Speaking of bonuses - Wall street received almost $300 billion since 2002
By Daniel at 29 January, 2009, 3:34 pm
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Why is it that Wall Street has received almost $300 billion since 2002 but hasn’t contributed anything to the bailout? If I rob a bank of $10,000 I have to pay it back - all of it. Little punk kids who steal from stores have to pay compensation or return what they stole (or the parents do). If an industrial company pollutes the environment they often have to pay for the cleanup. The Superfund is made partly of contributions from offending companies. So why is it that crooks that masterminded this disaster aren’t required to pay Some of the ill gotten gains?
I think it’d be nice if Obama tried to force this issue - the clawback (not clawforward) should be used to regain some of the taxpayer money that has been wasted on banks who are now hoarding the funds. Supposedly banks may very well need more funding later in the year.
You must understand that these banks (wall street) has a very strong lobby and corruption has been the root cause of problems.
You, me and little punk etc.haven’t lobbyist and have to suffer. The fact is this system of elections, collecting billions of dollars donations to run as a candidate is faulty. When they spend millions every day during elections, they have to return when they are in power.
Does anyone think that these top contributors to Obama’s reelection campaign would have given him one penny if they didn’t already have a deal to keep all that they had stolen so far?
#2 Goldman Sachs…………………………….$955,223
#6 JPMorgan Chase & Co……………………$642,958
#7 Citigroup Inc…………………………………$633,418
#14 UBS AG…………………………………….$505,017
#17 Morgan Stanley……………………………$483,523
I am getting increasingly worried with every passing day, how the situation in the US is going to finally resolve itself. David Weidner is one of the pitifully few journalists who understands what is happening and isn’t afraid to call it by its proper name. But the ‘mainstream’ continue to pretend nothing bad ever happens and want to sweep any dirt under the rug.
Jail time is the answer. No question. Instead, the criminals running the banks are going to see their remuneration likely increase. If at least a nationalization of the banks were proposed (like in Scandinavia in the 90’s) the government could immediately terminate the contracts of the realms of corrupt executives, without compensation.
Instead, there is ludicrous double speak about ‘cracking down’ on bonuses, when in fact, the elite cannot wait for the memory of misdeeds to fade so their corporate buddy plutocrats can go back to feeding at the pig trough with their usual, glorious excess.
The problem is (and David knows it well), the natural correction to these excesses has been prevented. As a result any ‘recovery’ will be hideous, mutated and disgustingly unhealthy. It will be a disease on society, with obscene disparities between rich and poor (poor will become >50% of the population in the blink of an eye). There is nothing good can come of any of these so-called ’solutions’ to the banking crisis.
If this isn’t stopped now, it will end in violence, bloodshed and probably dictatorship.
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