Senate Proceeding on Jan 30th, 2009 :: 3:13:55 to 3:20:15
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3:13:51 to 3:14:11( Edit History Discussion )

Claire McCaskill: our hands. i thank the presiding i yield the floor. a senator: mr. president? the presiding officer: the senator from missouri. mrs. mccaskill: mr. president, i couldn't agree more with my colleague from there are need in this country right now. we need jobs.

3:13:55 to 3:20:15( Edit History Discussion )
Speech By: Claire McCaskill

3:14:12 to 3:14:35( Edit History Discussion )

Claire McCaskill: we need something to stimulate our economy. we need certainty in the credit market. but probay more than anything, what we need in this country right now is confidence, confidence that we can face down these problems and move forward like america has always done. and what do we have instead of confidence?

3:14:36 to 3:14:57( Edit History Discussion )

Claire McCaskill: raw anger. i'm mad. everyone i work for is you know, anger can be constructive if we channel it. and i'm here today to say it's time that we channel this anger and change the law. we don't need anger.

3:14:58 to 3:15:19( Edit History Discussion )

Claire McCaskill: we have a bunch of idiots on wall street that are kicking sand in the face of the american taxpayer. my colleague just talked about some of let me review. these fincial institutions on the brink of extinction come to the american taxpayer for

3:15:20 to 3:15:43( Edit History Discussion )

Claire McCaskill: hundreds and billions of dollars at the very same time they they're going to buy a 0 million corporate jet. they're going to pay out 8 billion in bonuses. they paid an average o of .6 millio to every

3:15:44 to 3:16:05( Edit History Discussion )

Claire McCaskill: executive that got taxpayer money under tarp. let me say that again. an average of .6 million in executive pay to the folks at the first 116 banks that got money from the taxpayers. they don't get it.

3:16:06 to 3:16:27( Edit History Discussion )

Claire McCaskill: these people are idiots. you can't use taxpayer money to pay out 8 billion in bonuses. merrill lynch is unbelievable. they saved billion to billion from the pot of money that was going to bank of america. the sale is going to close the first week in january. they always gave bonuses in january.

3:16:28 to 3:16:48( Edit History Discussion )

Claire McCaskill: you know what these sneaky guys did? they decided to give their bonuses in december before the bank of america took over. paid out billion to billion in bonuses december and that quarter merril lynch lost 1 billion.

3:16:49 to 3:17:09( Edit History Discussion )

Claire McCaskill: what planet are these people on? what could they be thinking about? so here's what this bill's going to do. this is called the chief executive pay act -- officer pay simple. going forward you want taxpayers to help you survive, you want

3:17:10 to 3:17:32( Edit History Discussion )

Claire McCaskill: the people at your financial institution to have a job tomorrow, then you're going to have to limit everyone's pay at your company to t same salary that the president of the united states makes. is that so unreasonable? it's eight times the median household income in the united

3:17:33 to 3:17:54( Edit History Discussion )

Claire McCaskill: states of ameca. 00,000 a year. i don't think that sounds like a bad deal. should these people be making more than the president of the united states? now, really? should they. they should not be making more than the president of the united states. so every executive going forward cannot make more than 00,000 a

3:17:55 to 3:18:15( Edit History Discussion )

Claire McCaskill: year. and they would have to limit that executive compensation for everyone in their company until they pay back every dime to the taxpayers. now once they're off the public dole, once the taxpayers aren't footing the bill, then it's not as much our business what they get paid. but right now they're on the

3:18:16 to 3:18:37( Edit History Discussion )

Claire McCaskill: hook to us. andhey owe us something other than a fancy waste basket an and 0 million jet. they owe us some common sense. and if any of them think it's a hardship to take the salary of the president of the united states, i dare them to say so outloud right now.

3:18:38 to 3:18:59( Edit History Discussion )

Claire McCaskill: because that's not going to instill confidence, mr. president. what is goi to instill confidence for the men and women in these countries to realize that everyone in this country to tight entheir belt. it's time for -- tighten their belt. it's time for everyone to realize that we must have our financial institutions survive, but not with a culture that thinks it's ok to kick the

3:19:00 to 3:19:22( Edit History Discussion )

Claire McCaskill: taxpayer in the shins while they drink champagne and fly in fancy jets. it doesn't work. not in the united states of america. i ask my colleagues to sign on this bill. i think it makes sense. we should have done it in the first place, but i don't think any of us thought these guys were this stupid. i don't think any of us would believe that they would take

3:19:23 to 3:19:44( Edit History Discussion )

Claire McCaskill: billions of dollars of while their institutions were literally days from being wiped out. but they did. and we've learned our lesson. and so i hope all my colleagues will sign on this bill. i hope that we can get it passed quickly so that from this day forward the president of the united states will make the same amount of money as the executives at these companies

3:19:45 to 3:20:06( Edit History Discussion )

Claire McCaskill: that owe the taxpayers hundreds and hundreds of billions of dollars. thank you, mr. president, a

3:20:07 to 3:20:18( Edit History Discussion )

Claire McCaskill: yield the floor. mrs. mccaskill: i suggest the absence of a quorum. the presiding officer: the clerk will call the roll.