New ad lifts up Tester on financial reform

by: John_Firehammer

Thu Feb 25, 2010 at 10:36:24 AM MST

The old ad, funded by a shadowy conservative group based in North Carolina, is part of a campaign seeking to derail financial reforms that would halt the reckless practices by Big Banks and Wall Street that devastated our economy.

The new ad rightfully thanks Tester for pointing out the misinformation and for standing up for everyday Montanans and against Wall Street interests.

Titled "Wall Street Puppets," the new ad is funded by Americans for Financial Reform and Americans United for Change and will air in the Billings market over the next week. You can view it here.

Montana left wondering: Where's My Bonus?

by: John_Firehammer

Tue Feb 09, 2010 at 13:58:21 PM MST

Across the state, layoffs and business closures are on the rise. And now we get local headlines about obscene CEO bonuses.

According to the Missoulian, Smurfit-Stone Container Corp. - which has declared bankruptcy, shuttered its
Frenchtown pulp mill and laid off more than local 400 workers - paid out $50.4 million in bonuses last year.

Smurfit Chief CEO Patrick Moore received more than $1.5 million in bonus pay, while President and Chief CEO Steve Klinger raked in nearly $1.1 million, the Missoulian reported.

Meanwhile, the company owes cash-strapped Missoula County $1.18 million in taxes.

This is just another appalling example of shameless, reckless financial practices that have torpedoed local economies throughout our nation.

While the CEOs enjoy their rewards, Western Montana will be feeling the loss of Smurfit-Stone for years to come. According to the University of Montana Bureau of Business and Economic Research, the mill closure may result in additional job losses in construction, retail and health care services. All told, up to 1,500 Missoula County jobs may be jeopardy.

Congress needs to put the brakes on such outrageous behavior and pass financial reforms that will hold CEOs, Wall Street and Big Banks accountable. At the same time, we need reforms that will help protect consumers and give small businesses a hand up in this troubled economy.

The Myth Machine Fires Up on Financial Reform

by: John_Firehammer

Sat Feb 06, 2010 at 08:46:05 AM MST

A new ad now airing in Montana tries to make a claim that proposed reforms of our nation's financial system amount to a "big bank bailout bill."

It's a deliriously cynical and misleading statement from the people who brought us the absurd cries of "death panels" and "socialized medicine."

The new myths from these old fear mongers are funded by a right-wing North Carolina organization -- the ironically named Committee for Truth in Politics -- and were scripted by Frank Luntz, an ultra-conservative stooge for Wall Street and the Big Banks.

Montanans and people throughout the nation are angry at Big Banks and Wall Street and the reckless business practices that have eviscerated our economy. But in the strange world of Luntz -- where everything is what it isn't and facts are meaningless -- the ads somehow wave the populist flag while railing against the very policies that will stabilize our financial system and rein in the Fat Cats.

The financial reforms before Congress would impose rules and consequences on the massive corporations that got us into our economic mess.

That's why big-bonus CEOs and the enemies of reform are launching such a hard and dirty fight against these changes.

It's time our laws protected Main Street, not Wall Street.  

Chamber continues working against Main Street Montana

by: John_Firehammer

Thu Feb 04, 2010 at 12:05:07 PM MST

We've already seen the Chamber funnel millions of dollars from the insurance industry into misleading anti-health reform advertisements.

Now, rather than pushing for rules that will end the deceptive financial practices that have shuttered businesses throughout Montana and put hundreds of residents out of work, the Chamber wants to maintain the status quo -- putting us at risk for future economic calamities.

In a shrill press release issued this week, the Chamber targets the Consumer Financial Protection Agency (CFPA), insisting it will hurt the very people the agency is meant to help.

Disappointingly, the Billings Chamber of Commerce/Convention and Business Industry signed on to the statement.

The greedy, reckless behavior of big banks and Wall Street nearly brought on a second Great Depression. Montana is suffering as a result of their actions. State agencies and city governments are struggling with deficits. Small businesses are fighting to stay afloat. And working people are more fearful than ever about losing their jobs.

Meanwhile, Goldman Sachs contemplates giving its CEO and other high-ranking employees $100 million in bonuses.

We need rules that will reign in reckless behavior on Wall Street and help protect Montana consumers and small businesses.

It would be nice if the Montana Chamber took our side instead of Wall Street's.