Wednesday, March 4, 2009

NH Dems want Sununu to resign from TARP oversight panel

From the New Hampshire Democratic Party:

Concord- NHDP Chairman Ray Buckley today called on John E. Sununu to step-down from the Congressional Oversight Panel charged with monitoring the government's TARP program.

Sununu, who was appointed to the taxpayer funded position on the TARP panel after losing re-election to the U.S. Senate back in November, just recently joined the board of ConvergEx. 33% of the ConvergeEx stock is owned by the Mellon Bank. The Mellon bank has received over 3 billion in TARP funds. In addition to getting billions in taxpayer dollars, the Mellon Bank was chosen last October to help the Treasury Department administer the TARP program.

"John Sununu needs to resign from the TARP Panel immediately" said NHDP Chair Ray Buckley. "This is a glaring conflict of interest"

ConvergEx Holdings is actually the third board of managers that Sununu has joined in the past few weeks. The two others include Time Warner Cable and Boston Scientific, both of which offer lucrative financial compensation for his service. Sununu is also being paid his former US Senate salary on a per diem rate as a member of the TARP panel.