State of South Dakota Archives: on Corporations

Tim Johnson: Don’t subsidize bloated compensation of failing firms’ CEOs

Johnson issued a statement that the Bush administration had “stifled regulation at every turn” when Congress sought controls over the mortgage industry and its practices. The financial bailout must be accompanied by more oversight, limits on executive pa and stipulations that the taxpayer money be used exclusively for American financial institutions, Johnson said.

“Folks in South Dakota work hard and their earnings should not subsidize the bloated compensation of a CEO of a failing firm,” he said. The $700 billion bailout “package may be a necessary evil, but we cannot allow it to be a gift to those on Wall Street at the expense of those on Main Street.”

Dykstra said the establishment in Washington, D.C., both Democrat and Republican, must accept th responsibility for the nation’s current crisis. And as the nation moves forward in trying to fix the problems in the mortgage business and on Wall Street, it’s important to figure out where the system failed in order to prevent a repeat, he said.

Source: 2008 S.D. Senate debate reported in Rapid City Journal Sep 22, 2008

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