Wall Street bonuses: where's the outrage? »
Posted By Radiofreeeuropa 1 month ago in Business & Finance
Except for Michael Moore, whose new movie posits that capitalism is one big Ponzi scheme, the news that banks are thriving and that Wall Street analysts are in line for big bonuses this year seemed to land with all the political weight of a dull thud.
"What infuriates people is when bosses at bailed-out companies ... continue to rake in millions," said New York Democrat Edolphus Towns, the committee's chairman. "It doesn't seem right that the people who caused this tragedy should be so richly rewarded."
And the White House chimed in too, with Press Secretary Robert Gibbs intoning that "pay on Wall Street can't return to the speculative era that we saw ... right before the economic collapse."
But with the Dow Jones hitting 10,000 and the economy stepping back from the precipice of last fall's collapse, there was little of that tea-party outrage that might have been expected.
Have we moved on? Arguing that the country is now more concerned with Afghanistan and healthcare, the Wall Street Journal said of bonus outrage: "That's so last March."
Maybe taxpayers have simply given up on Washington's efforts to corral Wall Street.
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Radiofreeeuropa
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Radiofreeeuropa1 month ago
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Should not these firms on Wall St be held to the same accountability as GM was? Before one dime goes to CEO bonuses shouldn't we either demand all taxpayer money absconded by these conmen be paid back? The argument that if these elitist CEOs and such will be tempted away from AIG, BOA, and other publicly bailed out firms if they aren't given humongous bonuses seems odd to me. After all if bankrupting a company is on your resume, what kind of moron wants to hire you?
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Charlson1 month ago
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Exactly what service or product does Wall Street Bankers really provide America? Is their existence tied to profit motives that provides nothing of value to our nation? I, for one, would like to see the large corporate banking and investing conglomerates busted up and made to reflect local needs of ordinary citizens than the coffers of the filthy rich.
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cjsmay1 month ago
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Why is the Obama Administration so timid that they are not prosecuting these criminals?I never dreamed that voting for Obama was supporting a protector of criminal Activity.Some of the most hienious criminal activity ever perpetrated in our Republic.Is this bunch playing with a full deck or what?
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Radiofreeeuropa1 month ago
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cjsmay, unfortunately the laws have been being written by lobbyists entirely now for many years, as heinous as this is, there is no law against it. The antitrust laws would have prevented much of the current disasters, but they were removed in the name of "free market" trickle down BS.
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Xaos1 month ago
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Wonder why theses banks are not being called on there bonuses, let us think of how many former big bank employees are part of our Government not to mention our Presidents current administration and were part of the last administration as well.
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The current Treasury Secretary had worked for the IMF and lead the Federal Reserve Bank of New York. Also he is also a member of the Council on Foreign Relations.
His predecessor Henry Paulson had been a CEO of Goldman Sachs, one of the investment banks that had received bail-out fund.
The outrage about bonuses earlier this year was just a show to silence the people when the outrage about the bailouts was at its height. Now that things are improving it is back to business as usual. -
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Leftist1 month ago
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I thought we had a "Salary" or a "Pay" Czar, or something like that?? Where the hell is he and when is he going to start putting something into effect? All private sector salaries shold be toppped at the US Government pay scale. That is alround $160,000 per year and that should be plenty for anyone to live on. These public employees don't get bonuses either. And they pay taxes. Not like the greedy Repug capitalists that will lie, cheat, steal and walk over their grandmother to make another dollar. Wall Street should be taken down and most of the businesses broken up. They contribute nothing to society and only rape and pillage the people of this country.
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mmrhe1 month ago
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Obama admitted his strategy for getting us out of this mess required the help of the people who got us into it.
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Now that disaster has apparently been averted, the pigs are heading for the troughs.
Where's a guillotine when you need one? -
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Radiofreeeuropa1 month ago
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I think essentially the issue is that this insulated class of people just don't get it. They have returned greedily to the very same BS that caused the meltdown. Aside from them, there should be no "entity" too big to fail. Bring back strong anti trust laws.
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