Campaign 2010

Jun 09, 2010

David Harmer: A Shining Example of Bailout Hypocrisy

On the campaign trail, ex-Wall Street banker David Harmer (R-CA-11) never misses an opportunity to rail against federal spending generally and the Troubled Asset Relief Program specifically.

In fact, he pronounced himself "appalled" by the "massive corporate bailouts."

The problem for Harmer?  It’s rife with hypocrisy.  After all, the company he worked for paid him a bonus and severance after it took bailout funds.

"On the campaign trail, ex-Wall Street banker David Harmer’s proven one thing beyond a shadow of a doubt: he can play the hypocrisy game with the best of them," said Andy Stone, Western Regional Press Secretary for the Democratic Congressional Campaign Committee.  "Harmer got caught trying to have it both ways on the bank bailout and California voters won’t soon forget."

Background

  • David Harmer worked for Washington Mutual, which was acquired by JPMorgan Chase.  JPMorgan Chase received $25 billion in Troubled Asset Relief Program funds. [Stockton Record, 5/26/10]
  • When Harmer was let go from JPMorgan Chase, after JPMorgan received the TARP funds, Harmer received nearly $160,000 in bonus and severance. [Contra Costa Times, 5/27/10]
  • David Harmer pronounced himself "appalled" by bailouts. [Contra Costa Times, 1/7/10]
  • According to the Contra Costa Times, Harmer argued, "The 2008 elections offered a great opportunity for change, but a doubling of the national debt within four years and massive corporate bailouts is not the change we had in mind." [Contra Costa Times, 5/28/09]

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