10% (70 Billion) from bailout money to be used for bonuses!

[lonestarnot]

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.

Pay plans for bankers have been disclosed in recent corporate statements. Pressure on the US firms to review preparations for annual bonuses increased yesterday when Germany's Deutsche Bank said many of its leading traders would join Josef Ackermann, its chief executive, in waiving millions of euros in annual payouts.


http://www.guardian.co.uk/business/2008/oct/17/executivesalaries-banking

[jimshoes]

1. Swell.

Someday the worm will turn.

[bulloney]

52. Hey Joe the Plumber! Hey Sarah! Hey Crash! Isn't this socialism? Only for the rich?

[WCGreen]

2. It's time for Pitch Forks and Torches folks...

It there was any kind of justice left in this country, rhese fuckers should be tarred and feathered and run out of town on a rail...

But you know what, nothing is going to happen to these greedy bastards. Nothing. No one in the demcratic leadership is going to stand up and demand they be punished and no republican is going to stand up and demand retribution.

If someone other than Dennis or Waxman says even a nasty peep, I'll be surprised.

[SlowDownFast]

8. Torches and Pitchforks is right!!!

Why are our democratic leaders allowing this to happen???

[OrwellwasRight]

34. What did we think was going to happen when we passed a $700 B bailout w/o a scrap of oversight

and only a fig leaf of a limitation on executive bonuses?

Sorry but the news is no surprise. :-(

[HopeFor2006]

3. Oh gawd

We all saw it coming :grr:

[Fumesucker]

5. Thank God It Passed..

Well, not *everyone*.. :eyes:

[Zhade]

28. LOVING it.

A phrase that would haunt its speaker, if he had any shame.

[Fumesucker]

33. Someone Who Is Never Ever Wrong About Anything..

Has no need for shame. :evilgrin:

[marmar]

4. Total kleptocracy......Raid the coffers now and leave the country in total bankruptcy.

BushCo and their minions are nothing but looters.

[Miss Chybil]

25. I think that was the plan from the beginning. They couldn't get Social Security

so they took our money another way.

[bulloney]

53. They're attempting to loot SS through the back door. Make the country so bankrupt that they cut it.

[Tierra_y_Libertad]

6. Trickle -up economics? And, thanks to the geniuses in congress we get to pay for it.

[machI]

41. Hey think of how bad it would be if those CEOs had not been doing their jobs

They deserve big bonuses
:sarcasm:

[TomClash]

7. Daft

God knows there is NOBODY in the B-Ds or banks who deserves a bonus.

Ridiculous.

They should have to give the money back.

100% tax on all banking bonuses!

[Mark Baker]

50. Nobody?

As I understand it lots of retail bank staff are on fairly poor salaries (comparable with shop workers, which after all is what they are, really), topped up with modest bonuses.

I'm quite happy for them to get their bonuses.

(I'm British. LloydsTSB, who will be getting some government money though not as much as RBS, have announced that they'll be paying some bonuses and justified this by talking about their retail banking staff. I'm they'll be giving less deserving members of staff bonuses too)

[dhpgetsit]

9. Oh, that warms my heart!

Acually fills it with BURNING RAGE!

[lonestarnot]

12. I have such burning rage over this I could eat nails about now!

[bkkyosemite]

10. Kucinch is fired up about it. Now we need to slam our legislators and demand the people get the

bailout not the banks.

[tabasco]

11. Those CEOs need to put food on their families!

Where's the compassion for the multi-millionaires???? :shrug:

[brer cat]

13. While children

die because they don't have health insurance which we "can't afford"

while poor and elderly chose between medicine, food or heat

while millions of parents work two jobs and still can't seem to "put food on their children"

while huge areas of the American gulf coast are beyond any habitation

[lonestarnot]

14. 3/4 of a million jobs lost, while they keep stealing from us on foreclosures.

HOME prices in the United States had their biggest fall in 17 years in August and foreclosures were the highest on record, reducing property values as the global credit crisis weakened the economy.

http://business.smh.com.au/business/record-number-of-foreclosures-helps-push-down-home-prices-20081024-587o.html

Yeah it's time!

[MadHound]

15. But, but, but our economy was going to explode if we didn't pass this bill!!!

:puke:

Once again, the dumbest, most inane president in the history of these United States managed to stampede both Congress and a large portion of the population right over a cliff screaming FEAR, FEAR, FEAR!!!!

