Posted on 01/30/2009 5:44:45 PM PST by Kaslin
Capitalism: It's more than a bit scary when a powerful politician suggests that getting a bonus might get you prosecuted as a criminal. But that's where we are today. Welcome to the new world of post-bailout capitalism.
"There will be time for them to make profits," he said Thursday with Treasury Secretary Tim Geithner by his side. "And there will be time for them to get bonuses. Now's not that time. And that's the message that I intend to send directly to them, I expect Secretary Geithner to send to them."
Vice President Joe Biden was even more pointed: "I'd like to throw these guys in the brig," he said.
Democratic Sen. Chris Dodd had this to say to those executives who take home big bonuses: "If you do it, I'm going to bring you before the (Senate Banking) Committee."
Perhaps the ire is deserved. It's hard to defend Wall Street executives' pay. Last year, the Dow closed off 34%, its third-biggest loss ever, as trillions in wealth evaporated. And financial companies lost nearly $50 billion for their shareholders.
Yet executives gave themselves hefty bonuses, claiming they had to do so in order to keep talented people.
(Excerpt) Read more at ibdeditorials.com ...
Someone needs to put this crook under investigation.
So whose belief is it we should let the likes of hair plugs determine what the private sector does. That's what shareholders are for.
Maybe the entrepreneurs should meet up at Galt’s Gulch for cocktails.
Investigate? It is way past the time for investigating.
Capitalism is the only economic system that buttresses individual rights. Biden is dumber than he looks. The Haavaad educated, light-weight-socialist, propagandists-created, king-of-the-collectivists, con-man might know better but that’s not his purpose.
Especially since he still hasn’t brought his mortgage papers yet, which he promised 6 month ago he would do
Prison time then. Not holding my breath here.
Wasn't too shameful when Citigroup donated 8 million to your inauguration and then asked for my bailout money was it Obama?
Six months from now he still will have failed to do so.
Well, what about all the banks that didn’t make subprime loans, or deal in SIVs, and never lost money in any quarter.
Surely the people who work there deserve to be rewarded - especially the high executives who decided not to participate in folly.
Many of these banks were given TARP money, even though they didn’t need it, to get interbank lending going again.
I think the producers are pondering just that, instead of being victimized by the parasites. These thugs are gonna have a hard time propping up anything very soon.
Here’s where the rub comes in about the “oversight” in the bailout package. By taking the government’s bailout money, businesses are placing themselves under the whim of these lunatics in Congress. I’m certain we are only seeing the beginning of the ways Democrats will try to interfere with private industry using the bailout as their justification. If you lie down with dogs, you are bound to get fleas.
No comparison yet of the enormous ‘severance package’ the tax-cheat brought with him? And what was that crap about comp time back pay?
I think there was a ton of creative license used to try to cloud the chunk of change he took out the door (Geithner or whatever his name is).
Too true. Let's hope Obama gets the urge to start scratching very soon.
As a taxpayer, I have become one of the shareholders, but I'll never see a return on my investment...And I say, 'throw these bums out'...
Perhaps the ire is deserved. It's hard to defend Wall Street executives' pay. Last year, the Dow closed off 34%, its third-biggest loss ever, as trillions in wealth evaporated. And financial companies lost nearly $50 billion for their shareholders.Yet executives gave themselves hefty bonuses, claiming they had to do so in order to keep talented people.
This reminds me of a story from "Reminiscences of a Stock Operator". A couple of traders got a tip on a stock from an elderly Wall Street guy who should have been in a position to know what he was talking about. The traders bought the stock, thinking they were going to make a good deal of money. Of course, the stock tanked, and the traders lost big. One of the fooled traders decided to send a message to the tipster calling him all sorts of names for having given a lousy tip, but the other one told him to hold off. "Why," the first trader asked. And the second trader said: "If you make the old guy mad, he won't give us any more tips!"
I would imagine that many of the folks whose investments have tanked over the past year or so wouldn't mind seeing some of these "talented" Wall Street jackasses take a hike. With talented people like that, who needs enemies?
Damn, a whole year just ripped by, that was pretty fast!!
Cannot do anything but a writer so out of touch he doesn't know what year it is. LOL
BS, let them file bankruptcy and see how long those so called contracts last. These companies were insolvent.
I see nothing wrong with a law removing the salaries of the management from the boards and requiring a two thirds vote of the stock holder.
It’s called bylaws of the corporations. If you don’t like them, you shouldn’t invest in those companies.
I see plenty wrong with the government taking over management salaries. Would you work in one of those management slots for a government salary? I wouldn’t.
Trust me, you do not want to do this. They will just retire to Galt’s Gulch.
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