MERRY CHRISTMAS !!

I would like to know why this was not done when the money was given to them! They damn sure made the auto companies understand they were accountable.We should know where every penney has gone or is going.These companies have already shown that they CANNOT be trusted with their own money .Why should the American taxpayers expect them to treat our free ride any different. I guess they wanted to be on the honor system .They have proven that they have no honor.People are being thrown out into the streets because of them.Now I want to know when our so called representatives are going to go after the criminals that caused this whole thing ?

Accountability for Economic Rescue Assistance Act of 2008 (Introduced in Senate)
S 3698 IS

 

110th CONGRESS2d SessionTo prohibit any recipient of emergency Federal economic assistance from using such funds for lobbying expenditures or political contributions, to improve transparency, enhance accountability, encourage responsible corporate governance, and for other purposes.

IN THE SENATE OF THE UNITED STATES 

November 19, 2008

Mrs. FEINSTEIN (for herself and Ms. SNOWE) introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs

 

To prohibit any recipient of emergency Federal economic assistance from using such funds for lobbying expenditures or political contributions, to improve transparency, enhance accountability, encourage responsible corporate governance, and for other purposes.

 

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

 

SECTION 1. SHORT TITLE.

 

This Act may be cited as the `Accountability for Economic Rescue Assistance Act of 2008′.

 

SEC. 2. PROHIBITION ON USE OF CERTAIN FEDERAL FUNDS FOR LOBBYING AND POLITICAL CONTRIBUTIONS.

 

(a) Definitions- In this Act:

 

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  (1) EMERGENCY ECONOMIC ASSISTANCE- The term `emergency economic assistance’ means any funds made available to any recipient under title I of the Emergency Economic Stabilization Act of 2008 (Public Law 110-343) or section 13 of the Federal Reserve Act.

 

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  (2) LOBBYING EXPENDITURES- The term `lobbying expenditures’ has the meaning given under section 4911(c)(1) of the Internal Revenue Code of 1986.

 

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  (3) POLITICAL CONTRIBUTIONS- The term `political contributions’ means any contribution on behalf of a political candidate or to a separate segregated fund described in section 316(b)(2)(C) of the Federal Election Campaign Act of 1971 (2 U.S.C. 441b(b)(2)(C)).

 

(b) Prohibition on the Use of Emergency Economic Assistance- Any recipient of emergency economic assistance and any subsidiary thereof may not use such funds for lobbying expenditures or political contributions.

 

SEC. 3. GUIDELINES FOR THE USE OF FUNDS.

 

(a) Guidelines- Not later than 30 days after the date of enactment of this Act, the Secretary of the Treasury, in consultation with the Comptroller General and the Financial Stability Oversight Board, shall develop and publish corporate governance principles and ethical guidelines for recipients of emergency economic assistance including restrictions governing–

 

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  (1) the hosting, sponsorship, or payments for conferences and events;

 

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  (2) the use of corporate aircraft, travel accommodations, and travel expenditures;

 

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  (3) expenses relating to office or facility renovations or relocations; and

 

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  (4) expenses relating to entertainment, holiday parties, employee recognition events, or similar ancillary corporate expenses.

 

(b) Internal Reporting and Oversight- The Secretary of the Treasury shall publish suggested mechanisms for addressing non-compliance with the guidelines developed pursuant to subsection (a) through enhanced internal reporting and oversight requirements.

 

SEC. 4. REPORTING AND CERTIFICATION.

 

(a) Report- Each recipient of emergency economic assistance shall file with the Secretary of the Treasury on a quarterly basis–

 

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  (1) a detailed accounting of how emergency economic assistance is being used, including an explanation of how such funds have been allocated to stabilize financial markets and increase the availability of credit to consumers and businesses; and

 

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  (2) a certification that–

 

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  •  
    (A) no emergency economic assistance is being used for lobbying expenditures of political contributions in violation of section 2(b); and

 

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  •  
    (B) no emergency economic assistance is being used in violation of the guidelines issued by the Secretary of Treasury under section 3(a).

 

(b) Public Availability- Any report or certification filed under this section shall be made publically available by Secretary of the Treasury on-line, and at no cost.

 

SEC. 5. PENALTIES.(a) Use of Funds- Any person that violates section 2

(b) shall be subject to a civil fine of at least $100,000 per violation.

(b) Future Funding- Any person that fails to comply with section 2(b) or the guidelines implemented under section 3 shall not be eligible to receive any future emergency economic assistance unless the Secretary of the Treasury, in consultation with the Financial Stability Oversight Board, determines that reasonable steps have been taken to bring actions into compliance with and to prevent future violations of this Act.

 

(c) False Report- Any person that fails to file a report or certification required under section 4 shall be subject to a civil fine of at least $100,000.

