Abercrombie Promised He Would Not Reward Failed Banks with Massive Bailout – Then Did.

When it came to the bailout bill, Abercrombie bailed out on Hawaii.

In late 2008, Congressman Neil Abercrombie could not have been more clear in this letter to a Hawaii constituent, where he vowed to vote “no” on the $700 Billion bail out bill.

“I will not vote to bail out the people who committed a massive fraud on the American public,”  Abercrombie asserted. (4)

He expanded further, “A bail-out means we’re saving the people who caused the mess.” (4)

I have not lost sight of who’s being asked to foot the bill,” assured the Congressman. (4)

Abercrombie said he received nearly 1,500 comments from constituents on his Web site and that only 11 were in favor of the plan. (1) However, Neil’s desire to “represent” the clear direction from his constituents faltered a few days later.

Less than one week from the date of Abercrombie’s  reasuring assertions, he voted for the bailout anyway.

 

 

The Emergency Economic Stabilization Act of 2008 (H.R.3997) was introduced on September 29, 2008, and defeated in the House that same day. On October 1, the Senate approved a similar measure, H.R.1424. The House approved H.R. 1424 on October 3, 2008, and President Bush signed the bill that same day. (7) Neal was among the “flip floppers” who voted against HR 3997 and five days later voted for HR 1425, a virtually identical bill. After going down in a stunning defeat a week ago, the $700 billion bailout made a successful comeback to pass the House Friday. (3)

 

 

Here’s partial list of the financial institutions that helped carve up the gargantuan taxpayer funded hand-out. (5)

For the complete list of financial institutions that received taxpayers’ bailout funds  and the truly mind boggling amounts that were dished out, visit this link.

The executives of those Wall Street financial institutions, whom Abercrombie had referred to as “the people who had caused the mess,” then proceeded to steal the money.

The Straits Times reports:

“WASHINGTON – BANKS that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion (S$2.32 billion) in salaries, bonuses, and other benefits in the calendar year 2007, an Associated Press analysis reveals.”

“Benefits included cash bonuses, stock options, personal use of company jets and chauffeurs, home security, country club memberships and professional money management, the AP review of federal securities documents found.” (6)

Congressman Abercrombie flip flopped on this critical issue, misled his constituents, disregarded their strong opposition to a bail out for Wall Street and then stood idly by while  tax dollars where plundered by crooked security executives.  This is NOT leadership we can trust.


1. Abercrombie, Hirono vote against bailout bill

2. House passes bailout; Hirono and Abercrombie vote yes

3. The Bailout Bill’s Flip-Floppers

4. Hawaii Rep A Liar – Betrays  Constituency On Bailout

5. Bailed out banks

6. Bailed-out execs got $2.3b

7. OpenCongress Summary

Neil Abercrombie Voted Against His Own Bill!

Back in 2008 when Hawaii’s gas prices were heading toward $5 a gallon, Congressman Neil Abercrombie beavered away through the summer working on a bipartisan comprehensive energy bill (HR 6899) that would lower prices at the pump. But, when the bill came to the floor all the Democrat supporters mysteriously bailed out, including Neil, the author of the bill.

When Hawaii struggled with the nation's highest gas prices, Neil hung us out to dry.

According to Republican House Leader John Boehner, “House Democrats say they want to ‘stimulate’ the economy, but last night nearly every single one of them voted against the bipartisan energy bill authored by Reps. John Peterson (R-PA) and Neil Abercrombie (D-HI) to lower gas prices on behalf of working families and small businesses, including 24 Democrats who are cosponsors of the Peterson-Abercrombie bill. That’s correct, 24 Democrats flip-flopped, repudiated their past statements of support and cosponsorship for the bipartisan Peterson-Abercrombie bill by voting against it.”

Boehner continues,Speaker Pelosi and her leadership team have made no bones about their elaborate strategy of making it look like vulnerable Democrats are voting on real energy reform without actually doing it.  But these Democrats took it a step further:  They cosponsored a bill and pledged to support it and then rejected it when given an up-or-down vote.”

One Washington insider lamented, “It’s worth noting that many of these deserting co-sponsors are BDD’s (Blue Dog Democrats). Still, the most stunning part of this is that Neil Abercrombie deserted his own plan. That’s unthinkable. It’s unthinkable because it’s extremely hypocritical. I can’t think of another time when a co-author of a bill abandoned the bill. It’s one thing to abandon it if a bunch of amendments had dramatically changed the bill. Thats defensible. This bill wasn’t dramatically altered. It was barely changed.”

“What this proves is that Speaker Pelosi has employed a strategy based on deceit. It isn’t a stretch to think she’s operated this deceitful strategy with Rep. Abercrombie’s full cooperation.”

Gauge the magnitude of the hypocrisy flowing from Abercrombie from this transcript of the Lou Dobbs show, where he participated with Congressman Peterson to promote their bill.

DOBBS: Aloha. Let me start with — I’m going to just throw this out. Right now, the speaker of the House says she wants to save the planet and effectively, the heck with the American driver, working men and women who are desperate for relief. And right now, what can you do against the gavel of the speaker?

ABERCROMBIE: All right. This is the energy independence bill, Lou. I am telling you right now that we can set a pace for this country. This is not done with political consultants. There’s been no corporations, no advocacy groups, no leadership groups. This was member-driven on behalf of the national interests.

DOBBS: Well, that is welcome and rare news to hear, as you know, Congressman.

ABERCROMBIE: And all we have to do, Lou, is say where are you on the energy independence act? We want to know. We’re going to make a judgment on you as politicians, and on whether you’re acting in the national interest on the energy independent bill.

Bold and duplicitous talk from Congressman Abercrombie before he felt the sting of House Speaker Nancy Pelosi’s whip and dutifully abandoned his own bill, and his Hawaii constituents.

Congressman Boehners Press Release

Proof that it’s all about political cover (blog article)

Peterson and Abercrombie on Lou Dobbs