Skip to main content

As an American Taxpayer I am disgusted that my tax money is being used to give wealthy Bankers holiday bonuses that are far more than three times my annual income. This is the same elite group of financial saboteurs who are responsible for wrecking the American Economy. Working families who have to scrimp to make ends meet shouldn't have have their pockets picked to chip in for bonuses for these colossal failures who have never heard of scrimping.  

Bailed-Out Banks Dole Out Bonuses

"Bonuses across Goldman Sachs will be down significantly this year," a bank representative told ABC News. The spokesman refused to disclose the size of the bonus pool or how much of the compensation fund of $10.93 billion was planned for bonuses, but some employees are reportedly being given more than $200,000 in cash.

Paulson's faith based approach of trusting the same financial wizards who created this crisis to do what's best for the economy and the country is just as naive as Greenspan's misplaced faith in banks to do what's in their long term best interests, instead of doing what will bring in short term profit.  

Morgan Stanley is in the same boat, having received $10 billion in government money. Their bonus pool this season is around $2 billion, according to a report in the New York Times. That figure is down 50 percent from last year.

Many people wonder why the banks' bonus pools would even be $1 this year.

"The banks are broke. They shouldn't be paying out bonuses this year," said Peter Morici, economist and business professor at the University of Maryland. "They're begging at the Treasury door. I don't understand why a waitress in Indiana should send her money to fund a million-dollar bonus on Wall Street."

"It looks like Goldman Sachs is treating this as business as usual," said compensation expert James Reda. "They are taking our taxpayer money. They should be able to account for that money."

By now we all know how resistant the Bush Regime is any kind of accountability, and Paulson is no exception. Congressional leaders promised when the T.A.R.P was passed that the program included rigorous accountability and oversight provisions.

Now we can see that we were lied to again. How can we give any credibility to our congressional leaders when they can't even keep something as big as the T.A.R.P. from turning into Paulson's personal slush fund for bankers to maintain their lavish lifestyles.

Now Paulson wants the Congress to give him the remaining $350 Billion in the T.A.R.P.

Will Congress have enough sense to tell him that until there is a full accounting of how our first $350 Billion was used, Paulson won't be getting his hands on the rest of our T.A.R.P. money?


UPDATE: I thought I'd add a small bibliography on this subject:

Thomas Frank's One Market Under God: Extreme Capitalism, Market Populism, and the End of Economic Democracy

Marjorie Kelly's The Divine Right of Capital: Dethroning the Corporate Aristocracy

Originally posted to Lefty Coaster on Fri Dec 19, 2008 at 07:34 PM PST.


This is:

40%370 votes
39%353 votes
13%121 votes
6%60 votes

| 904 votes | Vote | Results

Your Email has been sent.
You must add at least one tag to this diary before publishing it.

Add keywords that describe this diary. Separate multiple keywords with commas.
Tagging tips - Search For Tags - Browse For Tags


More Tagging tips:

A tag is a way to search for this diary. If someone is searching for "Barack Obama," is this a diary they'd be trying to find?

Use a person's full name, without any title. Senator Obama may become President Obama, and Michelle Obama might run for office.

If your diary covers an election or elected official, use election tags, which are generally the state abbreviation followed by the office. CA-01 is the first district House seat. CA-Sen covers both senate races. NY-GOV covers the New York governor's race.

Tags do not compound: that is, "education reform" is a completely different tag from "education". A tag like "reform" alone is probably not meaningful.

Consider if one or more of these tags fits your diary: Civil Rights, Community, Congress, Culture, Economy, Education, Elections, Energy, Environment, Health Care, International, Labor, Law, Media, Meta, National Security, Science, Transportation, or White House. If your diary is specific to a state, consider adding the state (California, Texas, etc). Keep in mind, though, that there are many wonderful and important diaries that don't fit in any of these tags. Don't worry if yours doesn't.

You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.
Rescue this diary, and add a note:
Are you sure you want to remove this diary from Rescue?
Choose where to republish this diary. The diary will be added to the queue for that group. Publish it from the queue to make it appear.

