As Congress and President Bush rushed to pass legislation to bail out Wall Street last fall, PennPIRG’s Ed Mierzwinski warned that the law didn’t do enough to hold banks accountable or protect Americans.
“The hastily developed law gave unprecedented spending authority to a single individual in the administration but lacked basic protections for taxpayers and assistance to homeowners,” said Mierzwinski.
Just one week after taxpayers bailed out the insurance giant AIG with $85 billion, the company spent nearly half a million dollars at the swanky St. Regis resort, including $23,000 at the spa, $150,000 on meals and wine, and $545 per night on the “Pamper Your Pooch” package for their dogs.
Aided by contributions from our e-mail activists in support of our Main Street Before Wall Street platform, Mierzwinski and PennPIRG staff worked to correct the shortcomings of the bailouts. We advocated consumer and taxpayer protections, we argued that priority should be given to efforts to stabilize the housing market by protecting homeowners and neighborhoods and opposed using taxpayer funds to pay for future executive bonuses.