Video archive of the US Congress

House Proceeding on Mar 24th, 2009 :: 0:15:15 to 0:21:05
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Brad Sherman

0:15:11 to 0:15:32( Edit History Discussion )

Brad Sherman: american people so far this year. i and my republican colleagues will be offering them. i yield back. the speaker pro tempore: the gentleman yields back the balance of his time. the chair now recognizes the gentleman from california, mr. sherman, for five minutes.

Brad Sherman

0:15:15 to 0:21:05( Edit History Discussion )
Speech By: Brad Sherman

Brad Sherman

0:15:33 to 0:15:53( Edit History Discussion )

Brad Sherman: mr. sherman: yesterday wall street won three great victories. first, a plan was announced under which 6% of the money, takes 6% of the risk, and takes 50% of the profits.

Brad Sherman

0:15:54 to 0:16:18( Edit History Discussion )

Brad Sherman: second, the was going to back burner the proposal to use the tax code to recoup the unjust enrichment received by certain executives on wall street. and finally, the media continued its condescending

Brad Sherman

0:16:19 to 0:16:39( Edit History Discussion )

Brad Sherman: which speaker after speaker in the media says the only proper approach is that one must denounce wall street and then capitulate to wall street. any of us who wan to do anything that wall street disagrees with are just a bunch of angry peasants with

Brad Sherman

0:16:40 to 0:17:01( Edit History Discussion )

Brad Sherman: pitchforks. well, let me say, anger is no vice, and gullibility is no virtue. and faith in wall street is not the one true faith. we have got to be willing to take action that wall street disagrees with and to deal with

Brad Sherman

0:17:02 to 0:17:26( Edit History Discussion )

Brad Sherman: an establishment press which will then say, we are governing out of anger. i'm very angry. but i'm not blinded by my anger. i am also not blinded by a gullible faith that wall street -- what wall street does will be in the national interest. first let's take a look at this

Brad Sherman

0:17:27 to 0:17:50( Edit History Discussion )

Brad Sherman: program where we put up 94% of the cash, wall street puts up 6% of the cash, but wall street takes -- gets 50% of the profits. with a deal like that you could probably get wall street to buy lottery tickets for three bucks apiece. they'll put up nothree bucks

Brad Sherman

0:17:51 to 0:18:13( Edit History Discussion )

Brad Sherman: apiece but 6% of the $3. the federal taxpayer puts up the rest, and then the winnings are split 50/50. even if the average lottery ticket only pays o 20 cents for every ticket, that's a wing investment for wall street. for us to give them half the

Brad Sherman

0:18:14 to 0:18:37( Edit History Discussion )

Brad Sherman: profits while they take only 6% of the risk is a massive transfer of wealth from the american people to the hedge funds on wall street. second, let's look at this issue of bonuses and compensation. now, we passed a bill in this house yesterday -- rather last

Brad Sherman

0:18:38 to 0:18:59( Edit History Discussion )

Brad Sherman: week that was imperfect. it was imperfect because it left alone million dollar a month salaries. and it allowed any of the big wall street firms that were planning to pay multimillion dollar opponent bohnouses to simply recast their compensation and callle it

Brad Sherman

0:19:00 to 0:19:20( Edit History Discussion )

Brad Sherman: month salaries or raise those to $2 million a month. and the bill we passed would have no effect. second, the bill we passed last week, while it would deal with the a.i.g. bonuses didn't deal with the merrill lynch bonuses. that is why today, and i hope to have some additional co-sponsors before i introduce the bill, but later today i will introduce

Brad Sherman

0:19:21 to 0:19:41( Edit History Discussion )

Brad Sherman: legislation that will impose an excise tax that doesn't look at bonuses separate from the rest of the compensation package. but looks at the entire compensation package and says, if the package is over half a million dollars a year, ander'

Brad Sherman

0:19:42 to 0:20:04( Edit History Discussion )

Brad Sherman: -- and you're working for a company that would be in bankruptcy right now if you weren't bailed out by t federal government, then in effect you're being paid that enormous salary with taxpayer dollars. only because the taxpayers came through and bailed out the company thats paying you that money.

Brad Sherman

0:20:05 to 0:20:26( Edit History Discussion )

Brad Sherman: and for that reason we are going to insist that unless you want to face a major tax you return to your employer all your compensation in excess of half a million dollars. this is an approach that i think is fair. it is not punitive. it is not confiscatory. it simply takes from executives the huge amount of compensation

Brad Sherman

0:20:27 to 0:20:47( Edit History Discussion )

Brad Sherman: that they received only because the rules of capitalism was suspended or were suspended and there are companies that should be in bankruptcy or receivership instead are operating independent of receivership and are paying salaries that exceed what should be paid to an entity

Brad Sherman

0:20:48 to 0:21:05( Edit History Discussion )

Brad Sherman: that is dependent upon the federal government. now, i will -- the bill will also provide that if the treasuryishhoes regulations, people will be ablele to receive restricted stock without excess limitation.

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