Fool me once, shame on you,
Fool me twice, shame on me
Fool me thrice, hell, take me for everything, I'm a dumbass!

It has certainly been quiet in certain quarters, the supporters of this con job are finally waking up to the fact that once again, they've been had:puke:

[charlie]

18. Don't leave before the closing credits

Dubya's likely got one more in him and it'll be a doozy, per usual. And why not? He always gets what he wants.

[lonestarnot]

22. It is just unfuckingbelievable!

[kentuck]

16. What a coincidence !!

That we find out their names and that their taxes go up by $70 billion dollars and with a small fine thrown in for good measure. The Cockroaches are running from the light, but slowly, one by one, they are showing their insect-like skinny and greedy shit-walking faces...

[blues90]

17. and just think who we have to thank for all of this .n/t

[dysfunctional press]

19. october SURPRISE!

they could use this against Dems that voted for the bailout in close races.

here in denny hastert's old district- the democrat that took his seat last march- Bill Foster, is being raked over the coals by oberweiss(the milk nazi) for voting for the bailout.

[BrklynLiberal]

20. This is actually horrifying....How can these guys have the nerve!!!???

[malaise]

21. When will these criminals be frogmarched to

prison?

[TahitiNut]

23. Just in time for Christmas! Deck the halls!

:puke:

[lonestarnot]

26. Deck the halls with heads!

[fortyfeetunder]

24. All I can say is:

:wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf: :wtf:

[Zhade]

27. To quote an oft-wrong fool: "THANK GOD IT PASSED"

:rofl:

[lonestarnot]

29. Is there a c Pat?

[mopinko]

30. don't think this story is correct.

it is my understanding that this money has not even been spent yet. it may be true that there are a lot of bonuses in the budgets of a lot of business, since that is the norm for the industry. but goldman sachs is not in trouble, and neither is citi, so i would be surprised to see them in the bailout line.

[Irish Girl]

31. Dear god, my blood pressure is skyrocketing

I'm going to have a damn heart attack with all this corruption wiggling about.

:puke:
:puke:
:puke:

[Usrename]

32. RICO Act

:grr:

[mod mom]

45. Grand theft larcency.

[Beregond2]

35. There is nothing in this article that supports that headline.

It says they are getting bonuses, despite the banks getting money from the bailout. It does NOT say the money is coming from the bailout. Now of course they should be giving up those bonuses as a condition of receiving the bailout, but that's another issue.

I wish people would read carefully and think a bit before making these misleading posts.

[Fumesucker]

36. Ah, I understand now..

The bonuses are coming from their massive profits.

[lonestarnot]

38. It was also reported on Lou Blobbs, but as $20 billion being "set aside." Yeah go ahead on and try

to marginalize the truth. Are you expecting a bonus?

[TWiley]

44. That makes no logical sense.

If the corporation they trashed needs a bailout, then no employee should get a bonus. Their bonus is to avoid the unemployment line. It really should be that simple.


Your argument reeks of mental accounting. The threadbare idea that these dollars are somehow seperate and should be treated different than "those" dollars.

[Usrename]

54. oh, these are blue dollars...

and the other ones are yellow dollars...

:shrug:

[Jack Rabbit]

37. Not one red cent

/s/
U. S. Taxpayer,
Bank Owner

[fujiyama]

39. AARGGGGG!

And those of that opposed it were called naive and worse.

Fuck them. Fuck the bailout.

[Hubert Flottz]

40. Hey these guys set up this 700 billion dollar robbery so they want

their cut!

[TWiley]

42. Where was the democratic leadership when the middle class got robbed?

That is the frustrating part to me. There have been little to no "bail-outs" for the middle class. It is all going into the pockets of the upper class

[TWiley]

43. Talk about a "Redistribution of Wealth"

Steal from the poor and give to the rich. Does anyone really think there will be money left for Social Welfare programs after this heist?

[lonestarnot]

49. No shit! It's ok when it works up, but they sure scream when it could be anything fair for somebody

who works for a living. They are disgusting excuses for human beings!

[KG]

46. Thank Gawd It Passed!

:applause:

[specialed]

47. Socialism for the rich.

Why isn't this being pounded by the media?

[pokerfan]

48. Where are the bailout cheerleaders now?

?

[KG]

51. watching their 401ks disappear...

anyway.