Portland, OR - Today, SEIU announced a new television ad, titled Hole," that will air on cable and broadcast across most of Oregon through the end of October. The ad highlights Gordon Smith's legislative history of siding with CEOs and housing lenders that made off with millions of dollars while hard working Americans across the country are struggling to survive foreclosure and make it through the economic recession.

The independent ad buy of more than $400,000 is in response to Smith's efforts to portray himself as a champion for working families and Main Street businesses after years of voting in support of the Bush-Cheney agenda.

"SEIU members are holding Senator Smith accountable for his Washington record that gave CEOs golden parachutes but left Beaver State families stuck in a hole and holding the bill," said SEIU Secretary-Treasurer Anna Burger. "Even before this latest financial crisis, it was clear that the policies of the last eight years have failed hard working Americans. A few months of campaign speeches cannot dig him out after years of support for the failed economic agenda of Bush and Cheney."

The ad, produced by The New Media Firm, can be viewed below:

The transcript follows:

"Hole" - 30 seconds

VO: Day by day, our economy plunges into a deep, dark hole.

They say when you're in a hole, the first thing to do is to stop digging.

But Republican Gordon Smith voted to protect predatory lenders,

to let bad CEOs get away with millions,

and even voted against cracking down on Wall Street oil speculators.

He'll keep right on digging if we let him.

For a new direction, vote Jeff Merkeley for Senate, he'll put us on solid ground again.

SEIU COPE is responsible for the content of this advertising.

Sources:

Gordon Smith voted to protect predatory lenders.

* In 2001, Smith voted with the Republican led majority to table (kill) an amendment that prohibited claims in bankruptcy court for high cost loans such as payday loans, car title loan pawns, or other consumer credit transactions where annual percentage rate is more than 100 percent. [Congressional Quarterly, Senate Vote 28, 3/14/2001]
* In 2001, Smith voted with the Republican led majority in a 50-49 vote to table (kill) an amendment that disqualified predatory lenders from staking claim to a borrower's assets in bankruptcy court if the lender failed to comply with predatory lending laws for high-cost second mortgages and sub prime mortgages. According to opponents of the amendment, it allowed borrowers in bankruptcy to argue that their mortgage should be forgiven on the basis that the bank should have known that they were incapable of repaying the loan. If banks are not allowed to use the homes of those who declare bankruptcy to recover their losses, interest rates will increase on all loans to cover those who fail to pay back their loans. [Congressional Quarterly, Senate Vote 18, 3/8/2001]

Gordon Smith let bad CEOs get away with millions.

* In 2005, Smith voted against the Durbin amendment to the bankruptcy reform bill. The Durbin amendment allowed bankruptcy courts to examine large payments to executives dating back four years by companies heading toward bankruptcy. If the bankruptcy courts determined that payments were excessive, they could recapture that money. The amendment also allowed employees who lost their own money invested in the company pension plans to have a priority claim for compensation. Under the bill, employees who lose money because company have no standing to recoup their money. [Congressional Quarterly, Senate Vote 25,3/3/05]

Gordon Smith even voted against cracking down on Wall Street oil speculators.

* In 2008, Smith voted in opposition to invoking cloture on a bill that "would increase staffing at the Commodity Futures Trading Commission (CFTC) and place more regulations on energy futures trading." [Congressional Quarterly, Senate Vote 184, 7/25/2008]

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