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America Discovers That Bailout Will Be Used To Pay Wall Street Bonuses

China

By China
in The Tailgate

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zoony

zoony

Posted
Posted
My major complaint about this bailout was the lack of oversight and accountability in fact that was the very thing that I lit my Senators and Congressman up about when I wrote them. Personally, I think Gomer says it best.

BTW, Bush thanks for sticking it to us once again on your way out the door. WTG Paulson for helping out all your golfing buddies. We have the foxes guarding the hen houses, and the worst part of it is that when I watched this on CNN this morning I wasn't shocked, and I'm not sure if I'm angrier at the fact that they did it, or at the fact that I'm not more shocked and appauled that they did it.

This sums up my feelings too. I was not against the bailout, but I wasn't too happy about the way it came about.

And special thanks to Paulson/Bush. Wow.

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bird_1972

bird_1972

Posted
Posted
This crap has to stop or people are going to start turning to violence. :doh:

Hearing about this and the following loophole tax that Treasury "abolished" on the hush hush made me mad as hell. See below:

http://www.washingtonpost.com/wp-dyn/content/article/2008/11/09/AR2008110902155.html

Gov't has to start becoming accountable to its citizens. I just hope that Obama can fulfill that promise.

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Destino

Destino

Posted
Posted
That is just rich

Pretty much every conservative in the tailgate was against this, as was a vast majority of the base

In fact, you yourself were the one ****ing about not enough Republicans voting for this in the House and defeating the measure the first time it came up

Not my point. The bailout was/is needed - mine is a question of language. Where are the cries of wealth redistribution and socialism. It annoys the hell out of me that these two terms are only brought out when those being helped happen to NEED HELP. Give everyone elses money to the wealthy and it's bad economic policy.

As for this problem, there needs to be greater accountability. If tax money is being used all bonuses should be canceled. Once they pay us back and get back on their feet the stock owners can consider back pay.

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youngestson

youngestson

Posted
Posted

Sadly this is old news.

The bail-out money started going to bonus pay the second it was recieved. Much of the rest has gone to K street hiring hacks to persuade congress to avoid asking too many questions.

Hopefully this will stay in the full public view and encourage our elected officials to grow a pair and say no to a well funded lobby for once.

No bonus pay with bail out money needs to be the law.

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GibbsFactor

GibbsFactor

Posted
Posted
Im shocked..........not at all.

I think a big round of "I told you so's" is appropriate here.

How about we all just look each other in the eyes and agree that EACH of us are getting butt ****ed.

Then we say, you know what, **** this, and get off our computers march down to the Capitol and kick some congress ass.

How bout it, who's with me?

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Peeping Wizard

Peeping Wizard

Posted
Posted
My major complaint about this bailout was the lack of oversight and accountability in fact that was the very thing that I lit my Senators and Congressman up about when I wrote them. Personally, I think Gomer says it best.

Just out of curiosity, upon what do you base he belief that a government can properly oversee a financial system?

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ECU-ALUM

ECU-ALUM

Posted
Posted
How about we all just look each other in the eyes and agree that EACH of us are getting butt ****ed.

Then we say, you know what, **** this, and get off our computers march down to the Capitol and kick some congress ass.

How bout it, who's with me?

I'll stop-off and pick up some pitch-forks at the Farm Suppy store just down from my house (someone else will have to get the torches)...and a nice sub-tray...rioting and mob-mentality can make one work-up a powerful hunger.

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Koolblue13

Koolblue13

Posted
Posted
why is it proper gop partisanship, to defend big business? I mean if your money is being stolen what difference does it make who's stealing it?

I voted for one independent, three libertarians and a Democrat who I kind of know.

The repubs and the dems are pulling this crap off TOGETHER. Get off your partisan high horse already and start contributing again, please.

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MurrayH81

MurrayH81

Posted
Posted
Where are all the cries of redistribution of wealth and socialism now?

It's okay when the people who can create jobs do it. If it goes to anyone else, it's strictly forbidden.

Do you realize that this story argues for free markets and against big government interventions like the bailout?

Bingo. We would have been done with this mess and on our way to recovery by now if they had just let every one of these failing corporations meet Darwin. That is a fundamental point of our society/culture -- accountability. Waves goodbye sadly.

Another failure of our gov't.

Thanks Congress for being lap dogs

Thanks Bush for appointing Paulson

Thanks Paulson for looking out for your Wall St buddies

And yet, when these discussions were going on, the people who were pointing out that the proposed bailout was garbage were told by many on these forums that we needed to do something. All who did can include a visit to the mirror to offer thanks to yourselves as well. We only had one chance to get this right, and we let fear and greed dictate our future.

Not my point. The bailout was/is needed - mine is a question of language.

An intervention was needed definitely. However The Bailout was what we got, because we let fear and greed dictate our future.

The bailout is going to go down as one of the worst financial decisions in our country's history.

Sadly, not enough people in charge realize this, so they're actively considering more bailouts. Ugh.

Oh, people realize, especially our congressional and administrative leadership. They intended to screw us from day one. They delayed just long enough to allow the proper introduction and dispersion of fear to take place.

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PeterMP

PeterMP

Posted
Posted
Not my point. The bailout was/is needed - mine is a question of language. Where are the cries of wealth redistribution and socialism. It annoys the hell out of me that these two terms are only brought out when those being helped happen to NEED HELP. Give everyone elses money to the wealthy and it's bad economic policy.

So you're critizing people that didn't support something for not using EXACT language while not supporting it?

As for this problem, there needs to be greater accountability. If tax money is being used all bonuses should be canceled. Once they pay us back and get back on their feet the stock owners can consider back pay.

Since they didn't mention a specfic bailout, I'll ignore AIG, which I think clearly is/was a mess. For the bigger bailout, there was a switch made (at least a partial one). Instead of buying the securities (which had many stated issues the whole time), the goverment put equity right into the banks. They didn't want only banks that we're having trouble to take the money because they didn't want to highlight the problems of those banks so they pressured even solid companies to take some money.

If I'm working for bank that has done okay and I took money under the pressure of the federal goverment, should I forgo my bonus because of it?

I don't think so. It isn't clear if that's what this article is talking about or not, but to simply say, 'Well, they took the money, and now, they are paying out bonuses so their bad.' is simplistic w/o knowing who took the money, why they took the money, and the larger picture of the company.

A bait and switch was pulled w/ this bailout that makes it harder to keep track of the money and understand who needed a bailout and who didn't.

http://www.courierpostonline.com/article/20081025/NEWS01/810250383

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