[Press release from his office. Passed on by Nomi Prins, who adds that Dorgan is one of the few Senators who opposed the Gramm-Leach-Bliley dismemberment of Glass-Steagall]
Wednesday September 24, 2008 For Immediate Release CONTACT: Justin Kitschor Brenden Timpe PHONE: 202-224-2551
** MEDIA ADVISORY **
DORGAN TO GIVE FLOOR SPEECH OUTLINING THE REAL COST OF THE FINANCIAL BAILOUT: $1.7 TRILLION, OR $12,200 FOR EVERY U.S. TAXPAYER (WASHINGTON, D.C.) -- U.S. Senator Byron Dorgan (D-N.D.) will give remarks on the floor of the Senate today at approximately 1:15 p.m. He will outline the real cost of bailouts to American taxpayers, which is actually $1.7 trillion, not $700 billion.
While the current discussion about the financial crisis is focused on the proposal to provide a $700 billion Wall Street bailout, this figure does not take into account many other bailouts meant to address the current economic situation, including:
- $29 billion: JP Morgan Chase for Bear Stearns - $300 billion: Fed Loans to Wall Street Firms - $300 billion: Federal Housing Administration - $200 billion: Fannie and Freddie - $87 billion: JP Morgan Chase for Lehman Financing - $85 billion: AIG - $50 billion: Prop up Money Market Funds
WHO: U.S. Senator Byron Dorgan (D-N.D.)
WHAT: Remarks on the Senate Floor regarding the true cost of bailouts to the American taxpayer
WHEN: Approximately 1:15 p.m. on Wednesday, September 24, 2008
-- END --
Justin Kitsch Communications Director U.S. Senator Byron Dorgan 202-224-1191 (work) 202-657-2583 (cell) 202-228-2122 (fax)