Statement of Barack Obama on Countrywide Execs Who Will Reportedly Collect Multi-Million Dollar Payouts
CHICAGO — Senator Barack Obama issued the following statement today in response to reports that two Countrywide executives, who are accused of exacerbating the ongoing home mortgage crisis, are slated to receive multi-million dollar payouts tied to the company’s performance during their tenure:
“All across this country, we’ve seen how it’s becoming harder and harder for working families to make ends meet. That’s because for far too long, the rules in our economy have been written to benefit Wall Street at the expense of Main Street.
“We saw this again today when we learned that two executives at Countrywide, the nation’s top subprime lender, are set to walk away with nearly $20 million in payouts. This is an outrage. Top mortgage lenders spent $185 million in recent years lobbying Washington to look the other way, while they tricked families into buying homes they couldn’t afford, forcing millions of Americans to face foreclosure and pushing our economy toward recession.
“These executives crossed the line to boost their bottom line. We should be reprimanding them, not rewarding them. Rewarding their bad behavior just encourages others to pursue the same kinds of irresponsible practices that led us into this financial mess in the first place.
“That’s why nearly two years ago, I introduced legislation to treat those who commit mortgage fraud like the criminals they are. And it’s why in a speech last week, I called for realigning incentives and compensation packages, so that both high level executives and employees better serve the interests of shareholders.
“We have to restore balance to our economy, and make sure that we have rules of the road that work for ordinary Americans, not just the wealthy and well-connected. And that’s what we’ll do when I’m President of the United States.”
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