Joe Scarborough on Corporations

Former Republican Representative (FL-1)


TARP disallows continued arrogance of bailed out companies

Because of the unprecedented nature of the [2008-9 financial crisis], most economic observers believed that doing nothing was not an option. Even the most conservative members of Congress were intimidated by the constant refrain would turn this recession into a depression.

Since it is impossible to prove what would have happened had nothing been done, economists will never know whether President Bush and his Democratic allies were correct. But taxpayers do know already that TARP was designed in a way that allowed the same corporations who we saved by huge amounts of taxpayer money to continue to show the same arrogant traits that should have destroyed their companies.

Soon after raking in billions in bailout payments, Merrill Lynch took the unusual step of accelerating its yearly bonus payments to hand out between $3 and $4 billion to its executives and management. And AIG took billions from U.S. taxpayers before sending their executives to an exclusive retreat in California.

Source: The Last Best Hope, by Joe Scarborough, p. 85-6 , Oct 5, 2010

Voted YES on Bankruptcy Overhaul requiring partial debt repayment.

Vote to pass a bill that would make it easier for courts to change debtors from Chapter 7 bankruptcy, which allows most debts to be dismissed, to Chapter 13, which requires a repayment plan.
Reference: Bill sponsored by Gekas, R-PA; Bill HR 333 ; vote number 2001-25 on Mar 1, 2001

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