Wall Street Banks' Pay, Bonus Deals Equal 10 Percent Of US Bailout Package

The Guardian:

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.

Staff at six banks including Goldman Sachs and Citigroup are in line to pick up the payouts despite being the beneficiaries of a $700bn bail-out from the US government that has already prompted criticism. The government's cash has been poured in on the condition that excessive executive pay would be curbed.

Read the whole story: The Guardian

Comments

[rockyroad]

Hall of Shame:

AIG heads:

Edmund S. W. Tse, $816,442 salary, $1,558,500 bonus

Jacob A. Frenkel, Vice Chairman, Global Economic Strategies

Frank G. Wisner, Vice Chairman, External Affairs

HuffPo should post a billboard at the top of this site citing the names and bonuses of all the bailout beneficiaries. These Top Dudes are the reason your home prices have plummeted, they are the reason you and/or your neighbours are out of work . . . let's out them . . starting with AIG, which has blown trhough 2/3 of a $125 billion bailout package in less than three weeks . . . even makes $22K for Palin's make up pale.

[Tuco97]

Just yesterday there were about 3 - 5 links that came up while doing a general topic search on Google. Now there are dozens!! Think about this, when you have to pay your taxes, you are in essence, writing out your check to the Wall Street Banks to bankroll their $70 Billion in bonuses: Goldman, Merrill, Citi, Morgan, etc.

Spread the word, "National Walk-Out Day" Monday, November 3, 2008, 2:00 p.m. CST.

From P.O.ed:

All Americans who are disgusted with this payoff are asked to stop whatever they are doing and walk out of their jobs, stores, schools, and any other place they may be at that time to show the elected officials, of this once great nation, that we the Citizens of the United States of America will no longer tolerate these actions. Only health care and public safety are not encouraged to participate due to the nature of their positions.

Stand up and stay united as they cannot terminate, expel and neglect the fact that over 250,000,000 Americans are saying, "Enough is enough!"

[PT6]

Lets Get Rid of Some of These "TRICKSTERS!"

TECHNOLOGY CAN SPUR THE ECONOMY, REMOVE CORRUPTION, AND AVOID MORE BAILOUTS!

FIVE KEY FACTS:

1. American Taxpayers Own Fannie, Freddie, and a group of Banks!
2. Mortgage Companies and Banks were at The CENTER of the Housing and Financial CRISIS!
3. Crisis Continues Because Homeowners can not Afford TRICKY Loans and are Walking Away!
4. The Current FED RATE is 1.5%!
5. Technology and the Internet are Sophisticated Tools for Automating Loans!

Why not use the Internet and the New Taxpayer Owned Banks to provide direct low cost loans using Automation while Eliminating the Corrupt Middle Men (i.e., Mortgage Companies and Banks)?

The rate on the new loans would be 2.5% to 3% to provide the New Taxpayer Owned Banks with a 1% to 1.5% margin!

Automation can be used to verify employment, verify home title, check credit, and do 98% of the loan Preparation. This eliminates all the mortgage fees, all bank fees, all title fees, most verification fees, and most documentation work done via internet and technology.

This could easily be accomplished using today's technology at a much LOWER COST!

The Savings for AMERICANS will spur the Economy more than any added Bailout Plans

The Savings can be used to paying debts, buy American Cars, buy American Real Estate, and all kinds of American goods plus help other countries in crisis by buying their goods!

[Sundialsvc4]

Burp. sorry...

Nothing you can do about it. "Impeachment is 'off the table.'" Uh, and "expulsion" is, too.

Why? Because we said so.

We write laws by signing-statement now. Why? Because we said so.

We "borrow" as much money as we want to, making money out of nothing at all. We "borrow" more money to pay for that. And we spend more money on the "defense industries" (that our sons and cousins sit on the board-of-directors of) than this bailout ever cost anyone.

Please ignore the august words of Gen. Dwight D. Eisenhower. He musta got those five stars for being a hack, you know. It wasn't like he "won World War II in Europe" or nuthin'...

Anyhow, oh Prodigal Son, I don't see you fightin' in the pig-slop yet, so I know you haven't figured me out yet. There's still some time to rob you some more. You still believe me when I say, "there's nothing you can do about it," and you still let me get away with murder "because I said so."

When I finally see a muscle-strapped "Uncle Sam" charging out of one of those WW2 posters, along with a "Rosie the Riveter" who's ready to beat me senseless with that thing, I'll be long gone on my pal Dick's private getaway-plane to my fortified compound in Dubai (built at taxpayer expense). Laughing all the way to my bank...

"Because I said so."

[fcsakes]

No, NO, NO!

Revolution!

[KillTheMessenger]

People who can't even organize a lame weekly anti-war demonstration in Washington don't start revolutions. They go shopping to make themselves feel better.

[funkalicious]

And which Senators signed the bailout bill?
Time for a tax holiday people drop in on your HR rep in the morning and maximize your deductions claim ten or twelve.... and when it comes tax day take the day off buy some gold fish and claim them all as your dependents.
It is ludicrous to pay out all of our hard earned to banker scum that holed us in the first place
and then get the added kick in the head of paying out corporate dividends.

[KillTheMessenger]

What's that going to do? Maximize your chances for an audit and give you a really large late payment fee if you are not careful.

Good luck finding all your receipts!

