Dean Heller’s Wall Street Doublespeak

In a blatant attempt to hide his record of standing up for Wall Street at the expense of Main Street, Senator Dean Heller went on KLAS-TV8 to lament how “there’s no shame on Wall Street.”  (Video here)  The fact is, Heller voted repeatedly to protect taxpayer-funded bonuses to Wall Street executives while filling his campaign coffers with their money.

“Did Dean Heller feel any shame as he voted to hand taxpayer money to Wall Street CEOs?  Did he feel any shame when he gladly cashed their contribution checks?  Nevadans deserve better than Dean Heller’s Wall Street doublespeak,” said Matt Thornton, spokesman for American Bridge 21st Century.

Heller voted to protect CEO bonuses at bailed out corporations:

Heller Voted Against Bill to Cap Executive Compensation for Bailout Companies. In 2009, Heller voted against a bill to bar any recipient of federal money from the $700 billion financial industry bailout from paying any compensation that is “unreasonable or excessive,” as defined by standards to be set by federal banking regulators. The restrictions would be lifted once a company had repaid the government. This was one of the bills that came from the outrage over AIG bonuses. The bill passed 247-171. [Vote #182, 4/1/2009; CQ Today, 4/1/09]

Dean Heller Voted To Exempt Bailed Out Companies That Follow Plan To Repay Funds From Compensation Restrictions On Bonuses. Dean Heller voted for an amendment that would exempt companies from compensation restrictions if they entered into a repayment schedule with the Treasury Department and did not default. [Vote #180, 4/1/2009]

Dean Heller Voted To Allow Bailed Out Banks To Pay For Bonuses With Taxpayer Dollars. Dean Heller voted against a bill that allowed the attorney general to recover bonuses given to employees of companies that received more than $10 billion from the Troubled Asset Relief Program. Excessive employee compensation would be deemed a fraudulent transfer of funds, allowing the Justice Department to file civil actions to force return of the payments. Companies could also be liable for civil action if future payments are greater than 10 times the amount of the mean compensation paid to non-management employees. Bonuses came “under fire because of the $165 million in bonuses distributed … by American International Group to executives of the troubled unit that helped lead the insurance giant to the brink of collapse.” Critics of the legislation warned that it would weaken banks and lending by having a chilling effect on participation in any government recovery effort. [Vote #178, 4/1/2009]

Heller takes major campaign contributions from Wall Street:

Heller Has Taken $186,250 From Securities and Investment Interests. According to the non-partisan Center For Responsive Politics, Senator Dean Heller has taken at least $186,250 in federal campaign contributions from securities and investment interests throughout his career. [Opensecrets.org accessed 11/28/2011]

Heller Has Taken Over $145,200 From Commercial Banks. According to the non-partisan Center For Responsive Politics, Senator Dean Heller has taken at least $145,200 in federal campaign contributions from commercial banks throughout his career. [Opensecrets.org accessed 11/28/2011]

Heller Has Taken Over $82,500 From Credit and Financial Interests. According to the non-partisan Center For Responsive Politics, Senator Dean Heller has taken at least $82,500 in federal campaign contributions from credit and financial interests throughout his career. [Opensecrets.org accessed 11/28/2011]

Heller Has Taken Over $149,982 From Other Financial Interests. According to the non-partisan Center For Responsive Politics, Senator Dean Heller has taken at least $149,982 in federal campaign contributions from miscellaneous financial interests throughout his career. [Opensecrets.org accessed 11/28/2011]

Heller Accepted Campaign Contributions From Fannie Mae And Freddie Mac. According to the Center for Responsive Politics, Heller accepted $5,000 from Fannie Mae and $1,000 from Freddie Mac during the 2008 campaign cycle. [Fannie Mae, Freddie Mac, OpenSecrets.org]