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I have to agree with President Obama on this. I saw the footage when he said this and thought it was great. He's dead on when wondering why these CEOs just don't "get it" that this looks bad and ticks off taxpayers. You'd thinks they'd be smarter than this.
Quote:
President Barack Obama said bonuses dealt out by Wall Street firms are “shameful” while the U.S. economy is in recession and companies are asking for help from taxpayers.
“It was pretty clear from TARP I that the secretary of the Treasury was supposed to establish a provision for executive clawback,” Hamermesh said in a phone interview. “How the secretary has implemented that isn’t clear.”
The Treasury could require companies that request additional funds to repay excessive bonuses as a condition of the further financing, Hamermesh said.
“If they come around to ask again, they could say we’re going to deny it unless they cough up the bonuses,” he said.
New York Attorney General Andrew Cuomo said on Jan. 27 that he subpoenaed former Merrill Lynch Chief Executive Officer John Thain for information about bonuses Merrill paid just before its acquisition by Bank of America. Thain said that he had kept the Charlotte, North Carolina-based bank informed about the brokerage’s finances and compensation.
Treasury agreed this month to provide $20 billion in capital and $118 billion in asset guarantees to Bank of America to help it absorb losses at New York-based Merrill.
The American people voted these "we know what's best for the economy" politicians into office, enabling the irresponsible gift of billions of OUR DOLLARS to these failing companies.
Personally, I'm glad they took their bonuses. I wish they would have used every bit of these governmental bailouts on bonuses. Maybe then people will wake up and realize how dumb it is for us to let the politicians handle our economy.
This isn't the first, and definitely won't be the last misuse of billions of taxpayer funds.
The American people voted these "we know what's best for the economy" politicians into office, enabling the irresponsible gift of billions of OUR DOLLARS to these failing companies.
Personally, I'm glad they took their bonuses. I wish they would have used every bit of these governmental bailouts on bonuses. Maybe then people will wake up and realize how dumb it is for us to let the politicians handle our economy.
This isn't the first, and definitely won't be the last misuse of billions of taxpayer funds.
There were plenty voters irritated by the bailout money and how our representatives in DC voted. These bonuses only added to that irritation. Saying you are happy seems disingenuous to me. Seriously, why would you be happy? The reasons you gave? I don't think so. You should be irritated like many of us and likely are, in all honesty.
Obama said they should be shameful ? Pleeeeeeeeease . He is calling the kettle black with that one . His stimulous package is full of waist and pork and he isnt shameful of it ? All of Washington is trying to sell us a London bridge and we do nothing about it .
Our Gov. is a joke and we are on a slop of no return .
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And liberals are like dogs . They bark till everyone is annoyed.
Another point, iirc a lot of the people on Wall Street don't have very high salaries. They make most of their money in bonuses. Kinda like waiters and waitresses.
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Another point, iirc a lot of the people on Wall Street don't have very high salaries. They make most of their money in bonuses. Kinda like waiters and waitresses.
averaged out it was still over 1.5 mil per person.
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I come from a 2jz world. Regardless of the argument, a stock Z is slow as balls.
There were plenty voters irritated by the bailout money and how our representatives in DC voted. These bonuses only added to that irritation. Saying you are happy seems disingenuous to me. Seriously, why would you be happy? The reasons you gave? I don't think so. You should be irritated like many of us and likely are, in all honesty.
Oh trust me, I'm extremely irritated, but not at a bonus paid to a wall street executive. First, it was the oil companies' profits... now it's executive bonuses. These people make so much money because their companies were highly successful. Stop hating on and penalizing success.
What kind of pay these executives receive is their business. If you don't like it, don't invest in these companies or buy their products. Seems pretty simple to me.
"You should be ashamed of yourself, how dare you be successful in America when people can't afford healthcare!"
Oh trust me, I'm extremely irritated, but not at a bonus paid to a wall street executive. First, it was the oil companies' profits... now it's executive bonuses. These people make so much money because their companies were highly successful. Stop hating on and penalizing success.
What kind of pay these executives receive is their business. If you don't like it, don't invest in these companies or buy their products. Seems pretty simple to me.
"You should be ashamed of yourself, how dare you be successful in America when people can't afford healthcare!"
you are really really ignorant of this issue. just. stop. omg.
Last edited by Motormouth; 01-30-2009 at 08:06 PM.
After all these, I rather they bail out companies like big three in Detroit, or companies that actaully provide job, produced products, own alot of factories, and actually doing something good for America. That's where the job are. Although, I was against bailing out GM, and Chyrsler at first (since they actually digged their own grave 15, 20 years ago), but I rather goverment help them out than wall street.
I dont understand why our goverment was very meticulous about giving money to traditional business like the big three, but so lose on financial firm.
I also think CEO or high executives in the company shouldn't get that much of money, and should be responsible when business went bad. Look at Toyota, when they dont make money, they canned the CEO. I also heard about some companies in Germany, if the companies doesnt make money, CEO dont get money.
When M.Benz acquired Chrysler a while back ago, CEO of M.Benz was suprised that CEO of of Chrysler made more money than he does. Espcially, during the time, Chrsler was losing money, and M.Benz was alot alot more profitable.
because the people who control the money are from the financial industry for one, and second, business in america is dependant on financing. you take away credit and the market dies. so many retail businesses survived because of credit.
^^ Matthew122, the argument is about the color of the money in question, not being anti-success.
Ok, I get that. But the only way to stop people from taking advantage of bailout funds is to not give them any in the first place. Otherwise, what do you expect? If the government decided to "make it rain" billions on your company, there's bound to be some upper level management types who will pocket some.
Should you be outraged? Yeah sure, because it's probably your money that they're pocketing. In my opinion, this type of behavior should be expected though with an unaccountable, nontransparent bailout, and you shouldn't act so surprised about it happening.
If we want this type of behavior to stop, we should stop feeding it.
BTW, I'm just ranting so take it for what it's worth.
because the people who control the money are from the financial industry for one, and second, business in america is dependant on financing. you take away credit and the market dies. so many retail businesses survived because of credit.
Hence a bubble that needed correction, and it's now getting that correction (if it doesn't get bailed out first). There are too many malls as it is, level a few of 'em.
"Shameful"
