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Post by judes on Oct 19, 2008 8:37:34 GMT -6
Well it's a good thing congress passed the near trillion $$ bailout for Wall street and bankers. Looks like they are putting it to good use, despite the supposed limits to executive pay, that seem to be completely overlooked. And despite dismally poor performance by these CEOs which have seen their companies tank, their bonuses are still in tact and going up it seems. nice, ugh.... www.guardian.co.uk/business/2008/oct/17/executivesalaries-banking Financial workers at Wall Street's top banks are to receive pay deals worth more than $70bn (£40bn), a substantial proportion of which is expected to be paid in discretionary bonuses, for their work so far this year - despite plunging the global financial system into its worst crisis since the 1929 stock market crash, the Guardian has learned.
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Post by unlawflcombatnt on Oct 20, 2008 2:16:18 GMT -6
I read the same story today. It's really disgusting. 1/10th of taxpayers' bailout money could be going to pay Corporate management and stockholder dividends.
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Post by whoswho on Oct 20, 2008 7:58:11 GMT -6
Yes, isn't it amazing. Seems like I remember politicians crying out that they had to help save our retirements, etc.? So my 401k's have plunged to record lows, losing as much as 40%. Oh yes, I am so being helped. Please don't help ME too much, I don't think I could take much more.
It is sad that the protests of the 60's took such a bad rap. Maybe that is why people are so strangely silent now, they don't want to be associated with that kind of thinking. I do think our generation went over board, but maybe we weren't all THAT in the wrong. It is a shame that this rape-o-rama is allowed to continue without interference or questioning.
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Post by Waltc on Oct 20, 2008 13:39:19 GMT -6
I find it amusing that the folks who perpetually whine about the monetary extravagance enjoyed by corporate execs - the Democrats. Are the ones who formulated the legislation to protect the very abuses they have whined about for decades.
Reid, Pelosi, Dodd and Franks all should be put in jail and all their assets confiscated for what they did.
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Post by unlawflcombatnt on Oct 20, 2008 20:40:21 GMT -6
Fortunately, this theft of taxpayers' money has gotten some Congressional attention. from RawStory.com: 10/19/08 Kucinich calls for probe of bonuses for Wall Street aid recipients" Congressman Dennis Kucinich (D-OH) has called for a probe into $70 billion worth of pay deals planned for employees of failed banking firms receiving government aid.
Kucinich said Sunday that he was directing his staff to immediately probe Wall Street firms that have received any portion of the $700 billion bailout plan recently passed by Congress, in response to a recent report by The Guardian outlining the firms' dramatic drops in revenue, but not in executive compensation.
That Friday report showed that over $70 billion was to be allocated towards pay deals, including discretionary bonuses, at firms such as Goldman Sachs and Citigroup.
"When Congress placed restrictions on excessive executive pay, it had no intention of permitting business as usual with respect to bonus structures," Kucinich said. "It would add insult to injury to ask taxpayers not only to bailout a firm, but to pay for bonuses as well. The Guardian's report necessitates an immediate inquiry."" rawstory.com/news/2008/Kucinich_calls_for_probe_of_taxpayerfunded_1019.html
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