This is not true there were stings.. just not enforced yet. Also,these banks need more money...so you can just bet there will be more strings. I have heard many on this thread applaud the tough rules for auto companies...however, Wall Street is different. Why? They obviously have a very poor business model. They pay hefty salaries and bonuses that are not based on the companies success...Citi paid out more than they are now worth in Bonuses and compensation in 2008...This is obscene...they used our money. Now they want more...sorry you took the money so now you are a failed enterprise under government control.
In writing? Care to cite a source for those strings and provide some specificity. It has been very difficult to get information on who got the TARP money and in what amounts. Moreover, what strings are included in the stimulus package.
I have heard many on this thread applaud the tough rules for auto companies
Not from me. I was against the bailout. It is throwing good money after bad. GM spends more money on health care for retirees than it does on making cars. It is structurally unsound.
Citi paid out more than they are now worth in Bonuses and compensation in 2008...This is obscene...they used our money.
LOL. I am far more upset how the USG is spending $1 trillion of my money on a giant pork bill than I am how companies spend their money. How much of those bonuses do you think were returned to the USG in the form of taxes? How much was spent in the economy in the form of consumer spending? And how much was spent in investments and savings? I wish more people thought of government spending as "our money" when it came to government programs. Obama's inauguration cost $150 million. ACORN, a Dem political group, is getting $4.1 billion.
Could you please clarify something? Is the bailout money provided to Wall Street a gift or a loan, which will be payed back?
What is really obscene is a USG national debt of over $10 trillion that will be rapidly expanded over the next few years. We currently pay 17 cents out of every federal dollar in a $3 trilllion annual federal budget to service the federal debt.
What is obscene is the almost $60 trillion in unfunded liabilities for our entitlement programs that will go bust in the next decade without an increase in taxes and reduction in benefits.
You can get on your high horse about obscene spending in the private sector, but you fail to understand that this is miniscule to what is happening in terms of government spending at all levels. One in six people now work directly for the government in this country and many more depend on government spending. Government produces nothing. It depends on taxes to operate and exist. More and more of "our money" is going to be taken from us and given to someone else.