:-)

[JessWonderin]

Dear Mr Governemnt
I need a bail out and a golden parachute, I will settle for only a milliom dollars and no parachute 'cause I know things are tight. Besides I am askerd of high places. Please send me my million in $20 bills, the guy at the 7-11 won't take big bills and neither will the gas station guy.
thank you,
your friend
Litt;le Jessie Wonderin

[Northwest02]

These guys have just finished perpetrating the greatest robery of the American treasury in history. They should not be looking at bonuses, but long jail sentences.

[PublicAdvocate]

They should be put away for life with hard labor and their estates should be liquidated to repay the American citizen...­..but that is assuming that the Democrats have teeth. I'm afraid the dentures fell out long ago. That's why the Iraq war rages on draining the public treasury, and the Bush/Cheney corp. got a free pass from Pelosi to coast into retirement on public pensions and be hailed as "true heros to an ungrateful nation" in their right wing fascist club houses.

[KillTheMessenger]

Here is a piece of rope. Go and hang someone. Seems to me that's what you want to do all along, isn't it?

[PT6]

We need to investigate every top executive on Wall Street and attempt to recover for AMERICA all the FUNDS that were UNETHICALLY DRAINED.

This involves new LAWS that allow the FBI to track funds to OFF-Shore Institutions as proposed by European Countries!

If they continue to DRAIN AMERICA they need to be prosecuted for Treason against Americans!

[Sagantech]

Yes. Since they seem to be able to make laws retroactive (as in the telecom immunity bill) they need to make a law to recover our money. Bring back the rule of law to this country!

[peloquin]

The People's Rescue Plan
http://joeypeloquin.blogspot.com/2008/10/people-rescue-plan.html

[alabaman]

These low-lifes called themselves "Masters of the Universe." All they mastered was amassing a fortune for themselves and destroying our financial system. I hope they all end up doing hard time in the kind of prisons featured on MSNBC's "Lockup" series.

[KillTheMessenger]

Anger, not sexy.
Ill feelings towards others, not sexy.

Missing reflection on the role of millions of Americans who were ill-advised to speculate on the real-estate bubble, doomed to repeat history.

Tech bubble.
Real estate bubble.
What's next?

I don't know, but I bet greedy baby boomers will get one more chance to start another Ponzi scheme before succumbing to Alzheimer's and their walkers.

[ImmanuelGoldstein]

Hey don't blame the boomers. You need millions of dollars to retire in the post 2000 environment and not everybody makes six figures. High returns are the only way to build a nest egg that big.

[PublicAdvocate]

They should be demoted to "Masters of their cellblock" and do lifetime hard labor to pay back the defrauded investors, for burdening taxpayers with onerous debt, and ruining our economy.
Ralph Nader says he will clear out the prisons of non-violent drug offenders and fill them up with convicted corporate criminals.
You gotta love a guy who wants justice for the American citizens. When our own government becomes a public predator to reward Wall Street theives, there has got to be fundamental change.

[JScott]

Interesting that in America this is happening while in Europe they at least have the dignity of waiving their pay. Don't the American CEO's care about their country have they no shame, apparently NOT and they don't even have to be very good at it either. Hey inverstors boot everyone from the board and offshore their functions to India or get some fresh outta b-school grads they can probably do as good for less that 10% of what they a(*holes get.

[KillTheMessenger]

I don't think that caring for your country is part of the job description of a CEO. Let me know when you find an add for such a position that demands patriotism.

[PT6]

Executives Receiving Any Money from Bailout(s)!

This is an OUTRAGE!

These people must be PUNISHED!

Do they NOT sense the Mood of the AMERICAN PEOPLE?

IDEA: Executives DON'T BUY Multi- Million Dollar Paintings for a while!

They will NOT STOP UNTIL A "FEW DOZEN OR MORE" GO TO JAIL!

[PT6]

Executives Receiving Any Money from Bailout(s)!

This is an OUTRAGE!

These people must be PUNISHED!

Do they NOT sense the Mood of the AMERICAN PEOPLE?

IDEA: Executives DON'T BUY Multi- Million Dollar Pains for a while!

They will NOT STOP UNTIL A "FEW DOZEN OR MORE" GO TO JAIL!

[darthdarcy]

Ralph Nader gave a great speech on Wall St. I saw it on C-Span it may be repeated again he laid out a 4 point plan to reverse the Bail Out as is today..

It's very applicable to this post..

http://www.ralphnader.org/media/2008/10/18/reversebailout/

[KillTheMessenger]

Are you going to vote for him?

Bwahhaaahh­hahaahahah­ahahahaaaa­aahhhooooo­hhhooooohh­hhhooo...

[darthdarcy]

No not vote for him, but since I have known Ralph for 37 years I respect his opinion in these matters...­and share the same birthday with him as well so maybe we think alike...an­d look for solutions.­.

[PublicAdvocate]

Ralph gives excellent speeches and courageously goes into the lion's den to challenge the thieves and criminals who are ruining our nation. He called upon Wall Street to give back the unearned and undeserved bonuses including Hank Paulson, called for a Speculation Tax to repay the American Taxpayer for the $700 billion bailout (by the way 10% of that $700 B is already earmarked for corporate bonuses for CEO's not shoring up banks) , and to stop desecrating the American Flag when their allegiance is only to shamelessly profit while sending our nation into decline and bankruptcy.

Back in May, Ralph stood outside of the WH and called for the immediate resignation or Impeachment of the Bush/Cheney corp. Last I heard they are still in power wrecking our nation and will get a free pass as fugitives from justice after leaving http://VoteNader.orgder.org

[KillTheMessenger]

Ralph also made sure that Gore lost.

Vote for Ralph! Give McCain a chance!