AMERICAblog: How is Wall Street still paying $70 billion in bonuses this year?
TheOriginalLiz
· 1 year ago
What did you think the bailout was for? It's certainly not to benefit the middle class taxpayer.
High Crimes & Misdemeanors
· 1 year ago
This is OUTFUKINRAGOUS!! My mother just lost half of her 401K plan and investments, and they received bonuses???
If people cant see the grand heist here, then you are completely stupid.
These suits just robbed the bank, legally of course with the help of the congress, and there isn't a million man march to DC??
Talk about apathy!!!
Hannah
· 1 year ago
I'm betting most middle class folks have received NO bonuses for years. At least that's been the case for my hubby. In fact, most middle class working folks are happy they have a job at all.
The idiots who killed Wall Street deserve to be FIRED, not receive bonuses. Not with our tax monies!!!
Older_Wiser
· 1 year ago
Glad you posted this. It occurred to me yesterday when it was reported that Lehman Bros. execs have been subpoenaed by 3 different govt agencies for CRIMINAL securities fraud (and were allowed to crash and burn while others were bailed out), that it would be seemly to also start investigating the others--AIG, MS, GS, and the 10 banks which were handed various billions last week--instead of merely asking them to testify before Congress. There's a lot of criminal fraud being committed on Wall St., and we're not hearing most of it.
Someone on the financials said the other day that those "bonuses" filter down to even the lowest paid workers on Wall St., and that some couldn't afford to live in NYC if they didn't get them. Well, I couldn't afford to live in NYC, either. Perhaps they should have to change locations to find work as many Americans have had to do over the last 8 years.
The lack of backbone shown by Dems in just diving into approving this quickie bailout concerns me as well. I'll say it again: The foxes are in the henhouse. How in hell can the Dems trust someone like Henry Paulson, late of GS (and himself worth something like $400 million) when it's obvious that the greedheads like him on Wall St. are still jerking off the American people?
People like me are wondering if they are going to be able to keep their houses, or cars, or pay off some of their credit cards in time for xmas; and in fact, some are even worrying whether or not they'll even have xmas dinner. I feel lucky so far, but even my luck may run out. : (
Eat the rich!
gwpriester
· 1 year ago
Bonuses need to be tied to performance. But it is often just the opposite.
Scottsdalian
· 1 year ago
Of course you are right about bonuses being tied to performance. But the definition of "performance" must be significantly changed.
For example, "performance" must be measured over a longer amount of time - say 3 years rather than one year. This way, we see how your performance truly affects the company.
All too often, we see where an executive juices up the quarter's profits or this year's profits and then gets millions and millions of bonus dollars for his "performance". Next year or two years from now the company goes to shit, due in large part to that exec cooking the books last year or last quarter.
By extending the time frame for evaluating performance, executives would have a much, much harder time cooking the books and raping the company. And if your performance over the long haul is truly worth millions and millions, then I would be more agreeable to that.
nsr
· 1 year ago
Because compensation limits were taken out of the bailout bill?
Waxman. Heh.
lucky hussein
· 1 year ago
was it waxman that took that out? I've been wondering about him. seems like we get a lot of hearings, but no new laws and no prosecutions..
nsr
· 1 year ago
No, I was chuckling at the idea he'd do anything besides hold his little hearings. Still waiting for the contempt of congress charges after Condi blew him off.
lucky hussein
· 1 year ago
damn. I almost forgot about that, what the hell is up with him anyway...
gaiilonfong
· 1 year ago
just when you thought the reTHUG basturds couldn't get any worse.
Here is aflyer with Onama and friggin Mohammad Atta UNBELIEVABLE
thanks for posting, although it's nothing new. check out this flyer for jfk. soon wikipedia will have a page about the 'obama assasination'. maybe they will put the obama flyer on it. http://en.wikipedia.org/wiki/Image:Wanted_for_t...
green_libertarian
· 1 year ago
Standard thieving procedure, 10% off the top, it's just a "processing fee".
paulbot5
· 1 year ago
should have supported ron paul...im gonna say this a lot when president obama does more of the same hehe
lucky hussein
· 1 year ago
do you mean that the 35-yr old ex-GS employee that used to work for paulson at GS and is now put in charge by paulson to spend our 700 bilion is giving it to wall street firms and banks that themselves just give it to employees and do nothing to help the situation that paulson himself helped create? the outrage! <yawn>, what time is the baseball game on tv? signed, apathetc americans holders-of-soon-to-be-3rd-world-currency
sounds ok, but if we just have our own act together, we would be ok. This smells a little like new world order...
AdrianBrowne
· 1 year ago
The BBC has repeatedly reported that the U.S. is "weeks away" from an implementation of the bailout partially because CEOs were demanding that there be no compensation caps. Why isn't that on the news here? It doesn't make for an intelligent discussion if half of the information about the subject is missing. No wonder problems don't get solved.
(btw I made the cake that you, Chris, had posted the recipe for a couple of weeks ago -- it was great -- thanks!)
RayDuray
· 1 year ago
Pacifica Network's "Guns & Butter" Radio Program Features Dr. Michael Hudson, economist and advisor to Rep. Dennis Kucinich, discussing Wall Street as a criminal conspiracy:
The sense of entitlement these guys have is staggering! How dare they?!!! I don't give a rat's ass if there was a contract guarantee of those payouts--it's wrong.
When people lost their guaranteed pensions and retirement health coverage due to their company's default from mismanagement, those companies went to Federal Pension Guarantee, which paid out only a percentage to the retirees, who were mostly too old to just find another job (golden years my ass).
The payouts and bonuses should be out of the question. Period. I hate the way I sound here, but how are things going to change if the people who were responsible for this debacle never experience the consequences themselves?
