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Senate Proceeding on Jan 30th, 2009 :: 3:00:10 to 3:13:50
Total video length: 5 hours 7 minutes Stream Tools: Stream Overview | Edit Time

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Sheldon Whitehouse

3:00:06 to 3:00:30( Edit History Discussion )

Sheldon Whitehouse: unjust system. with that, mr. president, i yield t a senator: mr. president? the presiding officer: mr. whitehouse: mr. president, let me say first what a pleasure it is to hear the distinguished senator from utah speak about his beautiful state and his beloved aouts.

Sheldon Whitehouse

3:00:10 to 3:13:50( Edit History Discussion )
Speech By: Sheldon Whitehouse

Sheldon Whitehouse

3:00:31 to 3:00:51( Edit History Discussion )

Sheldon Whitehouse: i have his beloved utes. i have a different topic today. about a stove, a jet and 0 billion. the stove belonged to marguerita fuentes and a local sheriff repossessed it for the company. her case went all the way to the

Sheldon Whitehouse

3:00:52 to 3:01:12( Edit History Discussion )

Sheldon Whitehouse: supreme court and became the case of fuentes vs. shevron. the court held you could not take away her stove, not without giving her a hearing. but she had a constitutional right to a hearing. the court stated the constitutional right to be heard is a basic aspect of the duty of government to follow a fair

Sheldon Whitehouse

3:01:13 to 3:01:33( Edit History Discussion )

Sheldon Whitehouse: process of decisionmaking when it acts to deprive a person of his possessions. important rule. the finance company may well have been but the sheriff still can't take property without due process. that's the stove.

Sheldon Whitehouse

3:01:34 to 3:01:54( Edit History Discussion )

Sheldon Whitehouse: nowhe jet. citigroup has received billions and billions in federal funds, 5 billion in preferred stock purchases alone to prevent citigroup from failing. what do they do? buy a 0 million french-made

Sheldon Whitehouse

3:01:55 to 3:02:15( Edit History Discussion )

Sheldon Whitehouse: luxury private jet. it took the new secretary of the treasury to personally talk them out of it, with a helpful push from our distinguished colleague, senator levin. and that's not all. here's how phaurpb dow they spent money on executive office furnishings at merrill

Sheldon Whitehouse

3:02:16 to 3:02:41( Edit History Discussion )

Sheldon Whitehouse: lynch. big-ticket items included curtains for 8,000, a pair of chairs for 7,000, fabric for a roman shade -- whaver that is -- for 1,000, regency chairs for 4,000, six wall

Sheldon Whitehouse

3:02:42 to 3:03:06( Edit History Discussion )

Sheldon Whitehouse: skopbss for the -- sconces for ,700. a chandelier in the private dining room and six ding chairs for 7,000. a custom coffee table for 6,000, an antique commode for

Sheldon Whitehouse

3:03:07 to 3:03:29( Edit History Discussion )

Sheldon Whitehouse: 5,000 and a ,400parchment waste can. a lot of executive compensation goes to the same executives who led their companies into this mess while reaping vast sums. for example, wells fargo received 5 billion in bailout money, is planning layoffs but is keeping its c.e.o. and chairman who were paid 2.5

Sheldon Whitehouse

3:03:30 to 3:03:53( Edit History Discussion )

Sheldon Whitehouse: million and nearly 3 million in 2007 respectively. j.p. morgan received 5 million in bailout money but is keeping its c.e.o. who was paid 8 million in 2007. capital one bought and closed

Sheldon Whitehouse

3:03:54 to 3:04:14( Edit History Discussion )

Sheldon Whitehouse: green point mortgage -- 1,900 layoffs. 1,900 families where someone lost a job. they received about .5 billion in bailout money, and they're keeping their c.e.o. who was paid more than 3 million in 2007. and this week's "new york times" reports that despite -- and i

Sheldon Whitehouse

3:04:15 to 3:04:35( Edit History Discussion )

Sheldon Whitehouse: quote -- "crippling losses, multimillion-dollar bailouts and the passing of some of the most important names in the business, an estimated 8.4 billion was paid out to wall street employees in 2008. that was the six-highest total in history in what was most

