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FOR IMMEDIATE RELEASE
October 21, 2009
Cummings Lauds Aggressive Action By Feinberg, Protecting Taxpayers
Cummings Lauds Aggressive Action By Feinberg, Protecting Taxpayers
Congressman is pleased with Special Master for Compensation taking wise action, holding executives accountable.
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Mr. Feinberg's ruling lowers compensation for 175 employees at these companies by an average of 50 percent. The highest-paid 25 employees of each company will see cuts, including up to 90 percent on salaries. Mr. Feinberg also demanded major governance changes for the firms, which were given taxpayer aid when it was feared their collapse could irreparably harm the
"Mr. Feinberg has done outstanding job," said Rep. Cummings. "These compensation practices continue to abuse taxpayers with their own money. These companies used every inch of the economic loopholes they found to damage our nation. I encourage, and demand, that Mr. Feinberg continue to exercise every inch of his authority to ensure accountability. He is there for one reason, to protect every last dollar given as corporate welfare, and to stop the abuse by Wall Street fat cats."
Rep. Cummings continued, echoing a plea made by millions of Americans who have witnessed the excess of those who received taxpayer-funded bailouts, "This must be a time when we ensure that regulatory reform proposals move swiftly through Congress, protecting Americans from corporate excesses and never again letting corporate greed and wrongdoing hold taxpayers and the economy hostage."
Rep. Cummings is a member of the House Oversight and Government Reform committee, and has used this position to hold hearings into multiple instances of abuse of the public trust by corporations involved in the recent economic downturn.
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