For Immediate Release
From: Russell for Congress, www.Russell2008.com
Contact: Jim Russell, 914-747-7355
Russell Demands Lowey Recuse Herself from House Bailout Votes
Jim Russell, who is a candidate for New York’s 18th Congressional District seat held for nearly 20 years by multi-millionaire Nita Lowey, said today:
“Nita Lowey is so deeply indebted to security and investment interests for campaign contributions and has been so aloof from the early warning signs of the current financial crisis that she should recuse herself from the upcoming bailout votes in Congress.
Lowey should have been alert to the early warning signs of the current economic collapse last year and taken corrective action to prevent the sub-prime mortgage meltdown that has now developed into a global economic crisis.
Russell stated: “From her vantage point as a senior member of the Appropriations Committee, and, as a substantial investor in Bear Stearns, not to mention her husband, Stephen Lowey‚s position as a securities attorney, Nita Lowey
was professionally and personally in a unique position to see the sub-prime mortgage market unraveling. She could have responded to these signals by sponsoring regulatory legislation, or at least spoken out on the long-term risk of these speculative investments to our economy.”
Instead, Lowey apparently did little or nothing to prevent the current economic crisis which is believed to have been triggered by the collapse of two Bear Stearns hedge funds last July. The managers of these funds have since been arrested for securities fraud.
Russell declared: “We deserve representatives who are alert and responsive to the problems facing our economy.”
Instead, Lowey apparently did little or nothing to prevent the current economic
crisis which is believed to have been triggered by the collapse of two Bear
Stearns hedge funds last July. The managers of these funds have since
been arrested for securities fraud.
Russell declared: “We deserve representatives who are alert and responsive
to the problems facing our economy.”
On July 31, 2007, shortly after the collapse of the hedge funds, Lowey received two maximum contributions of $2,300 each from Murray Koppelman, who is identified in Federal Elections Commission documents as “Bear Stearns / President.” According to Open Secrets.org, since 1993, Lowey received over $72,050 in contributions from Bear Stearns employees.
On March 31, 2008, shortly after the Federal Reserve‚s unprecedented $29 Billion
bailout of Bear Stearns, Lowey received maximum allowable contributions of $4,600
rom Gary Reback, a Bear Stearns mortgage broker from Scarsdale and from Miriam
Reback, a former Bear Stearns managing director.
Lowey’s inaction in response to the Bear Stearns debacle seems inconsistent with her website which states:
“Cracking Down on Corporate Fraud & AbuseRussell said:
With more Americans than ever before invested in the stock market, corporate leaders have a responsibility to uphold the highest ethical standards. Nita Lowey supported new laws to hold executives accountable for defrauding investors, destroying documents, or mismanaging company pension funds. And Nita believes we must do more to strengthen oversight by the accounting industry and by federal regulators such as the Security and Exchange Commission.”
“Would these investments and contributions unduly influence Lowey's vote
on the terms of a bailout package? Hopefully not, but I‚d be more comfortable
if Lowey and other representatives and senators who are similarly situated recuse
themselves from this vote.”
Another more general question is: “Should elected representatives accept campaign
contributions from institutions with which they conduct personal business?”
FEINMAN, ALFRED |
GLICKENHAUS & COMPANY/INVESTMENT MA |
3/23/07 |
$2,300 |
Lowey, Nita M (D) |
FEINMAN, ALFRED |
GLICKENHAUS & COMPANY/INVESTMENT MA |
3/23/07 |
$2,300 |
Lowey, Nita M (D) |
FEINMAN, ALFRED |
GLICKENHAUS & COMPANY/INVESTMENT MA |
6/27/05 |
$2,000 |
Lowey, Nita M (D) |
FEINMAN, ALFRED |
GLICKENHAUS & COMPANY/INVESTMENT MA |
2/21/06 |
$1,900 |
Lowey, Nita M (D) |
FEINMAN, ALFRED |
GLICKENHAUS & COMPANY/INVESTMENT MA |
3/30/04 |
$1,000 |
Lowey, Nita M (D) |
FEINMAN, ALFRED |
GLICKENHAUS & COMPANY/STOCKBROCKER |
3/20/03 |
$1,000 |
Lowey, Nita M (D) |
FEINMAN, ALFRED |
GLICKENHAUS & COMPANY/STOCKBROCKER |
9/25/03 |
$1,000 |
Lowey, Nita M (D) |
FEINMAN, ALFRED |
GLICKENHAUS & COMPANY/STOCKBROCKER |
9/25/03 |
$1,000 |
Lowey, Nita M (D) |
FEINMAN, ALFRED |
GLICKENHAUS & COMPANY/STOCKBROCKER |
5/29/02 |
$1,000 |
Lowey, Nita M (D) |
FEINMAN, ALFRED |
GLICKENHAUS & COMPANY |
4/28/97 |
$1,000 |
Lowey, Nita M (D) |
FEINMAN, ALFRED |
GLICKENHAUS & COMPANY |
5/26/98 |
$1,000 |
Lowey, Nita M (D) |
FEINMAN, ALFRED |
GLICKENHAUS & COMPANY |
6/28/99 |
$1,000 |
Lowey, Nita M (D) |
FEINMAN, ALFRED |
GLICKENHAUS & COMPANY/INVESTMENT MA |
3/24/06 |
$200 |
Lowey, Nita M (D) |
GLICKENHAUS, James |
GLICKENHAUS AND COMPANY |
7/24/97 |
$250 |
Lowey, Nita M (D) |
GLICKENHAUS, SETH |
GLICKENHAUS & COMPANY |
2/2/94 |
$1,000 |
Lowey, Nita M (D) |