You must be a member of a group to use this feature.

Add a quick update to your diary without changing the diary itself:
Are you sure you want to remove this diary?
(The diary will be removed from the site and returned to your drafts for further editing.)
(The diary will be removed.)
Are you sure you want to save these changes to the published diary?

Comment Preferences

skybluewater, davej, Joe Bob, democrattotheend, exsimo2, TXdem, Chi, Phoenix Woman, ferg, Timaeus, Trendar, cedubose, Geenius at Wrok, Pen, TrueBlueMajority, Unstable Isotope, lazbumm, tnichlsn, Sprinkles, tommurphy, annalivia, cotterperson, markd, LEP, eeff, Mnemosyne, xynz, theran, sobermom, object16, Scott in NAZ, bigforkgirl, concernedamerican, conchita, annrose, djMikulec, srkp23, ask, peace voter, mrblifil, barath, roses, allysonsta, JuliaAnn, DiMe, ctsteve, Jesterfox, Braindead, danthrax, mad ramblings of a sane woman, Nina, PaulVA, desmoinesdem, betson08, raster44, rlharry, Timbuk3, lcrp, Pohjola, barbwires, dkmich, randallt, sgranger, tomjones, Deward Hastings, malcontent, vivens fons, Gowrie Gal, gradinski chai, spiceagony, bloomer 101, 3goldens, Tinfoil Hat, Wilberforce, NoMoreLies, TexasTom, case, LarisaW, SherwoodB, relentless, Alice Marshall, PBen, betterdonkeys, Luetta, CO, DocGonzo, truong son traveler, fireflynw, lennysfo, chicagovigilante, Existentialist, GreyHawk, Kayakbiker, lotlizard, janew2, Big Nit Attack, LivesInAShoe, Cory Bantic, bookwoman, flyoverstatesman, Ekaterin, empathy, SocioSam, simplicio, begone, skywriter, Mother Mags, Nance, myboo, sherlyle, ej25, BlueInARedState, trentinca, mooshter, Wary, Albatross, arlene, greenearth, goodasgold, Farradin, NBBooks, Thunder Road, tecampbell, shrike, StrayCat, Libby Shaw, imabluemerkin, JVolvo, NearlyNormal, armadillo, ZombyWoof, BlueMississippi, fiddlingnero, The Lighthouse Keeper, Stripe, Statusquomustgo, lifexpert, CharlieHipHop, Land of Lincoln Dem, ZenTrainer, NonnyO, DBunn, ammasdarling, bigchin, One Pissed Off Liberal, YoyogiBear, asilomar, dmh44, Cottagerose, moodyinsavannah, ColoTim, noofsh, Jimdotz, terabytes, Mangrove Blues, bnasley, RosyFinch, dolphin777, jayden, jedennis, Aunt Martha, cyncynical, DemMarineVet, RokkiBlueboa, jnhobbs, millwood, Moderation, carpunder, Bikemom, Terra Mystica, JDWolverton, condorcet, Mr SeeMore, ScottyUrb, Akonitum, Lujane, tofumagoo, Jeff Y, mofembot, Taget, Notreadytobenice, barz9, luckylizard, DixieDishrag, Executive Odor, Acugal, sydneyluv, revelwoodie, watercarrier4diogenes, Purple Priestess, penguinsong, ggwoman55, 4km, Mr Tentacle, George Hier, CanyonWren, Inky99, Sarge in Seattle, Partisan Progressive, velvet blasphemy, mrchumchum, Daily Activist, Mercuriousss, Kaili Joy Gray, kw7777777, RyanR, drlevant, IreGyre, gatti, Wings Like Eagles, Tommymac, TenthMuse, Cleopatra, Colorado Billy, bradreiman, Kordo, oohdoiloveyou, tigermom3, fidellio, chrome327, wvmom, puffmeister, samanthab, CryptoPolitico, nosleep4u, Actbriniel, nampa45, Colorado is the Shiznit, Pizzapotamus, Hayduke Lives, locavore, sallym, thethinveil, Haf2Read, Oogity Boogity Boo

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site