Before we look at Sununu's objections, a quick reminder: In February, TPMmuckraker reported that the former New Hampshire GOP senator has what appears to be a major conflict of interest: he sits on the board of a subsidiary to Bank of New York Mellon -- a firm that both received TARP funds itself, and has contracted with the Treasury to help run the program. In an email to the Associated Press, which picked up on the story, Sununu said he didn't see this as a conflict.Problem?
As we noted in our original report, Sununu from the start has taken a notably bank-friendly approach to his work on the panel. In February, he dissented from a previous panel report that took a hard line with Wall Street, instead recommending going far easier on the banks, and emphasizing the need to rein in Fannie Mae and Freddie Mac.
So let's recap. The guy who sits on the board of a company affiliated with a bank that has both been bailed out, and administers the bailout program, thinks that the main problem with the bailout is that restrictions on executive pay have been too onerous on the banks.
[ cf Conflicted Sununu: The Real Problem Is That CEO Pay Limits Are Too Tough ]
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