David Kirkpatrick

January 30, 2009

Wall Street ought to burn …

Filed under: Business, Politics — Tags: , , , , , — David Kirkpatrick @ 1:01 pm

… for this. Given the circumstances, this level of bonusing is inexcusable and if the bailout, SEC and Fed have any teeth at all, this should be punished. I’m a capitalist, and when my business is on rough waters I simply don’t make as much money. I certainly don’t get “bonuses” for failure.

The Wall Street bailout was one of the final shameless and shameful acts of the Bush 43 administration.

From the link:

By almost any measure, 2008 was a complete disaster for Wall Street — except, that is, when the bonuses arrived.

Despite crippling losses, multibillion-dollar bailouts and the passing of some of the most prominent names in the business, employees at financial companies in New York, the now-diminished world capital of capital, collected an estimated $18.4 billion in bonuses for the year.

 

That was the sixth-largest haul on record, according to a report released Wednesday by the New York State comptroller.

While the payouts paled next to the riches of recent years, Wall Street workers still took home about as much as they did in 2004, when the Dow Jones industrial average was flying above 10,000, on its way to a record high.

Some bankers took home millions last year even as their employers lost billions.

1 Comment »

  1. The bonuses are grievous but they don’t compare to the fact that these same people sold our jobs! To make more profit, (on paper only, except for those who sold their shares) these CEO’s took American jobs overseas to cheaper labor markets!

    Our deficit is exploding exponentially because we now buy goods made out of the country and our dollars are leaving the U.S. instead of flowing in!

    What will happen when we cannot pay our bills? Oil and other goods will be denied us!

    What will happen when our dollar becomes worthless? Google “Weimer Republic”.

    Bonuses are a small part of the picture! If those who are trying to anger us at free market capitalism are successful, we’ll hate businesses and all want to work for the government – voila, instant Socialism, where we can never dig out of the debt!

    Our only hope is to bring America’s jobs back.

    The American worker still doesn’t get it – Perot was there not only to split the vote, but meanwhile, he told the truth.

    Comment by josiahe — January 30, 2009 @ 1:21 pm


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