COLEMAN DEMANDS NO WALL STREET BONUSES OR DIVIDEND PAYMENTS BE MADE
Says he will hold Treasury and Corporations accountable if a single Wall Street Bonus or Dividend Payment is made for companies receiving taxpayer support
Senator Norm Coleman today demanded that Treasury Secretary Henry Paulson prohibit financial institutions that receive taxpayer support from paying out bonuses and dividends as well as insisting that institutions put taxpayer dollars to good use.
"The emergency funding is intended to stabilize the financial system, not line the pockets of those on Wall Street," said Coleman. "Treasury has a firm legal and moral obligation to uphold Congress's clear directive of putting taxpayer's interests ahead of those of Wall Street. It is unacceptable for institutions to dole out bonuses and dividends as these actions are a gross violation of both the letter and spirit of the financial stabilization legislation. If those institutions do not take it upon themselves to do the right thing, then Treasury should step in and do so for them, and if they won't, I will."