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November 9, 2008

Bailout Money Used For Bonuses To Rich Execs

-- by Dave Johnson

In case you missed this, because of the election news. I apologize in advance for making it bold type, but I am really pissed off and want to be sure everyone sees this.

Wall Street Fat Cats Are Trying to Pocket Billions in Bailout Cash,

... nine banks about to be getting a total equity capital injection of $125 billion, courtesy of Phase I of The Bailout Plan, had reserved $108 billion during the first nine months of 2008 in order to pay for compensation and bonuses...

The country's top investment bank (which since Sept. 21 calls itself a bank holding company), Goldman Sachs, set aside $11.4 billion during the first nine months of this year -- slightly more than the firm's $10 billion U.S. government gift -- to cover bonus payments for its 443 senior partners, who are set to make about $5 million each, and other employees.

CALL your Congressperson's office and demand to know why the taxpayer bailout money is being used for bonuses.

Posted by Dave Johnson at November 9, 2008 4:59 PM


Comments

My question is: why one of the leaders of the biggest financial crisis of, well, human history is going to be sitting in the Oval Office in February '09?

That and be served by another corrupt figure in this crisis: Rahm Emanuel.

Posted by: Scorpius [TypeKey Profile Page] at November 10, 2008 2:42 PM

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