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  • If this doesn't piss you off...

    (from an article in MSN news today)
    As if the economic bailout by U.S. taxpayers isn't enough to make you sick to your stomach, new information has come to light that several banks are planning to pay billions of dollars in year-end bonuses from the bailout funds they received. Investigations are beginning into the nine banks that took in the first $125 billion -- the same $125 billion that was supposed to be used to unclog the credit system which was preventing banks from providing much needed funds for individuals and businesses.
    There are many feathers in a ruffle over this and New York Attorney General Andrew Cuomo and several congressmen are furious that over $20 billion has already been earmarked as bonus funds for management and employees. Unbelievably, that is just the estimates from Goldman Sachs, Morgan Stanley and Merrill Lynch. There are six more banks that are also working on similar heists.
    Here is their rationale for using that money: It is reported that the financial industry pays base salaries in the range of $80,000 to $600,000 and apparently that is simply not enough to keep some of the best and brightest working to keep their companies profitable. It seems that if they were paid only this meager amount, the company would risk mass defections. That would be a real problem...or would it?
    Maybe it is time to peg annual bonuses to something meaningful like profitability. As I recall, not only are these the firms that have been losing money (as is evident by the need for a massive multi-billion dollar bailout) but they have also been shown to be the creators of securitization, derivatives, sub-prime mortgages and other toxic credit that is the root cause of this historic global economic catastrophe!
    Maybe I am being too harsh? Perhaps management is entitled to hundreds of millions in bonuses for the hard work they do, day in and day out. You have to feel sorry for them as most have had to give up their private jets and instead fly in a cramped seat in first class. Surely most will now have to wonder how they will deal with the excess workload as they have had to fire thousands of employees. Also, they will need to use a good chunk of that money to rebuild their retirement plans as much of their wealth was tied up in their company's stock which, under their leadership, could be down more than 60% just this year alone.
    What do you think?
    [CENTER][COLOR=#ff0000]Resistance Off Road
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  • #2
    Well Rat, you are right, it certainly pisses me off
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    • #3
      WTF!!!!I say everyone boycott & stop paying taxes lol.

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      • #4
        im all for not paying taxes. we should take our kids out of school also. how fast would the public school system drown if all that is left are the welfare kids. no taxes and no kids = no money.

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        • #5
          Originally posted by ghostrider View Post
          im all for not paying taxes. we should take our kids out of school also. how fast would the public school system drown if all that is left are the welfare kids. no taxes and no kids = no money.
          Vive l'revolution!
          [CENTER][COLOR=#ff0000]Resistance Off Road
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          • #6
            It's like people don't even care if anyone finds out about this stuff. Like they KNOW there aren't going to be any consequences for ripping us off!

            [COLOR="White"]Grabbing sniper rifle, looking for a clock tower[/COLOR]
            [COLOR="darkred"]"Death Smiles at Everyone... Marines Smile Back."
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            • #7
              Originally posted by USMC 0369 View Post
              It's like people don't even care if anyone finds out about this stuff. Like they KNOW there aren't going to be any consequences for ripping us off!

              [COLOR="White"]Grabbing sniper rifle, looking for a clock tower[/COLOR]
              A very true staement,..A pathetic legalized version of organized crime.
              "Just Another Jeepin Guy"

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              • #8
                Trying not to get really really mad....... boy o boy, give a bonus to the 'bone heads' that really created the mess. Must be a bunch of lawyers involved.
                "If you have significant difficulty here, dont go any further....it only gets worse".
                (Charles Wells)

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