Posted on 07/30/2009 5:20:00 PM PDT by FromLori
Nine banks that received government aid money paid out bonuses of nearly $33 billion last year -- including more than $1 million apiece to nearly 5,000 employees -- despite huge losses that plunged the U.S. into economic turmoil.
ANDREW CUOMO The data, released Thursday by New York Attorney General Andrew Cuomo, provide a rare window into the pay culture of Wall Street, where top employees typically make 90% or more of their compensation in year-end bonuses.
The $32.6 billion in bonuses is one-third larger than California's budget deficit. Six of the nine banks paid out more in bonuses than they received in profit. One in every 270 employees at the banks received more than $1 million.
(Excerpt) Read more at online.wsj.com ...
well, those who got the bonusus may be the ones who are in the top percentage and will pay the most taxes...
I can dream, can’t I?
Sure as long as you wake up and come back to the reality that you picked up the tab for their bonus.
George W. Bush.
Several of the banks who receive TARP funds did not have a loss in any quarter. They were the ones who paid the bulk of the bonuses.
Performance bonuses and retention bonuses are two different things.
Top talent can move around, without an incentive to stay.
Please, I fully understand that Wall Street and the mortgage industry have become piggy banks for the Democrat Party.
However, lets not fall for the class envy stuff, and attack these institutions over pay issues.
If you completely eliminated the entire compensation of the top 5% of any major firm, that has received TARP money, I doubt that any of them would return to financial health, by that act, alone.
This is a distraction.
Again
Firms that do not pay certain bonuses will be taken to court, if the employees QUALIFIED for such bonuses.
Firms that do not pay bonuses will also go out of business, since nobody will want to work for those firms.
Franklin Raines mentioned in that article?
How about the wealth of the government officials that forced those banks into bad loans that would eventually sink them?
Big oil
Big banks.
Big pharma.
Big medicine.
Big insurance.
Big auto.
Who else will Obammie and his Commies encourage us to hate so that those commie effers can take over yet more private industries?
Wait, aren’t they suppose to get a bonus if their company has earnings?
Sorry I do not see it that way it has nothing to do with class envy and everything to do with me footing the bill.
They are WELFARE QUEENS so why should I pick up the tab?
Let them move around with top talent like that who got them into such a mess in my opinion they should be Wal Mart greeters.
By?
George W. Bush
Umm, actually Slick Willy.
Slick Willy saw the tech bubble bursting and didn’t want the economy going sour on him and his “8 years of peace and prosperity” lie that he was trying to write in the history books.
So he enforced Jimmah Carter’s Community Reinvestment Act to force banks to approve very high-risk mortgages. Once this got started, the Federal Reserve did their harmful part by artificially lowering interest rates, thus guaranteeing a housing bubble, the effects of which we see with over 1.5 million homes on the “inventory” list that need to be sold and another app. 1 million about to be foreclosed upon.
So, yes, Pres. Bush was a big-governmenter and he followed the same jackass mistakes that most presidents make when they think that the Federal Reserve is there to help them, which they are not.
The LCD in all this is the Federal Reserve.
And these bonuses are irrelevant compared to the 50 trillion dollars of deficit spending that is protracted out over the next few years.
Keep your eye on the ball, everyone.
Defeat government-run medicine.
Defeat Tap and Bleed.
George W. Bush.
Change will do you good...
Very well stated. See my other posts on this thread. This is a total distraction.
The government FORCED our financial institutions to make bad loans to people who could not pay them back.
Now, the liberals in Congress who caused the problems, and the idiots in the MSM who hate capitalism and do not understand business, want us to be mad at all executives who are guaranteed certain bonuses, as a matter of CONTRACT!
Yes, some of these firms should have gone to bankruptcy court, where some contracts could be modified or voided.
However, we did not take that course of action, and now contracts must be honored.
They will certainly contribute with the greatest charity to the congess critters who bail them out of their bad bets.
Hey! You got sumpin ‘gainst capitalism you COMMIE?
Study: Bank Bonuses Far Exceeded Profits
Several Bailed-Out Banks’ Bonuses Topped Their Net Income in 2008, According To N.Y. AG’s Report
http://www.cbsnews.com/stories/2009/07/30/business/main5197668.shtml
hahahhahah,,, only the top few sitting around the long oval table in the board room... who leave and get in their limos and are driven back by their black driver to fairyland where they live.
hahahhahah,,, only the top few sitting around the long oval table in the board room... who leave and get in their limos and are driven back by their black drivers to fairyland where they live.
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