Louise Slaughter: “This body is about to blow an extraordinary opportunity to address the erosion of trust between the American people and…”

“This body is about to blow an extraordinary opportunity to address the erosion of trust between the American people and the financial institutions that wield enormous control over their lives. Make no mistake, the outrage of our constituents is real. They are fed up with corporate fraud and abuses that have produced massive layoffs and wiped out the life savings of thousands of working families. The American people have voiced their outrage to this body through every medium available: letters, e-mails, hearings, interviews, you name it. They have shared stories of devastation, of loss, and dreams deferred, all in the hope that Congress would act to prevent future scandals. Global Crossing's North American headquarters are located in my district in Rochester, New York. I am sure Members remember Global Crossing. The company was the darling of Wall Street, yet somehow it managed to plummet from a net worth of $22 billion to $750 million in the span of less than a year, not too far from AOL Time Warner, we hear this morning. In the wake of its collapse, the lives of thousands in my district were shattered, all because the promised safeguards failed at every level.”