Sheldon Whitehouse

3:04:36 to 3:04:59( Edit History Discussion )

Sheldon Whitehouse: certainly not wall street's sixth-best year in history. firms on t brink of extinction that were saved only by the u.s. taxpayer still saw fit to reward the people who created the mess with over 8 billion for their peformance this past year. president obama rightly called this

Sheldon Whitehouse

3:05:00 to 3:05:21( Edit History Discussion )

Sheldon Whitehouse: so that jet -- that jet is symbolic of a wall street culture of unrestrained self-indulgence that now, because of the bailouts, begins to happen at taxpayer expense and shows no signs of now we come to the 0 billion.

Sheldon Whitehouse

3:05:22 to 3:05:45( Edit History Discussion )

Sheldon Whitehouse: according to an analysis by "the wall street journal," the executive deferred compensation obligations of bailed-out wall street firms amount to more than 0 billion. banks owe billions to executives. financial giants getting injections of federal cash owed their executives more than 0 billion for past year's pay and

Sheldon Whitehouse

3:05:46 to 3:06:07( Edit History Discussion )

Sheldon Whitehouse: pensions as of the end of 2007, a "wall street journal" analysis shows. just, by the way, this executive deferred compensation scheme is nothing dodge, to begin with. banks participating in the bailout program carried these obligations on their books and the cash from our bailout is being used to pay them or will

Sheldon Whitehouse

3:06:08 to 3:06:33( Edit History Discussion )

Sheldon Whitehouse: be used to pay them 0 billion in taxpayer dollars will end up in the pockets of the very executives fis. how much is 0 billion? here's how it breaks down state by state, based if you're the governor of california, you can look forward

Sheldon Whitehouse

3:06:35 to 3:06:55( Edit History Discussion )

Sheldon Whitehouse: to ,780 -- to .7 billion as your state's share of that 0 billion bailout. if you are, as the wonderful new presiding officer is, from colorado, you can look forward to 36 million as your state's share of deferred executive

Sheldon Whitehouse

3:06:56 to 3:07:16( Edit History Discussion )

Sheldon Whitehouse: compensation for wall street. if you are from missouri, as the distinguished senator is, here she is, number 18, you're looking at 68 million as missouri taxpayers' share of the

Sheldon Whitehouse

3:07:17 to 3:07:37( Edit History Discussion )

Sheldon Whitehouse: now, generally, when a company goes into bankruptcy, as many of these would have had it not been for the taxpayer executives who are owed the 0 billion in deferred compensation would have become general unsecured creditors. that means they would have to wait in line to get paid with all other general unsecured creditors.

Sheldon Whitehouse

3:07:38 to 3:08:00( Edit History Discussion )

Sheldon Whitehouse: experts report that in most cases, this means losing all deferred compensation or recovering pennies on the dollar. executives at lehman brothers which was allowed to go into bankruptcy, will probably lose out on their deferred compensation. by contrast, nothing has been done to address t

Sheldon Whitehouse

3:08:01 to 3:08:22( Edit History Discussion )

Sheldon Whitehouse: compensa citigroup, goldman sachs, bank of america, j.p. morgan and other banks that have been given a lifeline. you'll see that the estimated debt to executives at goldman sachs is actually bigger than the capital it's just an astonishing sum of money.

Sheldon Whitehouse

3:08:23 to 3:08:43( Edit History Discussion )

Sheldon Whitehouse: i should throw in my own state of rhode island, a -- we're a small state. here's our share of 40 mil that's our entire two four-year state colleges for a year. the entire state budget for them.

Sheldon Whitehouse

3:08:44 to 3:09:06( Edit History Discussion )

Sheldon Whitehouse: 40 million out of rhode island to pay for 0 billion in dodge deferred executive compensation. that is more, as people who are here on the floor will recall -- that is more than the entire program that we spent so many hours fighting about for the

Sheldon Whitehouse

3:09:07 to 3:09:28( Edit History Discussion )

Sheldon Whitehouse: u.s. auto industry. remember that was sort of 8 billion to 5 this is 0 billion and nobody's even talking about it. and we fought for days about whether to support our own domestic auto industry. well, i think the jet shows that the wall street culture

Sheldon Whitehouse

3:09:29 to 3:09:49( Edit History Discussion )

Sheldon Whitehouse: lavish self-indulgence is not likely to change. but something very changed, and that is that the taxpayer is now starting to pay for it, and they are not going to stand for it for long. if something is going to change, we in congress have to change it. we need to do it now, and we need to do sticks.

