Senator Herb Kohl says his constituents are furious — and he doesn't blame them. On the floor of the U.S. Senate, the Wisconsin Democrat read from his statement on the Bush administration's proposed bailout of the financial services sector. "Wall Street and the administration is asking hardworking Wisconsinites to bail them out, to buy assets that no one wants, to go further into debt with China," said Kohl. "So that banks and financial institutions can avoid bankruptcy."
Kohl said that, as a businessman, he's "shocked and appalled" that Wall Street's "best and brightest" allowed their companies to purchase "dangerous assets that they didn't understand." The Wisconsin Democrat said he'd like to hear some apologies from "the so-called titans of Wall Street," and wants strict oversight and limits on CEO compensation. "I understand the delicate situation we are in, and the risks we face, but I am wary of being rushed into a quick decision," said Kohl. "I would prefer a solution that does not provide the $700 billion all at once, but provides part of it now, and more later if necessary."
