July 30, 2015

Phil Gramm, architect of the repeal of Glass-Steagall and subsequent financial collapse, feels very, very sad about one rich pal's measly severance package.

Phil Gramm, a former three-term Republican senator from Texas who once ran the Senate Banking Committee, told the House Financial Services Committee yesterday that “it was an outrage” that his friend Edward Whitacre, the CEO of AT&T, only got “$75 million” when he retired in 2007.

“If there’s ever been an exploited worker” it was Whitacre, said Gramm, testifying on the fifth anniversary of passage of the Dodd-Frank financial reform bill. Gramm appeared genuinely aggrieved by Whitacre’s shabby treatment and literally pounded the table while speaking.

Whitacre actually received a retirement package totaling $158 million.

Gramm attributed public anger at CEOs like Whitacre to “the one form of bigotry that is still allowed in America,” which is “bigotry against the successful.”

Digby:

Why the next thing you know, these rich people are going to be forced to retreat to their estates and spend all their time counting their money and ordering the servants around.

#Billionaireslivesmatter

To which I reply, #AllLivesMatter.

Spare me the "outrage" over a $75 million retirement package, please.

Can you help us out?

For 17 years we have been exposing Washington lies and untangling media deceit, but now Facebook is drowning us in an ocean of right wing lies. Please give a one-time or recurring donation, or buy a year's subscription for an ad-free experience. Thank you.

Discussion

New Commenting System

Our comments are now powered by Insticator. In order to comment you will need to create an Insticator account. The process is quick and simple. When registering you will also be presented with the option to tie all your old Disqus comments to your new Insticator account. Please note that the ability to comment with a C&L site account is no longer available.

We welcome relevant, respectful comments. Any comments that are sexist or in any other way deemed hateful by our staff will be deleted and constitute grounds for a ban from posting on the site. Please refer to our Terms of Service (revised 3/17/2016) for information on our posting policy.