Bob Kelleher Comments on Buffett’s Remarks about Bailout

September 24, 2008--

    When asked about the Wednesday morning Warren Buffett interview on CNBC, Bob Kelleher had this to say.  “While I have a lot of respect for Mr. Buffett and agree with most of what he said, I take exception to the statement that Congress should not write restrictions on the bailout funds into the legislation. 

   “We know from experience that members of the Bush administration have taken advantage of the American taxpayer, and can expect no better from Paulson.  In fact in the proposal sent to Congress by Paulson, he stated in Section 8 ‘Decisions by the Secretary pursuant to the authority of this act are non-reviewable and committed to agency discretion, and may not be reviewed by any court of law or any administrative agency.’  That statement makes his attitude toward the American taxpayer apparent; it is Bush, (or should we say Cheney), back room business as usual. 

   “Congress needs to direct the Secretary to limit the price paid for the securities such that we the American people are guaranteed a profit to pay for the bailout.  We need complete transparency in all transactions involved in this bailout.  We also need to send the word to the management and boards of these companies that these types of failures will not generate bonuses.  In fact I stand by my statement of Monday, September 22:  ‘All of the company board members and CEO's must be summarily sacked without compensation of any kind. No golden parachutes on the taxpayer dime!’

   “Baucus is afraid to debate me, but says he will answer questions posed by the voters.  Please call his office today ((202) 224-2651).  Ask him if he is planning to write Paulson a blank check.  Also, ask him why, exactly 9 years before this coming Election Day, on November 4, 1999 he voted to eliminate taxpayer protection by deregulating the financial industry.  Remember that on November 4 of this year!”

For More Information Contact:

Bob Kelleher for US Senate 2008
Box 397, Butte MT 59703
Tel: 406-565-5711
FAX: 406-565-5251
Email: bob@bobkelleher2008.com
Web: www.bobkelleher2008.com