(The) C0MM0N PE0PLES S0URCE for News

An 0ld Man's View of Today's Headlines

  • page one news
  • Additional Reading
  • Important Links
  • Notable Quotes II
  • Archives
  • About CPSN
  • Subscribe to CPS-News 
»♠♠ "On The Air" Since 2007 ♠♠«
>>> Credibility: The quality, capability, or power to elicit belief <<<
>>Once Lost - Never Regained<<
  • Today’s Capitalist

    "The government has all the responsibility — but no authority over us or claims on our profits."
    (Rollover Image)
  • What’s New This Week

    Karl Rove's Book of Lies

    Healthcare 2011: "In 2011 employees of big companies will pay significantly higher premiums, deductibles and co-payments, and be charged more to cover spouses."

    The "12 Cent" Rule
    Americans' Buffet Mentality:
    "We paid at the door to the health-care feast, so let's consume all we can."

    "Efficient market theory dominated economic thinking from the days of Ronald Reagan to the collapse of 2008. It was the rationale for deregulation, the cause of a massive transfer of wealth and income from the middle class to a tiny number of the very rich. Now it is dead and gone but Republican politicians won’t let go, and many in the media show no understanding of the issue."
    Republicans Are Locked in a Passionate Embrace with a Corpse and Won't Let Go

  • National Debt Clock

    WHEN Did You Become Fiscally Responsible?
    BEFORE Obama or AFTER Obama??
    January 20, 2009
    $10,838,758,414,164.46
    Discretionary Spending @ 48.6%

    January 20, 2001
    $5,719,124,940,098.04
    January 20, 1993
    $4,192,107,025,882.17
    January 20, 1989
    $2,601,104,000,000.00
    January 20, 1981
    $909,041,000.000.00

    Debt by President


    Click Image for Full Size

    Are You A Tea Party Hyprocrite??

    (Click for Debt Details)
  • Destroyers of the Republican Party

      Get the Flash Player to see the slideshow.
  • Do You Know Their Names
    (Click ? to Find Out)

  • United States of Corporations

    Thanks to the GOP's Supreme Court
    (Click Flag for Full Size)
    Corporate Bill of Rights
  • Democratic Party Traitors

      Get the Flash Player to see the slideshow.
  • Who Are These Traitors?
    (Click Black Rose)
  • Interesting Links

    • Change in National Debt by President
    • Financial Bailout List
    • Historical Federal Debt
    • The 2003 Prescription Drug Bill
    • The Corporate Bill of Rights
    • Who Voted Against the Fiscal Task Force
    • Who's Paying to Kill Health Care Reform

  • Price Bloated 30% by Speculators
  • Politically Driven Stuff

    • Building a Better Capitalism
    • Democrats for Rich Heirs?
    • Proponents of Estate Tax Repeal Are Resurrecting Old Misconceptions
    • Stephen Moore Misled on Wealthy Americans’ Tax Burden
    • Tax Competition: Why It Is Not a Good Thing
    • The End of Supply Side Economics
    • The Great Wealth Transfer
    • The Richer
    • The Small-Business Myth
  • My Favorite Sites

    • A Taxing Matter – About Taxes & Tax Laws
    • Angry Bear
    • Center on Budget & Policy Priorities
    • Cynical Synapse
    • Neiman Watchdog – Questions the Press Should Ask
    • Start Making Sense
    • Understanding Tax

  • No Regrets
    I Remember!
    Ok, What Was It!?

← Why John McCain Won & Lost Florida Voters Should Vote Out Representative John Mica →

Wall Street Arrogance Just Won’t Die

November 2nd, 2008 · 1 Comment · Wall Street

[Translate]

November 1, 2008

The Facts

Most everyone has heard by now that Wall Street is going to use billions of taxpayer dollars to pay out year-end bonuses. Goldman Sachs, Morgan Stanley, and Merrill Lynch alone have earmarked $20 billion for such payouts; money they would not have had taxpayers not divvied up. There are six other companies doing the same thing; Citigroup, JPMorgan, Wells Fargo, Bank of America, Bank of New York Mellon and State Street. One-third of the employees surveyed said they not only expect bonuses, but expect bigger bonuses than they received last year. One ex-CEO said they would just find a way to get their bonuses and “–manage the political uproar”. He went on to say “I’m sure there are creative ways. There are all kinds of devices to cover yourself in terms of paying people”.

Representative Henry Waxman, the chairman of the House oversight committee, said his committee will investigate. But everyone knows that nothing ever really comes out of a political investigation except ammunition to use for gaining more political power. So New York Attorney General Andrew Cuomo decided to do his own investigation. Others are now doing the same thing.

My View

The very first image that came to my mind when I first heard this was the cartoon of the defiant mouse giving the finger to the elephant who was about to crush the mouse with his big foot. In this case, the executives are the mouse, but no elephant is around to stomp them, and they know it.