Sheldon Whitehouse

3:09:50 to 3:10:12( Edit History Discussion )

Sheldon Whitehouse: that's where the stove comes in. mrs. fue the constitutional right to be heard is a basic aspect of the duty of government to follow a fair process of decisionmaking when it acts to deprive a person of his possessions. that's the case of mrs. fuentes' stove. if it tak

Sheldon Whitehouse

3:10:13 to 3:10:35( Edit History Discussion )

Sheldon Whitehouse: poor mrs. fuentes can have her stove taken awa takes due process before certain adjustments can be made in the obscene and grotesque executive compensation paid for by bailouts. it takes some due process before anything can be done about this 0 billion in executive deferred

Sheldon Whitehouse

3:10:36 to 3:10:59( Edit History Discussion )

Sheldon Whitehouse: without a due process forum, we in government have unilaterally disarmed the powers of government that can make those adjustments. that is a choice we make to unilaterally disarm the powers of government that could do something about the 0 billion. i submit that if we don't make some reasonable adjustments

Sheldon Whitehouse

3:11:00 to 3:11:20( Edit History Discussion )

Sheldon Whitehouse: here, that failure will so damage public credibility and faith in the entire exercise in addition to being profoundly unfair in fact, that it will eliminate or diminish our ability to manage the crisis. people just won't want to hear it any the ordinary due process forum

Sheldon Whitehouse

3:11:21 to 3:11:41( Edit History Discussion )

Sheldon Whitehouse: for troubled companies is bankruptcy court. now, that's not the best forum for these companies for the very reasons that the provide a vital public utility function in our economy. but the fact that they provide that vital public utility function is no reason to say that these other things can't also be adjusted.

Sheldon Whitehouse

3:11:42 to 3:12:03( Edit History Discussion )

Sheldon Whitehouse: that doesn't mean that they shouldn't have to change their ways. as i said, the only way to change their ways, it appears, is to make them change. so i will shortly be filing legislation to create a temporary economic recovery oversight court, a forum that could provide due process, short

Sheldon Whitehouse

3:12:04 to 3:12:24( Edit History Discussion )

Sheldon Whitehouse: of a full bankruptcy filing, and empower government to take reasonable steps to restrain the lavish self-indulgences that these masters of the universe have become accustomed to. i'm also exploring other ways of addressing this critical issue. but i encourage colleagues of mine who are interested in this to talk to me about how we can

Sheldon Whitehouse

3:12:25 to 3:12:46( Edit History Discussion )

Sheldon Whitehouse: make this there are technical issues if anybody is interested, please contact me. i think this is a bipartisan issue. i don't think a republican is any happier about 0 billion in deferred executive compensation coming out of the public than a democrat is. if we don't take action, the swelling river of righteous and

Sheldon Whitehouse

3:12:47 to 3:13:07( Edit History Discussion )

Sheldon Whitehouse: proper anger of the american people may well overswell its banks. i have lived through difficult economic situations in rhode island where public anger overswelled its banks. it is not a good place to be. the people's confidence in their government's ability to treat them fairly will be justifiably

Sheldon Whitehouse

3:13:08 to 3:13:29( Edit History Discussion )

Sheldon Whitehouse: compromised if we can't solve these problems. and we will have lost their confidence the old-fashioned way. we will have earned it. the poet times when we should not let our swords sleep in our hand. american government gives us a vital sword, one thatan trim away the lavish excesses of the

Sheldon Whitehouse

3:13:30 to 3:13:50( Edit History Discussion )

Sheldon Whitehouse: lotus years as we move in to the darker economic years ahead of us. to treat all americans fairly and not create a favored taxpayer-supported wall street class that is treated differently than workers in michigan and and, mr. president, i submit we must not let that sword sleep in

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