Elizabeth Dole Robin Hayes
By Lisa Zagaroli, McClatchy Newspapers
Some N.C. members of Congress have more than a typical stake in the health of the financial services industry.
Most notable are Rep. Robin Hayes, a Concord Republican, and Sen. Elizabeth Dole, R-N.C., who have substantial personal investments in American International Group, the insurance giant that was rescued by a federal loan.
Hayes had between $2.8 million and $11.5 million of his personal fortune invested in AIG, according to his 2007 personal financial disclosure forms. That was more than any other member of Congress, the Center for Responsive Politics said.
Dole had between $1.1 million and $5.3 million invested in the company's stock. Lawmakers are required to report each asset in ranges, such as $500,000 to $1 million, rather than specific amounts.
Lawmakers may be asked in coming days to vote on a major bailout of the industry, with price tags as high as $700 billion for the White House's initial proposal.
“At the same time members of Congress are sorting out what the cost of this is to taxpayers, there's also a cost and a potential benefit to some of them personally,” said Massie Ritsch, a spokesman for the Center Responsive Politics, a nonprofit watchdog group that examines money in politics.
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Obama Received a $101,332 Bonus from AIG
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AIG receipients
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In this case nearly $100 billion dollars of taxpayer funds went directly to these banks with absolutely no obligation that they ever pay one nickel of it back to the taxpayer, as our recourse lies with AIG - a company that is almost certain to be unable to repay.
ReplyDeleteThis sort of raw theft by deception must STOP and Bernanke and his merry band over at Treasury need to be strung up by their gonads. The American Taxpayer may need to help the banking system survive, but this sort of "back door bailout", structured in this manner for the explicit purpose of hiding what was going on and done under cover of darkness until the money had all flown out the door is outrageous.
Bernnake needs to add himself to Grassley's Seppuku list.
Rep. Robin Hayes is now just Robin Hayes. He lost his seat to Larry Kissell in 2008, thank God.
ReplyDeleteAnd I didn't even think to mention that Sen Dole is no longer a US senator. Everyone knows that right? Kay Hagan beat her in 08 after Dole trotted out her late campaign smear tactics as usual. This time NC told her to go back to Kansas or Florida or wherever Bob is voting these days.
ReplyDeleteThats Dodd not Dole.comments remain the same.
ReplyDeleteat this point i don't care who's to blame all i know is that i worked hard to get were i'm at and now i'm going to lose everything not because of being lazy or foolish with money or on drugs but because there's no work. how about you can get $8,000 free to buy a house now only people with money can benefits from this so the rich get richer why is this they will say it's to help the economy and will but would,nt help if everyone who own a home received that money i know mine would go to pay my morgage and bills which would help the people(taxes payers) and economy
ReplyDelete