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As Lehman Brothers Values Took a Nosedive, Executives Called for Their Golden Parachutes
October 7, 2008 · Wilmington, DE · As the value of Lehman Brothers banking firm took a nosedive and, in the process became the largest bankruptcy in American history, company executives reached for their golden parachutes, the national press reported today. Testifying before the House Oversight and Government Reform Committee, Richard B. Fuld, Jr., Lehman Brothers chief executive officer acknowledged that as the bank was failing, the compensation committee quietly assured company executives that they would they would receive their bonuses.
"This is only one instance of the many regarding financial services executives ensuring that their personal fortunes will remain afloat as the economy sinks, " said Karen Hartley-Nagle, Democratic candidate for Congress. "This was a decision supported by Secretary of the Treasury Henry Paulson and Fed Chairman Ben Bernanke," she continued. "There is more to come. Neel Kashkari, a former executive of Goldman Sachs and the Assistant Secretary of the Treasury, is heading the bailout. He was a colleague of Secretary Paulson at Goldman Sachs.
Another factor in this tragedy that all voters need to consider is: Did my Congressman play a part in this? In Delaware, we know the answer; Mike Castle has more than 60% of his contributions from the financial services industry when you add the individuals from financial services companies to the 44% of the PAC money he has received from them. He is the Republican Congressman who took the most contributions from Lehman Brothers. Because he failed to be a regulator of the banks and Wall Street firms, Delawareans will lose jobs as the banking industry contracts. Bank of America is only a regional headquarters and we will have to wait and see what the sale of Wachovia Bank will bring. While financial services executives take the money and run, we will be left holding the bag."
Democratic candidate for Congress Karen Hartley-Nagle is inviting Delawareans to discuss the Wall Street bailout and how they are doing in the economy during two events to be held at her campaign offices on Wednesday, October 8. From 1-5:30 PM voters and non-voters are invited to speak with Karen about the bailout and how they are faring during the current economic crisis. Participants will also have the opportunity to tape a one to three minute message about the crisis. From 6-8 PM there will be a Town Hall meeting to discuss the bailout.
Contact:
Karen Hartley-Nagle
Democratic Candidate for Congress
(302) 465-1365
