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Welch Takes Aim at Wall Street Execs - WCAX.COM Local Vermont News, Weather and Sports-

Welch Takes Aim at Wall Street Execs

Rep. Peter Welch Rep. Peter Welch

Burlington, Vermont - December 22, 2008

Vermont's Democratic Congressman Peter Welch is taking aim at Wall Street bank executives.

Welch and 22 other members of Congress sent a letter to the CEOs of eight banks receiving bailout funds. It asks them to skip bonuses this year and limit compensation.

The letter was sent following news that banks getting taxpayer-funded bailouts are still paying exorbitant salaries, bonuses, and other benefits.

The bailout bill originally called for a cap on executive salaries, but Welch says the Treasury Secretary changed the requirement at the last minute.

"Number one, there's a loophole that was put in by Mr. Paulson, a one sentence line that has opened this up so Congress has an obligation to step forward and close it, but in the meantime by writing directly to the heads of these banks frankly we're just asking them if they have no shame. Do you want to do the right thing and understand that yes, it would be nice to get a bonus, but they didn't earn it and they certainly shouldn't ask the taxpayer to pay for it," Welch said.

Welch's letter asks those bankers to follow the lead of Goldman Sachs, which recently renounced bonuses for its top executives.

Bridget Barry Caswell - WCAX News

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