Video: Barney Frank With Ed Schultz -- Fight Over Bank Bonuses -- Aired November 9
Recent reports indicate that J.P. Morgan, Goldman Sachs, and Morgan Stanley are set to distribute bonuses worth over $30 billion for 2009 (60% higher than last year). Schultz blames Congress and Frank for their oversight-free giveaway to Paulson and Wall Street last year.
Near the 5:30 mark the action begins when Schultz says:
- "I just want to clarify here for our viewers that you are OK with the bonuses..."
- Barney: We can do a couple of things, first of all, we can tax that, lets not forget that.
- Ed: We dished out billions of dollars to Wall Street, and they are doing the bonus dance right now. That wasn't in the fine print Barney, you know that.
- Barney: Ed don't condescend to me.
- Ed: Congressman. Why cant you just admit that this was a serious misstep on the part of the Congress. You forked out billions of dollars to save the economy. I get all that, to get the structure back going again. But you didn't ask them any questions about how this is gonna go.
- Barney: I am almost baffled by your hostility towards taxation
- Ed: Can we come to this conclusion Congressman, that maybe the Congress just didnt realize that these guys were going to have the guts or whatever to go back and operate the same way they were operating before.
- Barney: Not the whole Congress. Ed, I dont understand how you can ignore what I am saying.
- Ed: I am talking about Wall Street and how there is NO oversight to how these bonuses are being handed out, what you are talking about is after the fact.
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Video: Barney Frank With Ed Schultz -- Fight Over Bank Bonuses -- Aired November 9
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