« USDA Taps Lawrence Rael for Top Post in New Mexico | Main | NM Job Growth Last in West, Trending Downward Neighboring States Add Jobs at 4x, 5x NM Rate »

Tuesday, May 15, 2012

Eric Griego Launches New TV Ad Calling for Wall Street Accountability

Today, Democratic congressional candidate Eric Griego became the first congressional candidate in the nation to air a TV ad calling for Wall Street bankers to be held accountable for their actions.  Griego also released his platform to strengthen Wall Street reform and to prosecute bankers who broke the law.

The ad features Westside Albuquerque residents Alan and Melinda Witt.  A month after Alan Witt retired, the economy crashed and he and his wife lost much of their savings, which they will never be able to recover.

“To this day, not one Wall Street banker who broke the law, tanked the economy, and took away people’s homes and savings are in jail,” Griego said.  “Sadly, Wall Street bankers are still playing by their own rules, and we need tough reforms to hold them accountable.  We need to break up the Wall Street-Washington romance by electing more reform-minded Democrats who will not sell out the public to appease Wall Street lobbyists.”

“If candidates like Elizabeth Warren and me win this year, it will send a signal to the political establishment that it’s time for real Wall Street reform.”

In Congress, Griego will fight for the following five reforms:

  • Fight to increase 20-fold the number of investigators for the financial crimes federal task force led by New York Attorney General Eric Schneiderman.  Right now, this task force only has 55 investigators and prosecutors.  The Savings and Loan crisis of the 1980s was staffed with over 1,000 investigators, experts, and prosecutors.  That effort yielded more than 600 convictions and $130,000,000 for taxpayers.  One of the first bills that Griego will sponsor will be to increase the funding and staffing for this financial crimes task force.
  • Push for increased funding for the Consumer Financial Protection Bureau – the federal watchdog on Wall Street, created by Elizabeth Warren – to strengthen its investigative capabilities.  Even a small additional investment can avert billions, or trillions, of dollars in economic damage by Wall Street.
  • Push the U.S. Justice Department to more aggressively prosecute white-collar crimes by Wall Street bankers.  Members of Congress can exert key leverage with the Justice Department to make investigations and prosecutions happen.
  • Strengthen the Dodd-Frank Wall Street Reform and Consumer Protection Act, and close the loophole in the legislation’s “Volcker Rule” that was exploited by JPMorgan recently – when their risky bets lost $2 billion.  Many of the legislation’s provisions are designed to go in effect in 2014, so the rules are still being written.  Congress can’t allow Wall Street bankers to write their own rules – we need Wall Street reform to stay on the agenda in Congress.
  • Pass a new Glass-Steagall Act to separate investment banks from traditional banking – so people’s life savings are not gambled away by Wall Street. Elizabeth Warren and the Progressive Change Campaign Committee started a grassroots campaign for a new Glass-Steagall yesterday, and within hours over 40,000 people joined the cause.  I’m proud to be one of those people – and passing a new Glass-Steagall will be a priority of mine in Congress.

May 15, 2012 at 09:11 AM in Candidates & Races, Eric Griego, NM-01 Congressional Race 2012, Television | Permalink


Great ad, and oh so timely. It comes right on the heels of JP Morgan Chase's admission that they lost $2 billion on risky commodities trading.

Put the banksters in jail. Vote for Eric Griego.

Posted by: Proud Democrat | May 15, 2012 10:58:19 AM

I started paying attention to the election a few weeks ago, and I am very concerned. A previous post was about Griego's ability to pass legislation. They provided links to support their compelling argument.

Terri gives links that show Altria and other corporations support ALEC. Is there a link to supporting documentation that proves Griego took campaign contributions from ALEC corporations?

I thought Griego was the best candidate, but now I am not sure. This is politics, so I need verification before an accusation becomes a fact I believe.

Posted by: Susan | May 15, 2012 2:19:55 PM

They're lying, Susan. The fact is that Griego hasn't taken any corporate money in this race, whereas Chavez and Lujan Grisham did.

If it's Marty Chavez's hatchet job against Griego, he should instead explain why he asked for and took $5,000 for his congressional race from a Wall Street corporate PAC, the New York Life Insurance Company PAC. Chavez also won't return the $5,000 he took from his indicted girlfriend, who's accused of defrauding the St. Vincent Hospital $3.2 million. Chavez also took $2,000 from the former chair of ABQ PAC, which we all remember was his personal slush fund that he used to pay off his personal loans by taking money from city workers and contractors.

