Waxman to Banks: WTF?
Posted October 29th, 2008 by Michael Nystrom
output
Congressional investigators demanded State Street Corp., Citigroup Inc., and seven other banks justify billions of dollars in pay and bonuses after they accepted $125 billion as part of a taxpayer-funded bailout.
In letters to the nine firms yesterday, Representative Henry Waxman, the chairman of the House Committee on Oversight and Government Reform, said they collectively will pay $108 billion in employee compensation and bonuses in the first nine months of 2008, almost the same amount as last year.
"I question the appropriateness of depleting the capital that taxpayers just injected into the banks through the payment of billions of dollars in bonuses, especially after one of the financial industry's worst years on record," Waxman wrote.
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Reality to Waxman.
DUH!
When the Japanese government was giving money away to their banks after their real estate bubble collapsed, they didn't lend it out, either.
Government has no constitutional authority to give away taxpayers' money to failed corporations in the first place.
-jcr
It's amazing that any
It's amazing that any company can give bonuses for horrible performance. These bankers did such terrible incompetent jobs that they should be giving money back to the banks from their previous bonuses.
The bankers all understand why this is happening, though. Their jobs are not to make their investors money. Their jobs are to transfer the wealth of their investors into their own pockets.
Look at it from the bankers' point of view...
They got the government to give them $125 billion. They DESERVE billions in bonuses for that. B-)
(What is the "facetious" smiley, anyway?)
did waxman vote for the
did waxman vote for the bailout?? waxman is a dope!
"When governments fear the people there is liberty. When the people fear the government there is tyranny."
-Thomas Jefferson
I am more concerned about the return of my money than the return on my money. --Mark Twain
Shove this down the throat
Shove this down the throat of anyone you know who supported the bailout.
Salaries
Does this $108 billion include the salaries of regular bank workers? I mean tellers and such. I wouldn't deny them their pay.
I just can't imagine why anybody is surprised by this.
After all, why NOT business as usual?
sure...they'll "question" it...
but thats ALL they'll do...put on a show, make us think they are doing something but THEY WIIL DO NOTHING...except vote themselves a raise, have 13 times more millionaires on average in congress than the rest of the nation and spend OUR tax dollars...
how's that bailout workin' for ya' now?
O Captain, My Captain, rise up and hear the bells!
I love it, justify?
Tisk Task Henry you are so tough. They will get back some mumbo jumbo about paying top talent to manage this complex system yadda, yadda, yadda.
Buying guns, gold and food. It's time we raise up, as long as the government keeps providing the booze and drugs nothing is going to change.
Waxman voted for the bailout
I hope he's not just making "noise" to save face and keep his job. I wish he did not support the bailout, his argument would have better legs.
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that's all he is doing...
and very damn little noise, at that!
he, for damn sure, didn't say "WTF" like this post says...he says he questions it...Big F'en Deal!!
O Captain, My Captain, rise up and hear the bells!
What did the "jackasses" expect...
for crying out in the night...these same idiots that voted for this thing, and shoved it down our throats are now questioning how the money is being spent...maybe they should of thought about that when they were writing the darn bill that gave so much power to the treasury. Where's the "V" when you need him?
the horses left
the stable.....and NOW they hold hearing...it's bread and circus for the masses....NO hearings or questions BEFORE the bailout was rushed thru.
I've had men watching them for a long time
They invest in the breadstuffs of the country. When they win, they divide it amongst themselves and when they lose they charge it to the bak. They are a den of vipers and must be routed out.
BLAM BLAM!!!
Lucky for AJ, they misfired.
A number of other presidents weren't so lucky... Abe, JFK, even Ronny said some'n once and... POP! "Jody made me do it!"
Lucky for our RP, he's not on the ballot.
Actually, the assassin did
Actually, the assassin did not misfire--the pistol bullet lodged in his chest, but didn't kill Jackson. Whereupon Jackson proceeded to chase the fleeing would-be assassin across the lawn with his walking cane.
SUPPORT OUR FOUNDERS' AMERICA
Support the Constitution of the United States
CNBC Fast Money will be discussing this very letter today
10-29-08 5:00 PM ET
"Lead, follow, or get out of the way."
-- Thomas Paine
Questioning????
They are trying to get whatever they can, take from the poor (tax payer bailout money) and give to the rich (Corporate CEO bigwigs, and employees) Here is an updated article on this subject:
http://www.bloomberg.com/...
"I question...."
What is there to question? There are loopholes in the bailout, and they are taking them. Duh......
The whole thing is shocking ...
Having said that ...
stay focused on the message of freedom.
Spread it, it will flourish.
WAHOR!!
http://www.dailypaul.com/...
Hey, come on, we are their
Hey, come on, we are their slaves who are you to complain you worthless nobodies. Seriously, were you born yesterday? You know your role, get back to work.
Insane!
When does the BS stop? I bet this story gets put on the back burner.
Heck, why not? The bank
Heck, why not?
The bank exec's just fooled another bunch of dimwits into handing them a pile of cash against empty promises. Why not celebrate with some bonuses?
Exactly. This is business.
These bankers just got free money, of course they deserve bonuses. They screwed everybody, and let the government take the blame, and the taxpayer takes the bill.
Insane. The bailout is being
Insane. The bailout is being soaked up into the banker's wallets... Just watch this whole bailout backfire. Oh the unintended consequences of government!
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I'm guessing ...
... that's why they were hoarding the newly injected cash, and not lending it out right away. They had to pay off the upper crusters in management to keep their mouths shut when the bean counters come to look at the books. It's either that, or the banks just don't give a crap about what anyone thinks about it.
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