Campaign 2010

Jun 11, 2010

Wall Street Banker Harmer Pledges Support for Big Banks

In today's man bites dog news, Wall Street banker David Harmer pledged his support for the big banks and financial institutions – like his former employer – that made bad loans and put our entire economy at risk.

Harmer actually claimed that regulators stood in the way of banks making loans – not the big banks who are refusing to open the flow of credit.

"Defending the big banks and Wall Street financial interests – that’s exactly what’s to be expected from a former Wall Street banker who got a big bonus and severance package from the bank he worked for – after the bank took federal bailout funds," said Andy Stone, Western Regional Press Secretary for the Democratic Congressional Campaign Committee.  "Northern Californians deserve better than banker David Harmer, a steadfast defender of the banks and financial institutions that got us into this economic mess."

Background

  • Harmer told the Lodi News-Sentinel that while banks want to lend money, federal regulators are standing in the way. [Lodi News-Sentinel, 6/10/10]
  • 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]

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