If it's Lujan Grisham's people's hack job against Griego, she should explain why she took $1,000 in this race from the health insurance industry corporate PAC. She should also explain why she worked for Republican Gary Johnson in his cabinet with Heather Wilson and Darren White to push for their radical right-wing agenda to cut and privatize services. Remember, this is the same Lujan Grisham that worked for Johnson to deregulate the nursing homes after Johnson raked in tens of thousands of dollars from the private nursing home companies.

Griego is the one who passed public financed elections in Albuquerque and pushed hard for the bills to get money out of state politics, which the conserva-Dems opposed. He also signed Occupy Santa Fe's 99% pledge to say that corporations are not people and that he would push for a constitutional amendment against Citizens United. Griego's opponents should be careful distorting his record lest they find themselves having to answer theirs.

Posted by: Downtown Progressive | May 15, 2012 6:19:03 PM

Go Eric! Banksters need to go to jail for their crimes against the people, people who lost homes and retirement funds, people who worked hard and played by the rules only to be taken advantage of by scammers who profited at the expense of the middle class.

They have no shame. Vote for Eric!

Posted by: bg | May 15, 2012 9:20:17 PM

Talk about shame, this ad is just more hypocritical talk from Eric Griego who has taken THOUSANDS in campaign donations from big corporations and special interests. See for yourself right here: http://bit.ly/JRFbQh. If Eric Griego had any intention of holding banks and corporations accountable he would have not taken those contributions. Before anyone gives Griego an ounce of credibility he needs to return the corporate cash first, but I am guessing the guy who took a $25,000 "bonus" from a charity for poor children won't be returning any money to his corporate overlords.

Posted by: James H | May 16, 2012 7:30:09 PM

Why would this blog pull a post that is pertinent to the race and is the truth? Why would a self proclaimed progressive source of information censor information? I would not be surprised if this post is gone by tomorrow.

It is very disappointing that Griego’s supporters would use language to mask the truth. Everyone who defended him said, he did not take corporate money in this race. The three words, “in this race,” are used to deceive.

It sounds like something Clinton would say to deflect outrage from progressives when he signed welfare reform. I believe Griego would compromise his believes to protect his political career.

He took money from those corporations when he ran for Senate. He should have admitted it and returned the money. It was wrong to give talking points to supporters to hide his actions.

I would like to thank the person who provided the link that proved Griego is willing to deceive voters.



Posted by: Susan | May 16, 2012 8:24:14 PM

I know very well that emotions get high as election day nears; and I also know that it's easier to sling the mud than to walk the pavement door-knocking for candidates.

But the posts above remind me that we need to step back and take a deep breath.

Thanks to Citizens United, there are plenty of PACs working in this race that have absolutely nothing to do with the candidates. And I suspect the PACs are slinging the mud.

All of the candidates should be congratulated for running and giving it their all. It's not easy to run for office.

Supporters can serve their candidates best by focusing on the facts and informing the voters about the facts. Let the PACs do the mud-slinging.

Posted by: Lora Lucero | May 17, 2012 12:44:43 AM

I seem to remember a whole lot of "PROGRESSIVES" screaming at the top of their lungs that no candidate for public office should sign a group's pledge during the early months of the Republican Presidential primary. Now it is okay for Eric Griego to do so? These "progressives" who also scream so loudly about the shame in negative campaigning need take a step back and look in the mirror. They are becoming the thing they hate most. Not to mention their disdain for party stooges. It is becoming more and more obvious that Eric Griego is simply reading talking points provided to him by the PCCC.

Posted by: CD1 | May 18, 2012 8:09:45 AM

Sadly, the attacks on the progressive base of the Democratic Party continues. To slam groups like the PCCC for working to elect genuine progressives with spine to take on Wall Street like Eric Griego and Elizabeth Warren sounds like something that'd come out of the mouths of the two corporate Dems Marty Chavez and Michelle Lujan Grisham. The fact is Lujan Grisham is being led by her nose by nothing but the Emily's List. Emily's List is a great organization with a simple mission: elect more women. The PCCC is also another great organization with a simple mission: elect more real progressives. Let's face it. Lujan Grisham may be a woman, but she's no progressive.

Posted by: Downtown Progressive | May 18, 2012 8:36:38 PM

Downtown Progressive, address the whole post or no part of it at all. Thanks.

I seem to remember a whole lot of "PROGRESSIVES" screaming at the top of their lungs that no candidate for public office should sign a group's pledge during the early months of the Republican Presidential primary. Now it is okay for Eric Griego to do so? These "progressives" who also scream so loudly about the shame in negative campaigning need take a step back and look in the mirror. They are becoming the thing they hate most.

Posted by: CD1 | May 25, 2012 11:31:12 PM