natalie Thinks

Whole Life Hawaii