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Listen Up: What A Bank Lobbyist Wants Right Now

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Sen. Chris Dodd (left) wants to limit executive pay. The bank lobbyists, not so much.

Lauren Victoria Burke/AP
 




Just press play.

Scott Talbott, chief lobbyist for the Financial Services Roundtable, will spend this week trying to get the best possible deal for his clients -- the bankers and investors whose miserable balance sheets almost brought down the global economy last week.

Now those bankers stand to get a bailout from the federal government. Congress and the U.S. Treasury are working out a bill that would allow the Treasury secretary to buy up $700 billion in bad debts.

Talbott says the banking industry does bear some responsibility for things going so wrong, though not sole responsibility. Among his concerns this week: erasing a proposed provision to limit executive pay.

Update: Congress says White House agrees to limit executive pay.

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Pay is at the heart of the matter - http://smartpei.typepad.com/robert_patersons_weblog/2008/09/how-corrupting.html

If it is not limited - we will only go deeper into the pit

Sent by Robert Paterson | 2:24 PM ET | 09-22-2008

thank-you NPR for pressing to find answers. Steve, thank-you for talking to NPR. STEVE - YOU NEED TO TALK TO REAL PEOPLE - WE ARE NOT JUST ANGRY - WE ARE READT TO REVOLT. If some other company bought out a company at risk they would expect to control the terms. IF YOU WALL STREET FIRMS dont like out terms than find your own solutions.

Sent by peggy | 3:08 PM ET | 09-22-2008

America, please stand up! Reach out to your Senators & Congress people, tell them to hold this Administration and Wall Street accountable. If they want a job managing the disaster they created, give them one at minimum wage and see how they survive.

Sent by Celeste | 4:06 PM ET | 09-22-2008

Just curious - Mr. Talbott said that AIG was bailed out because the government felt that the businesses they insured would be aversely affected, but I understood - both from coverage on Money Talks and elsewhere - that AIG's importance was in the insurance they held on the BOND market; that is, they were insuring that the (bad) investments made by other companies would be covered. As far as I know, the other insurance arms of AIG are highly solvent, and are expected to turn the government a handsome profit for resale. Which is true? It appeared (though, like Adam, I hate class warfare) that Mr. Talbott is attempting to shift the responsibility away from the poor investment choices some firms made.

Sent by Haldon Ellwood Lindstrom | 4:14 PM ET | 09-22-2008

So members of Congress want to limit other people's paychecks, meanwhile voting to raise their own any chance they get. Folks, you are wasting your time with this debate about economics and fairness... this ship is sunk. Go to Walmart and get some rice to stockpile. Your support of hopelessly corrupt politicians will never avert this disaster and definitely will not feed you in the aftermath.

Sent by Russ | 4:23 PM ET | 09-22-2008

It blows my mind that people like Scott Talbot and his corporate interests talk like they have the best interest of the American People at heart when their bottom line is hanging on to their own money and the sick financial system that created it. This whole financial crisis is starting to sound like a smoke and mirrors game to transfer wealth from taxpayers to CEOs and castrate congress of its power to check and balance the treasury department. The Bush Administration took advantage of the 9/11 crisis and they are doing it again. They want to write a blank check to the Secretary of the Treasury drafted on the taxpayers account and then give him unfettered authority to use the money however he wants without being held accountable to any law...
We are weeks away from the next election. Is this some sort of Coup de Etat?

Sent by andrew | 5:47 PM ET | 09-22-2008



   
   
   
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