Friday, July 31, 2009

Congress finally listens

It looks like Congress has finally donned its listening nose.

Today, the House voted 237 to 185 to limit pay for Wall Street executives - after numerous banks that got bailout money wasted these handouts on bonuses for execs.

This legislation is actually a more progressive plan than even the Obama administration has been advocating.

The vote immediately followed the discovery by New York's Attorney General Andrew Cuomo that banks awarded almost 5,000 bonuses of at least $1,000,000 even while they accepted bailout dough.

(Source: http://hosted.ap.org/dynamic/stories/U/US_BAILOUT_BONUSES?SITE=JRC&SECTION=HOME&TEMPLATE=DEFAULT)

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