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Information was not correct. actually my information was correct. he argued on one list he wasn t listed first or third in terms of abramoff money. he was listed ninth. this is his defense. if you really go back and take a look at the numbers, i ranked ninth in overall contributions from those who may have a tangential affiliation with jack abramoff. some other groups rated higher. when he says groups that s the giveaway. he s ninth on a list of i had only asked mr. hayworth about being a recipient among members of congress. he was in fact a top recipient of abramoff-related money in congress. i was right. i did not have my facts wrong. in terms of receiving money, ....
$90 billion fee on banks over ten years so we can say to the american people they will not be exposed to a penny of loss of all the things we had to do to step in to rescue. of course they are angry. they should be angry until they have more confidence the government is going to put in place reforms that will fix what is broken. they see more traction in bringing growth back, bring unemployment down. the bonus issue specifically and i know it is not central to the financial system but it is central to how much political will there is to get things done in this administration. first of all, the bonus thing is not what caused the crisis. it was a crazy system. you could get paid for taking a lot of risk and not lose your compensation if you lose the bank a lot of money. it didn t matter to the crisis. we think it is very important as part of reforms to change the ....
Way these people are compensated. we proposed again two very simple things. you already gave them the rescue money before you proposed the changes. we came into office. judge us by what we did. my predecessor had to do what he did. the terrible thing of pushing a bunch of capital into the banking system. those emergency actions saved us from the great depression. we came in, forced them to replace that public money with private money as quickly as possible. they did it very, very quickly and that is good for us, good for everything you value because it gives us room to deal with the challenges we face. compensation we are proposing a simple thing. firms have to disclose to the public and allow their shareholders to vote on how they are paying their senior executives and proposing that the supervisors, the people in charge, the police in charge of supervising institutions ....
All the terrible things we had to do to step in to rescue this financial system that was burning. of course they are angry. they should be angry until they have more confidence the government is going to put in place reforms that will fix what is broken. they see more traction in all the things we re doing to try to bring growth back. the bonus issue specifically and i know it is not central to the financial system but it is central to how much political will there is to get things done in this administration. even on a host of things that have nothing to do with financial reform. first of all, the bonus thing is not what caused the crisis. you know, it was a crazy system. you could get paid for taking a lieutenant of rink and not be exposed to losing your compensation if you lose the bank a lot of money. it was a crazy way to run a system. it didn t matter to the crisis. we think it is very important as part of reforms to change the way these people are compensated. we proposed ag ....
Classic run on the financial system. people withdrew their money as quick as they could. they came down with forceful brutal pressure on the rest of the system and the government didn t move early enough. that is what we are trying to fix and reform. we are trying to make sure we have enough authority to the authority you have is where i m hung up and i m still concerned about the fed now, i m still concerned about your record at the fed. rachel, i m happy i can tell you with a lot of knowledge, the stuff we were on right on early, i can tell you i know a lot about this where the fed was behind the curve and late the best example of that was the fed did not use its authority to write rules to provide better protection for consumers like in mortgages ....