Washington, DC – Michael Bennet, U.S. Senator for Colorado, released the following statement regarding a report released today that named several financial companies that made questionable payouts totaling $1.58 billion immediately after accepting billions of dollars of taxpayer aid.
“I, like most Coloradans, have no problem with companies that reward employees who work hard, demonstrate success and show positive results,” said Bennet. “What I take issue with is when taxpayers are asked to subsidize enormous bonuses for the same Wall Street bankers whose risky bets and bad business decisions nearly brought down our economy. This kind of irresponsible and arrogant behavior wouldn’t fly in the real world, and it shouldn’t fly on Wall Street either.
“This latest episode underscores why Wall Street Reform was so important. It ensures that taxpayers will never again be forced to rescue financial institutions that make reckless decisions.”
Earlier this week, President Obama signed the the Wall Street Reform and Consumer Protection Act into law. The bill, which Bennet supported and helped to improve, represents the strongest reform of Wall Street since the 1930s.