Congressman steamed over executive bonuses

Oct. 23, 2008 at 6:08 PM   |   0 comments

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WASHINGTON, Oct. 23 (UPI) -- A report outlining $70 billion in executive bonuses potentially due Wall Street bank executives this year has one U.S. congressman fuming.

Rep. Dennis Kucinich, D-Ohio, voted against the $700 billion financial bailout bill because of "great suspicions" the funds would not help troubled homeowners stay in their homes, he said, ABC News reported Thursday.

A report in British newspaper The Guardian recently outlined the potential for U.S. bank executives to reap huge bonuses, although the bailout package includes restrictions on executive compensation.

Bailout funds may even be used to pay employees, ABC News said.

"This is a disgrace," Kucinich said. "The bailout continues to be perverted by those who led us into the problem to begin with and who stand not to just profit in a corporate sense but to profit personally through bonus packages."

Kucinich, chairman of the Domestic Policy subcommittee of the House Committee on Oversight and Government Reform, said he would ask financial firms to detail their compensation plans.

"We really have to get a grip on this," Kucinich said. "This is something that homeowners must find intolerable as they are struggling to pay their mortgages."

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