 

SEC. 6. EFFECTIVE DATE AND APPLICATION.This Act shall take effect on the date of enactment of this Act and apply to any emergency economic assistance received before, on, or after that date.

A BILL

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I have been sitting here reading.Reading about my fellow citizens.Having to come to grips with the betrayal of the CEOs and the Federal Government.I am so angry that the CEOs have run perfectly good companies into the ground for their own personal gains.I am PISSED at the representatives that sat and watched as they made decisions that they knew could possibly destroy the economy and if they say they didn’t know  then they are LIARS. They had not a care about the families they were possibly going to destroy.It reminds me of 911 when our so called Intelligence agencies said they could never envisioned such an attack!! Bullshit!!This is just another 911 except we paid the CEOs and Politicians to do it .

My heart is breaking for them all.I sometimes feel guilty that I am still working and so many are not.It has touched me as well. My son in law was just laid off from his gas rig job.My daughter is very worried about their future.I am sure my son in law has the same feelings of inadequacies that REAL men are feeling when suddenly their role as providers has been pulled from under their feet.

These are people who went to work and worked hard and saved for retirement or for a new car or a new home or for their childrens college.Basically the American dream.Now thanks to these criminals CEOs and Politicians alike their lives devastated!!I think that before we bailout any financial institution that was involved in Mortgage Backed Securities should have the books audited for any discrepencies and the CEOs be charged for any and all infractions.

I was raised with the understanding that a man takes full responsibility for what he does.As a supervisor I have  learned that I am responsible for what happens on my shift .Responsible for the mistakes and merely part of a team for the sucesses and I expect no reward when I don’t inspire or motivate my team to be successful.

The CEOs and politician should be held respobsible for this mess THEY have gotten us into.They should have the fear that what they have caused should bring them and their family to the point of not knowing how they are going to pay for the mortgage this month. I don’t want to hold their family responsible for what they have caused but I they need to understand wht they have done to the rest of us.

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I thought today Paulson was going to explain where our money is going. But all i heard from him is that he has decided to change the game plan.That’s something he can do since we gave him total control of the treasury.I as a citizen think there should be a total account of which company or bank is getting my money.

We cannot let him and the rest of his cronies just decide to change the rules.he is after all one of the people that caused the financial mess we are in.

He joined Goldman Sachs in 1974, working in the firm’s Chicago office under James P. Gorter. He became a partner in 1982. From 1983 until 1988, Paulson led the Investment Banking group for the Midwest Region, and became managing partner of the Chicago office in 1988. From 1990 to November 1994, he was co-head of Investment Banking, then, Chief Operating Officer from December 1994 to June 1998 eventually succeeding Jon Corzine (Governor of New Jersey) as its chief executive. His compensation package, according to reports, was US $37 million in 2005, and US $16.4 million projected for 2006. His net worth has been estimated at over US $700 million.

In 2004, at the request of the major Wall Street investment houses, including Goldman Sachs, then headed by Paulson, the U.S. Securities and Exchange Commission agreed unanimously to release the major investment houses from the net capital rule, the requirement that their brokerages hold reserve capital that limited their leverage and risk exposure. The complaint that was put forth by the investment banks was of increasingly onerous regulatory requirements — in this case, not U.S. regulator oversight, but European Union regulation of the foreign operations of US investment groups. In the immediate lead-up to the decision, EU regulators also acceded to US pressure, and agreed not to scrutinize foreign firms’ reserve holdings if the SEC agreed to do so instead. The 1999 Gramm-Leach-Bliley Act, however, put the parent holding company of each of the big American brokerages beyond SEC oversight. In order for the agreement to go ahead, the investment banks lobbied for a decision that would allow “voluntary” inspection of their parent and subsidiary holdings by the SEC.

This just goes to prove the fox is watching the hen house!!

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I wonder if the amount of money we have spent on the Iraq war and the money we are going to waste trying to BAIL OUT the lying bastards that got us into the financial mess we are in would have been better spent trying to create more solar power for the homes that are going to go without heat this year.

Why don’t we try to put solar power in every house capable of using it.Instead we spend on things like this BAILOUT that will not cure the core problem ,greed.

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The Speaker promised that next year there will be investigations into the debacleI am not sure what to call it .Ok the screwing we got from Wallstreet.The only people I see benefiting from this BAILOUT are the very people that caused it . I understand we are going to have hard times but we are going to have hard tmes whether we pass this joke or not. Our Reps. are a joke.

She is the leader of the pack. Investigations next year I bet not!!

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REP Maloney is trying to do something about the Credit Card abuse.Check out the summary of legislation that she is sponsoring.http://maloney.house.gov/documents/financial/consumer/20080304CCBOROnePager.pdf

AIG is already getting 150 billion dollars aid.They have been caught having extravagant retreat again. They of course say it is necessary for the operation  of their business.I say bull shit.They are just rubbing our faces in the fact that they have screwed us out of 150 billion.This is the same attitude that got us into this whole situation.They should not get another penny of the BAILOUT!!

