For months now I have been a bitch about the taxpayers money being used to give bonuses to the fat cats on Wall Street…..at every turn the banks have gotten a special treatment and it looked like the taxpayer was screwed…..
Today Obama will announce a plan to recover upwards of $120 billion of the money originally given the banks….
Obama’s announcement will come as U.S. unemployment is stuck in double digits and public anger is growing over big bonuses that some financial firms are poised to resume paying, barely a year after the height of the global financial crisis that made the bailout necessary.
The Obama administration official said the amount of money raised from the fees would not exceed $120 billion since this was the higher end of conservative estimates of the cost of the Troubled Asset Relief Program, or TARP.
Sounds like a pretty good idea to me….but as usual there is a downside to the plan…..The source, speaking anonymously because the fee has not officially been proposed, said government officials are also discussing exempting automakers and insurer American International Group from the fee, even though these companies are expected to represent a large chunk of the bailout losses.
There are other ways of “Making Them Pay”……that would be a Goldman-Sachs shareholder that is suing the company……this was posted in “Before Its News”:
the firm is supposed to spend about 50% of its net revenue on salaries and bonuses. But in 2008 Goldman dished out $4.82 billion in bonuses despite earnings of only $2.32 billion..In the first quarter of 2009, it spent 259% of its net income on employee and executive compensation and in the second quarter 193%. Brown is now Goldman for exceeding its own rules on salaries and bonuses.
I makes me happy to see that at least someone is mad enough to do something as a payback for the screwing the banks have given the taxpayer….I just wish more people would take these a/holes to task….
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