03 August 2009

They Voted For You: Wall Street Bonuses

U.S. Reps. Alan Mollohan, D-1st, and Nick Rahall, D-3rd, both helped the House pass legislation that The Associated Press reported aimed "to prohibit pay and bonus packages that encourage bankers and traders to take risks so big they could bring down the entire economy."

U.S. Rep. Shelley Moore Capito, R-2nd, voted against the "Corporate and Financial Institution Compensation Fairness Act," as did all but two of the Republicans present for the 237-185 roll call.

"Passage of the bill on a 237-185 vote followed the disclosure a day earlier that nine of the nation's biggest banks, which are receiving billions of dollars in federal bailout aid, paid individual bonuses of $1 million or more to nearly 5,000 employees," the AP article said. "Aware of voter outrage about the bonuses, Republicans were reluctant in Friday's debate to push back, even though they voted overwhelmingly against the bill. They said severe restrictions should apply only to banks that accept government aid."

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