Alphonse D’Amato Frowns on Bailouts
Tuesday, August 18th, 2009
If former New York Senator Alphonse D’Amato had his way, there would be no multi-million dollar bailouts for America’s struggling banks.
Park Strategies published D’Amato’s views on the issue, who pointed out not only to what President Barack Obama described as a “legacy of mismanagement and misplaced priorities” and “an era of profound irresponsibility,” but also to “outright corruption” as the culprit of the banking industry’s troubles.
On the numerous bailouts the government has issued to revive several banks, D’Amato refuses to be convinced. Expressing concern that the government was throwing money away without a cohesive strategy, Alphonse D’Amato has this to say about distressed banks in general: “Enough is enough. Let them go into bankruptcy! For the little guy, the “moms and pops” of America who run your local deli, or dry cleaner, or hardware store, there is no bailout for them.”
Alphonse D’Amato also commented on bailout beneficiaries CitiGroup and AIG while also including credit rating agencies like Fitch, Moody’s, and Standard & Poor’s to his blame list. D’Amato believes that the country’s rating agencies deceived the American population because the agencies failed to identify the proper elementary standards for buying homes. D’Amato is urging a comprehensive investigation of the rating system and its agencies.