More on the Trauner press conference

Here's the press release on the Trauner speech today in Cheyenne:

Democratic Congressional Candidate Gary Trauner says there should be no blank checks for the financial companies lining up for a federal bailout. He laid out a list of conditions he would push for if he were elected to Congress.

Chief among them was the elimination of golden parachutes and huge paydays for the CEOs and executives who are responsible for the problems. "In fact," says Trauner, "we should be taking money back from them. And if they've been irresponsible, they should be banned from future work in the securities industry."

Trauner added the following conditions for the bailout:

1. In return for any purchase of bad assets held by private entities, we, the taxpayers, get a contingent stake in any company – so if the assets are not worth the paper they are written on, taxpayers don't get burned and companies do not get off scot free for bad behavior.

2. The Government institutes direct oversight of these businesses and regulates them much like banks are regulated today.

3. If we are going to bail out Wall Street, then we need to take care of Main Street as well – there must be provisions that ensure that we do everything we can for well-intentioned primary homeowners – not investors or speculators - who are at risk of foreclosure so they cans stay in their homes – either as owners or renters.

Trauner warned that the bailout doesn't address the root causes of the problem, such as a lack of transparency and oversight, financial investment that no one understands, and investments like credit default swaps.

"This crisis is the direct result of 8 years of thinking that markets don't need regulation; that we don't need to have rules or enforce the ones that exist. That somehow "the market" will solve everything," Trauner said. "It's like playing a football game without the referees."