On the recordMay 26, 2010
The senior, $47 a day--average income--based on the $17,300 average annual income. Take a look at Jamie Dimon at JPMorgan Chase: $16 million salary, an astounding $43,835 a day. There is John Stumpf. You mentioned Wells Fargo and their practice with the senior in your community. He receives $21.3 million, or $58,356 a day. That's incredible. That's more than some people make in a year. They were making this every single day and were putting seniors' life savings at risk. Now, many people got hurt in the Wall Street downturn, but seniors have less time to be able to reinvest and to make up that difference and to recover from what Wall Street did to Main Street. We need to work hard to make sure that seniors are protected from other kinds of scams, and we need to make sure they know, when they get somebody calling them, offering them mortgages that they didn't ask for, that that's an alarm. When they get somebody telling them that they have to act today, that's another danger sign. They need to be careful of balloon payments, of prepayment penalties and of other kinds of tricks and gimmicks that can make those loans very expensive, that can make it hard for them to get out of or that can make their money out of reach for a long time. That's why we need the Consumer Financial Protection Agency. That's why we need an office which will protect older Americans.