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Now apparently we are going to bailout the US auto industry.What’s next Ben & Jerry’s?The auto giants have no one to blame but their self(and the Union).They have failed to see the future and grasp it. The future is alternative fuels.They have made billions and billions in profit over the last 100 years .Instead of seeing the future they have ignored it.The amount of money they have spent on the  CEO’s, Mangegement and workers salaries are ridiculous. The employees at this point are making over 100% more than the average US worker.Instead of the Federal Government just giving the company billions to bail them out of a situation that will not improve just by throwing money into a losing game.The first thing that has to be done is the employees need to take a pay reduction.

I watched friends of mine that worked for the car makers and the defense industries spend like there was no tomorrow.They bought brand new homes cars, pools,jet ski’s ,never thinking that they could laid off.Then they get laid off and have huge payments that they can’t afford.Maybe in the future people won’t think that they have rock solid jobs.In this new world it ain’t so!! Instead of saving for the future they have spent and spent.Now the high salaries they have fought so hard for are part of what is killing the industry.

Now for the Company.The company itself has wasted millions in lobbying the government to stop or slow down mileage requirements.They have not spent on R&D for alternative fuel sources  and as  a result they  are falling behind faster and faster.Having the future in your sights is paramount in this world.The company has failed to see thwe writing on the wall.Oil is going to run out!Like it or not.maybe not run out but will become so expensive that none of us will be able to afford to drive to our own jobs.Spending on future fuel sources has to be the main thought of the companies.Dril,Drill,Drill wont’t work forever.

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Just as I thought it doesn’t matter what the people want.The government is going to bail out the very people that did this .We need to stand up and vote them ALL out of office.If you are an incumbent you should be very concerned about you career choice! Wait you will probably be able to get a job with one of the thieves that you protected!!

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Why is the committee meeting behind closed doors!! I really feel a good screwing coming.

So now the government wants us to bail out the very people that put us in this situation?Are we that stupid?The very people responsible for this now want us to trust them!Hopefully I understand this .95% of the people that have mortgages are paying them on time…5% are not.And our Super economy can’t take a 5% loss?   Bullshit!!!

Let the fat cats fall.This is just what they want .They would love for us to bail them out.They would just laugh at us .Man they ARE really stupid!Why is there no fallout for the oversight committes? Chris Dodd,Charlie Rangel…These representatives were suppose to be watching theses entities.Maybe they were blinded by the dollar signs in front of their eyes.Before we bail out anyone we need to start investigating the very people that were suppose to be watching the thieves!How much money was given directly or indirectly to these ELECTED officials?

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I am amazed in the lack of caring  about the fact that the politicians on the banking oversight committees just HOSED US!!They have been sitting and watching what was going on and allowing the financial markets go crazy.Now some people may think of this  and want to blame either a Democrat or Republican . I want them ALL held accountable!!De-regulation in the financial markets was not a good idea for a multitude of reasons but the best is that financial instituitions have lobbyists and lobbyists  Bribe the politicians! Yes I said it BRIBE!Anytime a politician takes money, trips, work on their summer home ,hookers, lap dances they are being bribed.If they accept it that is a bribe because the lobbyist giving it is hoping you will see it their way. The American people(remember us the ones that actually vote) need to wake up and DEMAND that our ELECTED officials out law lobbying by bribing.I don’t want to outlaw lobbying all together, just consider anything above $1000 dollars by any individual or buisness given to a poliitician a bribe. Outlaw any other types of gifts.As much as I would like to oulaw lobbying I think tha would put the backbone(the working men and women and small buisnesses) of our country at a disadvantage.I am not for bigger government but when it comes to keeping an eye on wha the government s spending OUR money on I don’t think an INDEPENDENT watchdog group is a bad idea!

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The Republicans finally got clue!  Not only is she Intelligent, Conservative , Fiscally responsible But she is not hard on the eyes!! All sexist remarks aside . The fact is that I have waited for a Woman to come up and take charge. As men we have been running it for a LONG time and look what its gotten us! a WAR(Iraq) THAT WE NEVER SHOULD HAVE UNDERTAKEN TO BEGIN WITH! We should have been content on routing the Taliban in Afghanistan, and then if we still needed to go into Iraq then MAYBE we would have if  necessary.

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Now that Obama has gone to Europe he is starting to look more Presidential. McCain is just looking like an old man that just wants to be President, Obama looks and acts like he already is.I  am very disappointed the Republican party has not lit a fire under him.There is no excitement for McCain.I think he is taking for granted the fact that he is the Republican party nominee.How about some passion and commitment. I am not an Obama supporter but I am beginning to see why a lot of younger are supporting him.He is talking the talk and starting to walk the walk. Step it up or Step OUT!!

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