Chellie's Statement on the Wall Street Bailout Plan

Statement

Chellie's statement on the Wall Street bailout plan

By Barb

Chellie released this statement this afternoon:

"Congress and the Administration must act quickly to stabilize our financial system, but also must hold those on Wall Street who contributed to this mess accountable.

"Any bailout plan must limit executive pay and cancel stock options so failed CEOs who abused the public trust cannot take our money with them into retirement.

"A bailout must also include protections for taxpayers, including a plan to pay back the American public and a way for homeowners struggling with their mortgages to negotiate better terms.

"This can't be a one-sided deal where the American taxpayers end up holding the bag for the irresponsible behavior of those on Wall Street.

"I am glad to see that the FBI has begun an investigation into the Wall Street companies involved in this crisis, and I fully support Congressional hearings to expose the people responsible for this mess. Individuals found guilty of fraud should go to jail.

"Throughout this campaign I've called for more oversight and tighter regulation of the financial sector. The anything-goes climate that the Bush Administration has encouraged helped create this crisis, and it's time to bring that to an end."

As Senate Majority Leader, Pingree led the charge for increased corporate accountability here in Maine, particularly protecting taxpayers and ensuring a good return on their economic development investments and assistance to businesses. She has a history of working across the aisle to hold corporations accountable when they get government assistance and continues to believe corporations must be held accountable to taxpayers as well as shareholders. Never has this been more obvious and more necessary than in this ongoing economic crisis, and Pingree is ready and well-equipped to take on this challenge in Washington.

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