Posted on 01/31/2009 8:21:38 PM PST by Tempest
It's one of the ironies of the U.S. financial bailout: The banking executives now managing billions in taxpayer money are the same ones who oversaw the industry's near collapse.
At banks receiving federal bailout money, nearly nine of every 10 of the most senior executives from 2006 are still on the job, according to an Associated Press analysis of regulatory and company documents.
Even top executives whose banks made such risky loans that they imperiled the economy have been largely spared any threat to their jobs. Less fortunate are more than 100,000 bank employees laid off during a two-year stretch when industry unemployment nearly tripled, bank stocks plummeted and credit dried up.
"The same people at the top are still there, the same people who made the decisions causing a lot of our financial crisis," said Rebecca Trevino of Louisville, Ky., a mother of three who was laid off from her job as a Bank of America training coordinator in October. "But that's what tends to happen in leadership. The people at the top, there's always some other place to lay blame."
(Excerpt) Read more at dallasnews.com ...
That way, we can have the same incompetence in financial institutions that we have in government.
I thought, that that was already the case?
Same corrupt politicians are trying to completely bankrupt our economy. Nobody could stop the Obama Meltdown once the Fannie/Freddie nuclear explosion went off. Bringing in a bunch of rookies is the last thing you want.
Pray for America, Our Troops and obama’s Guidance
Absolutely...of course we must make sure these lord’s of the universe receive hefty bonuses... must keep talent and all. They have a lifestyle...we should understand...how tough it would be for these paragons of virtue...to have to give up fine dining, fine art, and of course pricey vacations aka ‘sales’ meetings.
Well to be honest with you I hardly think that leaving Bernanke and Paulson in place is going to help anything do you?
Oh yes, we need those experienced in destroying their companies and the economy...to continue to run things...great idea. The politicians need not make the usual efforts to screw things up...Wall Street did the heavy lifting this time.
I agree whole heartedly, these Execs earned their taxpayer funded bonuses by manipulating the market as long as possible to project an image of a healthy industry.
Wall street thugs are just better people than dirty unwashed union thugs don’t you know. It’s the aire of cultured entitlement that makes them special.
I don’t what will help...Main Street is totally screwed...losing millions of jobs...while the people that caused this continue on as if nothing untoward has happened. It infuriates me.
barney frank, chris dodd, chuck schumer et al should resign also.
You folks need to lighten up! The people who ran these banks are still there, but FNM/FMC - who told banks its okay to give Alt-A loans and loans with no income verification - changed their policies. After all, we no longer have Franklin Raines, “.. just a poor kid from Oakland comin’ to Washington DC” running that organization into the ground. Unfortunately, we now have a bigger group of fools with their hands on the levers of power now!
The march to the defense of the Wall st. low lives around here saddens me.
You are preaching to the choir. I despise them. I certainly hope those who broke the law. After Enron, laws and regulations were put into place supposedly to end these little games by our betters (at least in their minds). I hope some of these bozos are doing the perp walk soon...I might even throw a shoe at them.
Me too, How can they defend these people?
Diversion?
I hate to break it to you but things were falling apart prior to Obama, we now get to see if he allows this crap to continue or if he has the guts to cut off these pirates.
Unfortunately it wasn’t only Democrats that voted in support of the bailout.
Bernanke and Paulson are not who this article was directed at. This is directed at Wall St who were likely fooled by Fannie/Freddie Corruption. The market cannot work efficiently when it contains corruption.
Anybody who knew about the corruption should be fired, but not people who were victims of their fraud. The Country just voted to keep the crooks in office and elected someone who was up to his ears in the Fannie debacle. Why the outrage now?
Pray for America, Our Troops and obama’s Guidance
my comment did not have anything to do with the bailout.
look at the many videos from 2004 to 2006 of congressional republicans confronting the democrats about the problems at fanny mae and freddy mac.
maxine waters, barney frank, et al defended them.
They keep rubbing it in people’s faces, and it’s going to get ugly. I just hope I’m sitting on the jury.
Perfect example of this was JPMorgan putting David Schneider in charge of Wamu’s bank after they were handed all their assets by the idiotic FDIC seizure. His previous job was president of Wamu’s home loans division, the business unit that caused billions in losses from bad loans that set this trainwreck in motion. Soon after this annoucement, JPMorgan pinksliped over 7000 wamu employees. Many who had their retirements & savings wiped out and careers ruined had to watch in horror as Mr. Schneider was basically promoted.
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