A bigger bailout.
Americans awoke today to discover that the
From AlterNet:
Wall Street Fat Cats Are Trying to Pocket Billions in Bailout Cash
By Nomi Prins, AlterNet
Posted on November 7, 2008, Printed on November 8, 2008
The election results pretty much confirmed the extent to which Main Street is rightly livid about the Wall Street mentality that led to our financial crisis. During his historic victory speech, President-elect Barack Obama told supporters, and the rest of the world, "If this financial crisis taught us anything, it's that we cannot have a thriving Wall Street while Main Street suffers."
But, it seems that Wall Street didn't get that memo. It turns out that the nine banks about to be getting a total equity capital injection of $125 billion, courtesy of Phase I of The Bailout Plan, had reserved $108 billion during the first nine months of 2008 in order to pay for compensation and bonuses (PDF).
Paying Wall Street bonuses was not supposed to be part of the plan. At least that's how Federal Reserve Chairman Ben Bernanke and Treasury Secretary Hank Paulson explained it to Congress and the American people. So, on Oct. 1, when the Senate, including Obama, approved the $700 billion bailout package, the illusion was that this would magically loosen the credit markets, and with taxpayer-funded relief, banks would first start lending to each other again, and then, to citizens and small businesses. And all would be well.
That didn't happen. Which is why it's particularly offensive that the no-strings-attached money is going to line the pockets of Wall Street execs. The country's top investment bank (which since Sept. 21 calls itself a bank holding company), Goldman Sachs, set aside $11.4 billion during the first nine months of this year -- slightly more than the firm's $10 billion U.S. government gift -- to cover bonus payments for its 443 senior partners, who are set to make about $5 million each, and other employees.
Whereas Wall Street may not believe in higher taxes for the richest citizens, it does believe in higher bonuses for the head honchos. No matter what the market conditions are on the outside, steadfast feelings of entitlement tend to prevail.
...
In other words...
These people don't need another dime of our money.
These people need to be hunted from helicopters.
11 comments:
The PDF that Alternet cites is from oversight.house.gov, and there's a joke in there somewhere, but I'm sure I can't see where.
Hunted from helicopters? Maybe Caribou Barbies got the right idea after all!
For sport?
Perhaps after a time. Their more important function now is to be prosecuted for being arrogant, stupid captains of finance.
To not do so validates the thinking that they deserve BONUS for besotting and rat-fucking the country.
Carted through the streets with frequent rancid fruit and vegetable pelting stops on their way to the public stocks where they can consider their worth.
Fragging's too good for them. Their suffering should be commensurate with that which they have inflicted upon the world.
gee, wonder why our Crawford Caligua underfunded the white collar crime section of the FBI?
where's a guillotine when you need one
Thanks for the heads up on this. I too had to put my outrage to words. Credit given.
Super J.
Come on now Drifty, Defenestrating the worlds capital markets and making the world the world safe for fascism is hard work.
What is a little lagniappe between phuqtards?
Just recently, some CEO in India was beaten to death by an angry mob. Could the same thing happen here? Even given most Americans' inclination towards blind worship of wealth, I think it could...given the right circumstances. And I think we're approaching that moment in time.
People are pretty pissed off these days, and with good reason. If the oligarchic swine sitting at the top of the heap don't make some effort to at least look like they're trying to restrain themselves from grabbing everything, I think they're due for a very unpleasant wake up call.
Bring back the 90% top rate.
THEN defenestrate them...
some CEO in India was beaten to death by an angry mob
In the 70s and 80s CEOs in Western Europe travelled with security befitting high politicians and were regularly assaulted with gunfire and explosives.
Not that I am wishing for it, but I wonder why that trend never caught on in the US.
let me know where we're meeting up. i'll bring my pitchfork.
I'll fetch some torches.
Y'know, our forefathers had a charming tradition that seems tailor made for the circumstances. If someone would find enough roofing trucks to equip the division, I'll put in a call and see what Tyson does with all those feathers.
While I hold out scant hope indeed that President Obama will be able to do much about the crimes of the administration proper from the last eight years, perhaps he'll be able to put the bungled Jenga of a DOJ back together and actually jail some of these clowns. If things keep going as they are, it might be in their best interest anyway.
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