These companies are relying heavily on their non-paid spokespersons in the media to help them justify their swindle. CNBC’s Charlie Gasparino, Dennis Kneale and many others lead the way in speaking up on behalf of these individuals. Gasparino and Kneale keep telling us we need these people, and if we don’t pay them their blackmail money, they’ll just leave. They further insist they are the smartest financial people in the world and we can’t get along without them. Well, if these are the smartest financial people in the world, we are in much bigger trouble than we thought. Most of these people are the same ones that lead us into this financial mess. And, these media “experts” are also the ones telling us that Andrew Cuomo and Henry Waxman need to mind their own business; that they’ve got no right to be questioning how much they get paid, even if it is with taxpayer money. But here’s the bottom line; without the average working Joe’s tax money, not only would these thieves not be getting a bonus, they wouldn’t even have a salary. Therefore, this is nothing more than subsidized benefits.

The thing that seems to be getting lost in all of this money falling off the money tree is what the taxpayer money was supposed to be used for. But now that they’ve got our money, they are taking care of numro uno first. The money was supposed to be for keeping these lending institutions solvent by having money to lend. But one report says that more than half of the $163 billion given to banks will be used to pay shareholders. Ok, I understand that some of those shareholders are ordinary working people who have money in their 401k’s, but the majority are wealthy individuals who had so much extra money they didn’t know what to do with it. And those small businesses, auto and home buyers, and others that are supposed to be the benefactors from the easing of credit due to the bailout are no better off than they were before the bailout. So tell me again how this bailout was for main street?

Steve Pearlstein gives a very good summary of what is going on in an article he called “Hank Paulson’s $125 Billion Mistake“, although he, too, seems to subscribe to ‘keeping these needed intelligent people on the payroll’. As Pearlstein says, “banks aren’t using the money to make new loans to households and businesses, as they (the feds [added]) had assumed, but are using it to maintain dividend payments to shareholders, pay this year’s bonuses to executives and traders, or squirrel it away for future acquisitions”.

Two months ago when the bailout was first announced, it was reported that as much as 60% of the $700 billion would find its way into Wall Street pockets. I said then that I had no doubt that it would. The reason is the shear unlimited, unadulterated greed, and the arrogance of being untouchable. There will be a lot of superficial speeches by our elected officials, but they know as well as we do they aren’t going to do anything about it. And if the White House idiot had one bit of decency, he would speak out against this travesty. But that won’t happen, seeing as how his entire reign has been only to serve those same people.

Bookmark and Share

Tags: Financial Bailout·News Media·Pay Packages & Bonuses·Wall Street

Return To Top

One Comment so far ↓

  • cynicalsynapseNo Gravatar // Nov 8, 2008 at 9:57 PM

    This is just all the more reason I was opposed to the bailout in the first place. Wall Street should suffer the consequences for their choices. I understand this would effect the economy and consumers. We’ve got that with the bailout anyway, but those consumers more directly involved aren’t paying anymore than the rest of us. The burden’s been shifted from those responsible.

    Greed started this thing. And, it seems, greed is still a big piece of it. How can those getting these undeserved bonuses square their consciences with those left unemployed or homeless as fallout of their “good works?”

Leave a Comment (Cancel)

Return To Top
  • Click The Old Man To
    Email Him

  • (Click for review)
    OR
    Read About the Budget Cuts
    by Clicking

    For the Original Unedited
    FY 2011


  • The Old Man’s Political Compass

    (Click On Compass)
  • Random Posts

    • CNBC’s Survey Results – December 1 - 3, 2009
    • Republicans Are For Death Panels Until They’re Not
    • What “Punishment” For Attorney General Holder?
    • Who Can Be Believed On Our Oil “Crisis”?
    • My Current Look At The Bailout & Stimulus Bill
  • CPSN Recent Post

    • The Arrogant Richard S. Fuld Jr. of Lehman Brothers and The Great Divide On Financial Reform
    • Quoting Worthy Quotes From Another Worthy Book
    • Welcome To The GOP’s Supreme Court World
    • The Republicans Latest Dilemma
    • Are We Supposed To Be “Shocked” At This?
  • CPSN Categories

  • CPSN Archives

  • Search

  • Where’s CPS News Read?


    Locations of visitors to this page
    Maps Archived In January
  • Site Navigation II

  • LinkBacks

    blogarama - the blog directory News & Media Blogs - Blog Catalog Blog Directory

    Blog Directory blog search directory

    Blog Directory & Search engine bar

    Blog Directory News blogs & blog posts

    CCleaner - Freeware Windows Optimization

    bar

    Favicon maker- Create a favicon from any image

    myspace layouts

    Myspace Layouts



Scroll To Top

(The) C0MM0N PE0PLES S0URCE for News

Formally American Citizens News Network
Powered by
English العربية česky Cymraeg dansk Deutsch ελληνική español فارسی suomi français Gaeilge עברית magyar bahasa Indonesia íslenska italiano lietuvių Malti Nederlands norsk polski português română русский svenska ภาษาไทย Filipino Türkçe tiếng Việt powered byGoogle

Installed by SimpleScripts