Dymally Endorses LaRouche Call For New Pecora Commission
January 15, 2009 (LPAC) -- Former Congressman Mervyn Dymally (Dem., Ca.), today endorsed the call by Lyndon LaRouche that the U.S. Congress establish a new Pecora Commission, with full investigative powers, to probe the criminal wrongdoing of leading Wall Street institutions and figures. Pointing to reports that the Bank of America is asking for still more bailout funds, and reports that Morgan Stanley used part of the money it received from the U.S. Treasury to purchase a stake in Smith Barney, he said it is "unacceptable" that U.S. taxpayers underwrite a bailout of those who may have committed crimes. "There are many on Wall Street who used the deregulation of banking and the financial system to engage in what used to be criminal activity. A full accounting is necessary, so we do not allow this to happen again." Prior to his election to the Congress in 1980, Dymally was elected Lt. Governor of California, from 1974-78. While in the Congress, he served as Chairman of the Congressional Black Caucus.
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