Your taxes are gone

While reading the papers this morning i came across this article and if it's true(don't believe all you read ) it's a scandal.

http://www.guardian.co.uk/business/2008/oct/17/executivesalaries-banking
http://www.clipartof.com/images/emoticons/xsmall2/723_armed_gangster.gif

 

Well, Wall Street Executives were paid in excess of 3.1 billion dollars in payouts before the crisis, according to Bloomberg.

Details:- http://www.bloomberg.com/apps/news?pid=20601109&sid=aGL5l6xOPEHc

 

I think businesses have to be held accountable for their actions, they knew what they were doing. Real life, I don't get a bonus unless my company makes a profit and cooking the books is not an option. They knew they were making bad loans, they can do the math. Gov bailouts are "our" bailouts, we pay the taxes!

 

I agree all employees are not greedy execs, went through the Arthur Andersen/Enron fiasco here and some were friends of mine were not involved but lost their jobs too.

Think we're setting a precedent with major employers; they can make bad decisions, mislead markets and investors then get the taxpayers to pay the bill. These business know that nobody wants large businesses to go under, especially financial ones and are using this as their escape hatch IMO.

They take the money and run, we get left with the mess to clean up. It will continue if they're not held accountable. I say toss the ring leaders in a "real jail" not a fed country club for 10 years, take all their assets. Next company will think twice!

 

http://www.youtube.com/watch?v=IDofbll86dY&feature=iv&annotation_id=event_922988

 

I thought the goal of Capitalism was to enable the owners to make money from the sale of products to individuals. Why is this so evil?

Which is worse-

1. Rewarding a top producer for a sales organization with a trip to a luxury hotel?
   
2. Rewarding a lower producer for their sales efforts with tickets to a sporting event?

And while here, let's think for a moment on profit margin compared to amount of profit. They are totally different.

 

The bailout is not a reward for providing services and goods. It is to save them (and us indirectly) from the results of their incompetence and malfeasance. When the government bails out corporations which would otherwise fail and go out of business, that is not capitalism. It is socialism. Those people should be grateful for the generous gift (and heavy debt burden) that the taxpayers of the United States have granted them as they would no longer have any income if their employers folded.

 

I intend to try my best to vote out everyone who voted in favor of this gimme grab bailout. Count me as one of a few, but if a business makes bad business decisions, they deserve to fail.

The Government regulations for the sale of housing to a group who should have been renters was bound to fail, and yes the origin was also related to the S&L bailout. Only S&L was in an era where we did not have instant news and endless analysis.

 

I understand Laura in that her husband is in a pay+bonus related job and i have no qualms over that sort of payment.

This article is relating to many members of the financial institutes that have virtually destroyed the banking sector around the world.

The governments of the world provided funds (taxes) to stop these institutions from going under and taking small savers with them.

What the corespondent is saying is that the cash injections intended to save the banks is now being used as remuneration to some of the people directly involved in the collapse and that is not the reason the taxpayers dollars were used in the first place.

As has been commented in other posts these people should be held accountable and not rewarded.

 

It has everything to do with size or couldn't affect our economy and their getting a free ride on our backs.

If it was a local financial institution, feds would be called in, maybe five minutes on local news, a quarter page in local paper, books reviewed and irregularities found, fed takeover of mgmt, institution quietly closed, employees out of a job. Someone would be spending time in a fed camp with an order of restitution on their head and all excess assets taken. End of story and no free ride.

 

My fingers and brain disconnect in posts too, more often than I would like...

I just get the feeling that "some" financial employers are using employees as pawns in a high stakes game and don't like it!

I'm not heartless and don't wish unemployment on anyone. I don't have the answer but we need to make crooks accountable for their actions and tossing their butts in a real jail and trying to take their assets (most likely hidden by now) might make them think twice before they play financial games with our money.

 

Interesting, at the time this was going on my life was unraveling so I did not pay close attention as to who was involved or what was being done.
We unfortunately seem to forget and keep paying for others mistakes, wait, not mistakes, they know very well what they're doing, underhandedness and we keep footing the bill time after time.
It is never serious enough to stop, or the staff of AIG after receiving 85 billion dollars and having one hell of a holiday then is receiving another 25 35 billion, rather then being prosecuted or at least replaced.
The only ones who's will pay back the seven hundred billion dollars is the American taxpayer.

 

Am I the only one who feels that the words: Government, Regulations, Bailout, and Financial Institutions should not be in the same sentence. :confused

While I do think something has to be done, It bothers me that people seem to, IMHO, expect the government to solve all problems. In a way, it seems like our government is making 'bad loans' to us. We can only pay so much in taxes... and the government just keeps on spending...:cry

 

"Government is not the solution to our problems, Government is our problem."

Too bad the author did not practice what he said.....



(Ronald Reagan)