Posted on 12/21/2008 7:50:59 AM PST by Joiseydude
Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an Associated Press analysis reveals.
The rewards came even at banks where poor results last year foretold the economic crisis that sent them to Washington for a government rescue. Some trimmed their executive compensation due to lagging bank performance, but still forked over multimillion-dollar executive pay packages.
Benefits included cash bonuses, stock options, personal use of company jets and chauffeurs, home security, country club memberships and professional money management, the AP review of federal securities documents found.
(Excerpt) Read more at foxnews.com ...
Before anyone defends this as “capitalism,” remember these jerks are the reason we now have a fascist nationalization of the financial sector.
Why is Barney Frank not in jail? Instead he uses Fox for a mouthpiece to spout this finger pointing in an attempt to divert attention away from himself. I say put all the crooks in jail in both parties. I’m sick of them using each other as an excuse to rape America.
Well, the fascist part is that despite all of the executive compensation, they are still running to the government and demanding to be indemnified against the cost of their bad business decisions. As long as the market is allowed to properly punish them for misallocating resources, how much they spend on perks is between them and their shareholders. But once the government is brought in it becomes a taxpayer issue.
anyone who assumed this would be any dfferent is ignorant of how things really work in the financial/corporate world. you know what they say about ass u me ing anything. If the politicians are shocked, they are either too dumb or corrupt to serve.
The American people were overwhelmingly against this bailout or any other one. Then Bush has the nerve when congress voted down the auto bailout to say he had to act because congress didn’t? What part of NO doesn’t he understand? They acted, he didn’t like their answer, or ours. Give it up folks, unless we march and overthrow, nothing will change.
Banks that did not give subprime mortgages, did not buy SIVs, and did not lose money were nevertheless given money from TARP by the Fed, in order not to make the others feel bad.
Their executives deserve to be rewarded for making the right decisions.
Investors flock to the hedge funds because they are loosely regulated. When they are betting on a position they reap the rewards but when they get caught on the wrong side they plead for govt assistance.
June 2, 2002
PRESIDENT CALLS FOR EXPANDING OPPORTUNITIES TO HOME OWNERSHIP
St. Paul AME Church
Atlanta, Georgia
.... Now, we’ve got a problem here in America that we have to address. Too many American families, too many minorities do not own a home. There is a home ownership gap in America. The difference between Anglo America and African American and Hispanic home ownership is too big. (Applause.) And we’ve got to focus the attention on this nation to address this.(Applause.)
And it starts with setting a goal. And so by the year 2010, we must increase minority home owners by at least 5.5 million. In order to close the homeownership gap, we’ve got to set a big goal for America, and focus our attention and resources on that goal. (Applause.)
And I picked a good man to help realize that goal, in Mel Martinez.”....(Applause.)
....Less than 50 percent of African Americans are part of the homeownership in America. And less than 50 percent of the Hispanics who live here in this country own their home. And that has got to change for the good of the country. It just does. ....(Applause.)
....And we want to fully implement the Section 8 housing program, homeownership program. The program will provide vouchers that first-time home buyers can use to help pay their mortgage or apply to their downpayment. ......(Applause.)
.... That’s why I’ve challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America’s home ownership challenge.(Applause.)
And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system — I introduced two of the leaders here today — they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It’s a commitment that conforms to their charters, as well, and also conforms to their hearts.(Applause.)
This means they will purchase more loans made by banks after Americans, Hispanics and other minorities, which will encourage homeownership. Freddie Mac will launch 25 initiatives to eliminate homeownership barriers. Under one of these, consumers with poor credit will be able to get a mortgage with an interest rate that automatically goes down after a period of consistent payments. (Applause.)
Fannie Mae will establish 100 partnerships with faith-based organizations that will provide home buyer education and help increase homeownership for their congregations. I love the partnership. (Applause.)
The Enterprise Foundation and the local initiative support corporation will increase efforts to build and rehabilitate more homes in inner cities at affordable prices by working with local community development corporations.(Applause.)
In my home state of Texas, Enterprise helped turn the once decaying ideal neighborhood of Dallas into a vibrant community, by building homes that were sold to residents at affordable prices. The National Association of Home Builders will team up with local officials, home builder associations and community groups in 20 of our nation’s largest housing markets, to focus on how to eliminate barriers, and encourage homeownership.(Applause.)
The Neighborhood Reinvestment Corporation will dramatically expand financial and home buyer education efforts to 380,000 minority families. The Neighborhood Housing Services of America will raise $750 million to promote homeownership initiatives in many communities. We’re beginning to use the Internet better, so that realtors all across the country will be able to call up programs all designed to help minority home buyers understand what’s available, what’s possible, and what to avoid. The National Realtors Association will create a central data bank of affordable housing programs, which will be made available to agents, real estate agents, to help people. ....”(Applause.)
Who’s applauding now?
How about if we all just stop paying our taxes?
You said it UNION! Time for these bank exec’s. to start dealing with the possibility of bank employees forming unions.
"Ve have vays to make you pay..."
” Study: As Banks Failed, Top Executives Earned $1.6B “
‘Earned’?????
These people are supposed to be professional money manager!
Shouldn't that read top scam artists!!!
It would fix the problem completely. However, you will not find a large enough pot of taxpayers to do it, imho.
I, while a hard working family, have never made enough to pay federal taxes, I have always gotten back more than I put in due to the child tax credits. Maybe in a couple years that will change, when I no longer have children young enough to claim.
I think that my story is repeated over and over, which is while it would be very effective if enough of the upper income brackets would do it, will not have the desired effect. They have put the under 50,000 per year family as receipients only, not payers.
We need a flat tax so all pay their FAIR share. No tax on necessities or items purchased at a goodwill store. 15 % or so everywhere else. That way even illegals, drug dealers, prostitutes and others who don’t pay taxes would have to.
Hard work and earning more would be rewarded instead of punished, and savings and thrift shopping/spending would be encouraged. Used cars, houses, boats, no tax- already taxed when new so it would be double taxation.
It’ll never happen cause the rich and their luxurious lifestyles would force them to ACTUALLY pay their fair share instead of finding loopholes in tax laws on income written by the rich for the rich, but, hey, a girl can dream.........
In 2002 I was selling a house.
These low income people who needed Daddy's signature to get a loan tried to get me to sell it to them with the "Ameridream" program.
Under Ameridream, I was supposed to give the buyers their down payment.
I agreed, as long as the sale price was adjusted up by the amount I gave them.
How stupid. They just guaranteed the loan amount was higher and they were still low income. The deal fell through for other reasons (twice) and they eventually bought another house. I bet they have trouble making payments these days.
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