October 19, 2008
-- by Dave Johnson
Our Congress was manipulated by fear into voting hundreds of billions for a Wall Street Bailout.
So see if you can guess where the money is going?
Financial workers at Wall Street's top banks are to receive pay deals worth more than $70bn (£40bn), a substantial proportion of which is expected to be paid in discretionary bonuses, for their work so far this year - despite plunging the global financial system into its worst crisis since the 1929 stock market crash, the Guardian has learned.I'm sorry, what? You expected something different?
Staff at six banks including Goldman Sachs and Citigroup are in line to pick up the payouts despite being the beneficiaries of a $700bn bail-out from the US government that has already prompted criticism. The government's cash has been poured in on the condition that excessive executive pay would be curbed.
Every member of Congress who voted for this bailout needs to be recalled.
Posted by Dave Johnson at October 19, 2008 1:42 PM
I think the people who voted for Iraq should be booted first.
The general _gist_ of this bill isn't off the charts for stupid. That Wall St. workers get their bonus checks should have been thrown in along with the checks on executive pay.
Posted by: JoshNarins at October 19, 2008 3:42 PM
Post a comment
Thanks for signing in, . Now you can comment. (sign out)(If you haven't left a comment here before, you may need to be approved by the site owner before your comment will appear. Until then, it won't appear on the entry. Thanks for waiting.)