Braley Voted For A Bailout That Included Taxpayer Bonuses For Executives On Wall Street

Congressman Braley Voted For The $700 Billion Wall Street Bailout
DES MOINES – With Congress negotiating a Continuing Resolution this week, it’s worth remembering that a few years ago Washington insider Bruce Braley supported legislation that gave taxpayer funded bonuses to executives on Wall Street.

Braley was initially hesitant about the $700 billion Wall Street bailout, but after a call from his pal Barack Obama, he was all in.

“At Barack Obama’s urging, Congressman Braley put Wall Street executives ahead of taxpayers,” said Republican Party of Iowa spokesman Jahan Wilcox.  “Iowans should know that when the chips were down during the Wall Street crash, Congressman Braley sided with Wall Street’s elite over taxpayers.” 

BACKGROUND …

At Barack Obama’s Request Bruce Braley Supported The $700 Billion Wall Street Bailout

Bailout Bruce Voted For The $700 Billion Wall Street Bailout.   The Bailout “Authorizes the Secretary of the Treasury (Secretary) to establish the Troubled Asset Relief Program (TARP) to purchase troubled assets from any financial institution, in accordance with terms, conditions, policies, and procedures the Secretary develops.” (H.R. 1424, Roll Call Vote #681: Passed 263-171: R 91-108; D 172-63, 10/3/08, Braley Voted Yea; “Summary, H.R. 1424, Introduced 3/9/07)

Bailout Bruce Said Barack Obama Called Him To Persuade Him To Support The Revised $700 Billion Wall Street Bailout. “Rep. Bruce Braley, 1st District Democrat, saidThursday Democratic presidential nominee Barack Obama called him in Iowa to seek his support for the revised $700 billion financial rescue bill. ‘He talked about why he felt it is important to move forward to address this crisis,’ Braley said.” (E. Michael Myers, “Obama Calls Braley, Seeks Support Of Bailout Plan,” The Gazette, 10/2/08)

Which Provided Taxpayer Funded Bonuses For Executives On Wall Street

Bruce Braley’s TARP Vote Gave At Least $36 Billion In Taxpayer Funded Bonuses To Executives On Wall Street. “Citigroup Inc., Merrill Lynch & Co. and seven other U.S. banks paid $32.6 billion in bonuses in 2008 while receiving $175 billion in taxpayer funds, according to a report by New York Attorney General Andrew Cuomo.  Cuomo analyzed 2008 bonuses at nine banks that received Trouble Asset Relief Program financing from the U.S. government. New York-based Citigroup and Merrill, which has since been taken over by Bank of America Corp., received TARP funding totaling $55 billion, Cuomo said.”(Karen Freifeld, Banks Paid $32.6 Billion in Bonuses Amid U.S. Bailout, Bloomberg, 07/30/09)