Campaign 2010

Mar 18, 2009

Career Albany Politician Jim Tedisco: Another Day, Another Distortion

Note to Jim Tedisco:  The Bush bailout and the Obama Recovery Act are two different things.

 

Career Albany politician Jim Tedisco's breathless statement trying to tie Scott Murphy to the AIG debacle is missing one key thing - the facts.  Scott Murphy is the only candidate in the NY-20 race to support President Obama's economic recovery act that limits outrageous executive compensation and bonuses for Wall Street executives.  By opposing President Obama's economic recovery act, career Albany politician Jim Tedisco opposes the caps on outrageous executive compensation and bonuses for Wall Street executives. 

 

  • The fact is that last fall the Bush bailout did not contain any limits on executive competition.  Democrats pushed to include limits on executive compensation and bonuses - President Bush and Congressional Republicans refused to accept caps on executive compensation and bonuses and that is how we got to where we are with AIG and other corporations.

 

  • The fact is that on February 5th, it was businessman and Democratic Candidate Scott Murphy who issued a challenge to Jim Tedisco to cap executive compensation and bonuses - just like Murphy does in his business contracts.

 

  • The fact is that President Obama's stimulus act included provisions to eliminate all future golden parachutes for TARP executives, stopping incentives for top executives to take unnecessary risks, and cracking down on future bonuses, retention awards and incentive compensation for all TARP executives.  After a month of waffling, career Albany politician Jim Tedisco came out AGAINST the President's recovery act.

 

"Come on Jim, you've been in Albany a for more than a quarter of a century, but even a career politician like yourself should know the difference between President Bush's bailout and President Obama's economic recovery act," said Jennifer Crider, Communications Director at the Democratic Congressional Campaign Committee.  "Either career politician Jim Tedisco doesn't know the facts about the Bush bailout and the Obama recovery act or he's simply lying about them to confuse voters - and that's just not right.  The simple fact is that by opposing President Obama's economic recovery act, Career Albany politician Jim Tedisco opposes the caps on outrageous executive compensation and bonuses for Wall Street executives like those at AIG."

 

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