Bailout Money Being Use For Wallstreet Exec Bonuses?

[SeattleMoose]

The smell from Wallstreet/Government is getting worse....



Interesting that the relatively "measly" car compnay bailout comes with micro management by the government, a "car czar", and blow by blow coverage by the MSM.

But the HUNDREDS OF BILLIONS being given to Wallstreet/Banks/AIG/etc. have ZERO OVERSIGHT AND ACCOUNTABILTY. You hardly hear anything about where the money want and what it is being used for.

Ironic that the people now managing our "bailout money" are from Goldmans Sachs:
1) Hank Paulson (ex CEO)
2) Neel Kashkuri (ex head of acquisitions)

The foxes are not only guarding the henhouse, they have eaten all the chickens and keep asking us to "send more". And we keep sending them!

The arrogance and the lack of reprisal speaks volumes about the "rotten to the core" Government/Big Finance bed partners.

These companies are in the red and yet, their execs are getting bonuses? With our money?

Madoff (i.e. made-off) is symptomatic of the blatant disregard for law by the Big Financials.

Hopefully we all get so @#$% mad and vocal about it that the whole teetering stinking structure filled with parasitic white maggots will come crashing to the ground where an angry mob will be waiting with big cans of RAID.

[WestSideBilly]

The anger is being taken out on the Big 3. Every time I point out that all the terms being lobbed at GM/F/C/UAW - "gross mismanagement", "inept", "broken business model", etc - apply in spades to Wall Street everybody says that banking "is different".

Sadly, they're right... banking gets a free pass for losing hundreds of billions of dollars practically OVERNIGHT and destroying the global economy.

[lamont]

bankers control the money and have our nuts in a vise.

[SeattleMoose]

Here is some kerosene...


"Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an Associated Press analysis reveals.

The rewards came even at banks where poor results last year foretold the economic crisis that sent them to Washington for a government rescue. Some trimmed their executive compensation due to lagging bank performance, but still forked over multimillion-dollar executive pay packages.

Benefits included cash bonuses, stock options, personal use of company jets and chauffeurs, home security, country club memberships and professional money management, the AP review of federal securities documents found."

"The AP review comes amid sharp questions about the banks' commitment to the goals of the Troubled Assets Relief Program (TARP), a law designed to buy bad mortgages and other troubled assets. Last month, the Bush administration changed the program's goals, instructing the Treasury Department to pump tax dollars directly into banks in a bid to prevent wholesale economic collapse."

As this debacle plays out I hope people realize that the "pork" which comprises our "ruling class" is....unkosher and exceedingly putrid.