Asterix
· 1 year ago
I keep thinking what the trillion or so that we've spent so far on the gambling junkies of Wall Street could have done.
1. We could have repaired a lot of the decaying infrastructure (roads, bridges, etc.) 2. We could have provided money for college to a large segment of the population. 3. We could have invested a lot of it in alternative energy development. ...and so on...
Instead, we've dedicated it to making sure that a bunch of crooks get to spend Christmas in Gstaad...
maudegonne
· 1 year ago
By Gordon Brown Last Updated: 12:01am BST 18/10/2008
Like most of you, I have come from a family that values hard work and that brought me up to take responsibility and appreciate the importance of enterprise. For generations my father's family worked the land as farmers and many Browns still do. So it's hardly surprising that I believe in markets, competition and rewarding creativity and effort. I admire the market's ability to release the dynamism and enterprise of people and so this new Labour government is pro-business and pro-markets and always will be.
But I also know that we do not live by markets alone. I have long understood that markets rely on values that they cannot generate themselves. Values as important as treating people fairly, acting responsibly, co-operating for the benefit of all. And these values that our economy and society need in order to flourish are not born in markets, nor are they born in states. These values - fairness, stewardship cooperation - are learned in families, neighbourhoods and communities and developed in the relationships we enjoy as a society.
The first financial crisis of the global age has now laid bare the weaknesses of unbridled free markets. In the last few weeks trust, the most precious asset of all for financial institutions, has been eroded. http://www.telegraph.co.uk/opinion/main.jhtml?x...
All Comments
If people cant see the grand heist here, then you are completely stupid.
These suits just robbed the bank, legally of course with the help of the congress, and there isn't a million man march to DC??
Talk about apathy!!!
The idiots who killed Wall Street deserve to be FIRED, not receive bonuses. Not with our tax monies!!!
Someone on the financials said the other day that those "bonuses" filter down to even the lowest paid workers on Wall St., and that some couldn't afford to live in NYC if they didn't get them. Well, I couldn't afford to live in NYC, either. Perhaps they should have to change locations to find work as many Americans have had to do over the last 8 years.
The lack of backbone shown by Dems in just diving into approving this quickie bailout concerns me as well. I'll say it again: The foxes are in the henhouse. How in hell can the Dems trust someone like Henry Paulson, late of GS (and himself worth something like $400 million) when it's obvious that the greedheads like him on Wall St. are still jerking off the American people?
People like me are wondering if they are going to be able to keep their houses, or cars, or pay off some of their credit cards in time for xmas; and in fact, some are even worrying whether or not they'll even have xmas dinner. I feel lucky so far, but even my luck may run out. : (
Eat the rich!
For example, "performance" must be measured over a longer amount of time - say 3 years rather than one year. This way, we see how your performance truly affects the company.
All too often, we see where an executive juices up the quarter's profits or this year's profits and then gets millions and millions of bonus dollars for his "performance". Next year or two years from now the company goes to shit, due in large part to that exec cooking the books last year or last quarter.
By extending the time frame for evaluating performance, executives would have a much, much harder time cooking the books and raping the company. And if your performance over the long haul is truly worth millions and millions, then I would be more agreeable to that.
Waxman. Heh.
Here is aflyer with Onama and friggin Mohammad Atta
UNBELIEVABLE
http://www.openleft.com/showQuickHit.do?quickHi...
http://en.wikipedia.org/wiki/Image:Wanted_for_t...
signed,
apathetc americans holders-of-soon-to-be-3rd-world-currency
(btw I made the cake that you, Chris, had posted the recipe for a couple of weeks ago -- it was great -- thanks!)
http://www.kpfa.org/archives/index.php?arch=28908
What should happen is that their personal office items be boxed up and set out on the curb.
And please, change the locks on the front door while they're at it.
A. Out of petty cash. It's listed as a miscellaneous expense.
http://preview.tinyurl.com/3n8sbw
The sense of entitlement these guys have is staggering! How dare they?!!! I don't give a rat's ass if there was a contract guarantee of those payouts--it's wrong.
When people lost their guaranteed pensions and retirement health coverage due to their company's default from mismanagement, those companies went to Federal Pension Guarantee, which paid out only a percentage to the retirees, who were mostly too old to just find another job (golden years my ass).
The payouts and bonuses should be out of the question. Period. I hate the way I sound here, but how are things going to change if the people who were responsible for this debacle never experience the consequences themselves?
1. We could have repaired a lot of the decaying infrastructure (roads, bridges, etc.)
2. We could have provided money for college to a large segment of the population.
3. We could have invested a lot of it in alternative energy development.
...and so on...
Instead, we've dedicated it to making sure that a bunch of crooks get to spend Christmas in Gstaad...
Last Updated: 12:01am BST 18/10/2008
Like most of you, I have come from a family that values hard work and that brought me up to take responsibility and appreciate the importance of enterprise. For generations my father's family worked the land as farmers and many Browns still do. So it's hardly surprising that I believe in markets, competition and rewarding creativity and effort. I admire the market's ability to release the dynamism and enterprise of people and so this new Labour government is pro-business and pro-markets and always will be.
But I also know that we do not live by markets alone. I have long understood that markets rely on values that they cannot generate themselves. Values as important as treating people fairly, acting responsibly, co-operating for the benefit of all. And these values that our economy and society need in order to flourish are not born in markets, nor are they born in states. These values - fairness, stewardship cooperation - are learned in families, neighbourhoods and communities and developed in the relationships we enjoy as a society.
The first financial crisis of the global age has now laid bare the weaknesses of unbridled free markets. In the last few weeks trust, the most precious asset of all for financial institutions, has been eroded.
http://www.telegraph.co.uk/opinion/main.jhtml?x...