Monday, December 22, 2008

We Need a little Class Warfare

Let me see if I understand this. We are giving them billions of dollars of our hard earned money to fix the global economic meltdown that they caused and they still think it is OK to take bonuses and fly on their private jets just like they were the heroes of the day? These people have absolutely no shame. They have just sent the entire global economy into a nosedive and vanished billions of dollars into thin air. They are getting bailed out and basically rewarded for their stupidity and greed by the rest of us -- the people who get to take the bus to work if we are lucky enough to even have a job. It's insanity.

From the AP:

"Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an Associated Press analysis reveals.

The rewards came even at banks where poor results last year foretold the economic crisis that sent them to Washington for a government rescue. Some trimmed their executive compensation due to lagging bank performance, but still forked over multimillion-dollar executive pay packages.

Benefits included cash bonuses, stock options, personal use of company jets and chauffeurs, home security, country club memberships and professional money management, the AP review of federal securities documents found.

The total amount given to nearly 600 executives would cover bailout costs for many of the 116 banks that have so far accepted tax dollars to boost their bottom lines."

Read the while article... there are all kinds of interesting bits, for instance. Banks that took bailout funds paid for their executives' private financial advisors, club dues, home security systems, and chauffeurs and leased cars. Here's what passes for an explanation of all this:

"Goldman Sachs' tab for leased cars and drivers ran as high as $233,000 per executive. The firm told its shareholders this year that financial counseling and chauffeurs are important in giving executives more time to focus on their jobs."

Don't grumble too much though and for Goddess' sake don't mention that just maybe they ought to be taxed a little higher or you will be accused of fomenting class warfare. Just shut up and pay.

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