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It is amazing how some folks can get all twisted up in their heads. I never met a poor man that ever gave me a job and if on an occasion or two I did work for one I didn't get paid.
If they use tax payers money to pay themselves for being inept that is one thing. Don't criminalize the entire foundation of capitalism for the acts of a few money drugged idiots. It is a drug you know. You can smoke a little weed and maintain and you can't maintain on a lot of crack. With some the more thye make the more they have to make. It becomes more than driven by things and the good life it becomes more about power and empowerment.
I say let them make their millions as long as I am working. It is the stockholders that should hold them accountable. If they don't cut it they need to hit the bread lines with the lesser of men. The best way to insure that is that we give them nothing in the form of taxpayer bail outs for their failures. Both sides of the political aisle are guilty of the ruse.
I agree about these bonuses, it's disgusting. Talk about biting the hand that feeds you--it may not be literal, but it's a slap in the face.
They are greedy, selfish, and self-absorbed. They will never 'self regulate', they will continue to take everything for themselves, because they have no moral compass, or concern for anyone except themselves.
Don't tell that to shareholders, They might have something to say about it. But, you may be talking about golden parachutes, then you would be correct. Annual bonuses... you've got to show me evidence of these contracts you speak of.
We do have something from AIG that speaks about it though... and it doesn't involve "contracts". They call it retention program.
Exactly. I posted this in another thread...
A bonus is, exactly what it is, a bonus. Otherwise it would be considered a part of someone's base salary, and wouldn't be taxed differently. When people say some of these bonuses are "contractual", we should "ask to see the contract"!!! Because I guarantee you the company has an "out" not to pay it!! That's why its not a part of their base salary pay. No companies have said "we had to pay this because of some contract." They've mostly said they paid them to retain their top talent.
Bottom line, companies do not have to pay bonuses. The problem is, these Wall Street folks took these heavy commison/bonus type jobs and knew what they signed up for when they took the positions. They just never expected we'd see a day when those I-banks got into financial trouble like this.
In announcing the Wall Street bonuses Wednesday, State Comptroller Thomas DiNapoli said the $18.4 billion represented a stark dip from 2007's bonuses, which totaled $32.9 billion
"A 44 percent decline in the bonus pool will ripple through the regional economy and the state and the city will lose major tax revenues," DiNapoli said in a statement. "The securities industry has already lost tens of thousands of jobs and the industry is still continuing to write off toxic assets. It's painfully obvious that 2009 will probably be another difficult year for the industry."
It is amazing how some folks can get all twisted up in their heads. I never met a poor man that ever gave me a job and if on an occasion or two I did work for one I didn't get paid.
If they use tax payers money to pay themselves for being inept that is one thing. Don't criminalize the entire foundation of capitalism for the acts of a few money drugged idiots. It is a drug you know. You can smoke a little weed and maintain and you can't maintain on a lot of crack. With some the more thye make the more they have to make. It becomes more than driven by things and the good life it becomes more about power and empowerment.
I say let them make their millions as long as I am working. It is the stockholders that should hold them accountable. If they don't cut it they need to hit the bread lines with the lesser of men. The best way to insure that is that we give them nothing in the form of taxpayer bail outs for their failures. Both sides of the political aisle are guilty of the ruse.
especially the bolded part.
The bailouts dont reward them for failure; they keep them afloat topreseve jobs, keep money flowing. In a way they didnt fail at all, they succeeded beyond their wildest dreams in terms of new ways to develop and expand the game of money. Where we are now is the downturn of the cycle of capitalism.
The best response is to demand that they repay 18 billion of their government loan money immediately. If not, there will be zero assistance to those instututions if they need help in the future. I can only imagine how many employees those banks could have kept on the employment rolls with $18 billion. Instead, the financial sector leads the pack in percentage of people laid off.
The even bigger scandal is that after the government has given/loaned them $400 billion, they are still not loaning that money to companies, entrepeneurs, and individuals. We should have let them go into bankruptcy and let them reorganize from the scraps which were left. Instead, Bush and Paulson used fear to push through a "no strings attached" grab bag for these banks.
The actions of these banks is setting conditions for their nationalization since that they be the only option left in the coming months. The Republicans and their banker buddies will scream "socialism" while forgetting that their greedy and irresponsible actions left us no choice but to take such action.
In this time, when the ecomoy is in the shape that is it, I feel that it is wrong for any of the large bonuses to be paid. It is like the CEO's are thumbing their noses at all of us and saying " look even though we had to have help from the goverment, we still get big bonuses". It's wrong. When so many people are out there because they have lost jobs, on unemployment, trying to make ends meet, and may or may not lose their homes, etc. and then you read where these people are getting millions of dollars more because of bonuses? I agree with the President said it is outrageous, and very irreponsible. Why not give the money to the laid off workers? Or put back in the company? Or pay the insurance for these families?
When these bailouts are given to the banks, or car companies, it should state that no bonuses should or will be paid until the bank/business is in better shape. And if they are then all help will stop and repaying the money will be demanded.
Why should we, the workers put up with all this? Why can't we have voice in this or a opinion and say no? Help all the people that are laid off, losing homes families?
The Inauguration costs were actually only about 2 million more then Bush's costs 4 years ago(42m-44.2m), the additional costs were the security for the over 2 million attendees and parade attendees that were vastly larger then any previous president in history. Obama had nothing to do with those costs as they were determined by the secret service, and Im sure he didnt "choose" how the event was, it was chosen for him. Im not defending any overspending, its all completely insane as is the bailouts and Halleburton costs ....but the statements just are not accurate.
There are plenty of well-functioning, high-standard of living cities around the world. Many do not rely on a massive financial trading centre to keep them going. Split the high street banks from the high-flying banks, and let the Merrill Lynchs' do whatever they want. But if they fall, they fall.
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