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Adler is Idle as Wall Street Executive Bonuses Sky Rocket.

January 11, 2010

John Adler

In the past several weeks we have highlighted John Adler’s fundraising from the financial industry and his lobbing sessions with Wall Street executives.  Adler, a member of the House Financial Services committee, seemingly has no shame about his very cosey relationship with Wall Street and its multimillionaire executives.  However, John Adler’s shamelessness is about to be tested. 

This past weekend the  New York Times reported that Wall Street firms are poised to give their executives 7 and 8 figure bonuses.  That is correct, some Wall Street executives will receive bonuses in excess of ten million dollars.  According to the New York Times, “Workers in the investment bank of JPMorgan Chase stand to collect about $463,000 on average.”  How many of John Adler’s constituents would turn down an opportunity to be the “average worker” at JPMorgan Chase?  According to the New York Times article, 

During the first nine months of 2009, five of the largest banks that received federal aid — Citigroup, Bank of America, Goldman Sachs, JPMorgan Chase and Morgan Stanley — together set aside about $90 billion for compensation. 

Aren’t these are the same Wall Street firms the federal government bailed out?  The people see this as problematic and even some who work for the these Wall Street firms agree.  The New York Times article quoted an undiclosed JPMorgan senior executive who said, 

“There are legitimate conflicts between the firm feeling like it is performing well and the public’s prevailing view that the Street was bailed out,” 

Apparently, the firm cannot feel like it is “performing well” without billions in bonus compensation for  executives.  You may recall that Adler, raised over 15.5% of his $1,387,093 (or $215,598) in 2009 from the financial sectoroffered amendments to weaken consumer protections included in the Wall Street Reform and Consumer Protection Act”, and had private sessions with JPMorgan executives in New York City.  So what will John Adler do to  prevent these wildly excessive Wall Street bonuses?  Probably nothing.  He has two hundred fifteen thousand five hundred ninety-eight reasons to do nothing.  

As a member of the  House Financial Services committee, John Adler should be a watchdog for the innocent small investor, help seniors and retirees preserve their retirement accounts, and  protect the tax payers from rampant corporate greed on Wall Street.  John Adler has not been inside the beltway a year and he has already forgotten why the people sent him to Washington.  

 To the voters in the Third Congressional District:  “If your bonus this year was not at least ten million dollars ($10,000,000.00) then maybe you need a new Congressman.”


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