What about the banks that the government gave money to but really didn’t need it. Wells Fargo comes to mind. They were given $25B and frankly didn’t need it. The same could be said for JP Morgan and BofA.
In my opinion Jamie Diamond, John Stumpf and Ken Lewis have done a good job keeping thier companies out of the mess the former I banks and Citi’s of the world got themselves into. They were given (read: had to take) capital to unclog the credit markets by the government but never asked for it.
Then again who cares, free market capitalism is dead.
The media onslaught against Wall Street continued Oct. 27 in a NBC �??Nightly News�?? segment slamming executive compensation and calling for more regulation of the financial sector.
Nell Minow of The Corporate Library, labeled by NBC correspondent Tom Costello as an �??executive compensation advocate�?? warned, �??They�??re going to have villagers with torches coming after them if they do not turn down these bonuses or find some way to defer them until the mess is cleaned up.�??
And, Rep. Barney Frank, chairman of the House Financial Services committee told NBC the solution would come from the government. He said he would favor regulation similar to that dating back to President Franklin Roosevelt�??s New Deal if Wall Street didn�??t limit executive pay on its own.
�??There�??s nothing we can do to stop it immediately,�?? Frank said. �??But we will be regulating next year in a way that hasn�??t been seen, I think, since the New Deal. That is, we have seen such a lack of control.�??
Costello�??s report did mention that Goldman Sachs, Morgan Stanley and Merrill Lynch haven�??t made a final decision on how they would handle executive compensation, despite the segment�??s suggestion that there would be a government response if they made what some thought to be the incorrect one.
We haven’t even started the bail-out yet.So far most of the money handed out to banks has been used to buy out the lesser banks leaving on the stronger more powerful ones.
They told you it was to save the economy so far its been an excuse to fuel expansion. It is real simple if they need the government to bail them out they don’t deserve a bonus.
But hey you paid a half a billion dollars for an AIG party. Then they asked for more, first thing they did with that was buy a hunting trip.
700 Billion is just the start,no matter who wins the party starts in January. Thats when the money really starts to flow. They will bring in government contractors to handle and deal out the payouts, which by round 3 should be about 2 trillion or more.
Buy hey, they are saving the economy. More people are losing jobs to cut costs while executive compensation grows and grows.
This is how its been throughout history. From Romans to the first caveman who stole his neighbors food after figuring out how to beat him up.
Just remember as you look at the rather sparse christmas tree this year, someone at Goldman Sachs just bought his kid a new BMW with your tax dollars.
Because he figured out how to beat up his neighbor.
[quote]RoadWarrior wrote:
We haven’t even started the bail-out yet.So far most of the money handed out to banks has been used to buy out the lesser banks leaving on the stronger more powerful ones.
They told you it was to save the economy so far its been an excuse to fuel expansion. It is real simple if they need the government to bail them out they don’t deserve a bonus.
But hey you paid a half a billion dollars for an AIG party. Then they asked for more, first thing they did with that was buy a hunting trip.
700 Billion is just the start,no matter who wins the party starts in January. Thats when the money really starts to flow. They will bring in government contractors to handle and deal out the payouts, which by round 3 should be about 2 trillion or more.
Buy hey, they are saving the economy. More people are losing jobs to cut costs while executive compensation grows and grows.
This is how its been throughout history. From Romans to the first caveman who stole his neighbors food after figuring out how to beat him up.
Just remember as you look at the rather sparse christmas tree this year, someone at Goldman Sachs just bought his kid a new BMW with your tax dollars.
Because he figured out how to beat up his neighbor.
[/quote]
I agree that the bailout should never happened to begin with but now that it has the gov’t needs to stand down and let the viable banks go to work.
Part of the recovery involves solvent banks buying up the weaker ones. You call it expansion but it is in fact a correction. That is how a market works.
Your argument about history is irrelevant. History does not predict the future. Men can change their behavior. Besides, if more people were “bad” than “good” civilization would have been destroyed a long time ago.