He doth protesth (way) too much. Congressmen are up in arms over the bonuses being paid at AIG. Barney Frank declaring that he is outraged. Outraged, I tell you!
There really is no shame in Washington, is there?
The biggest heist in mankind history is in process and the big outrage is about several hundred million dollars for some 600 people at AIG, a corporation that is now 80% owned by the U.S. Government. I am by no means belittling the $450 million in bonuses. That is a lot of money, for sure, but to me, this is the Wizard of Oz, keeping you looking in one direction so you do not notice the outrage that is happening elsewhere.
Taxpayers are being robbed blind, not by a few hundred million, but by the tens of billions of dollars. Example: we are pouring $170 billion into AIG, which is funnelling the cash out the backdoor into the coffers of Goldman Sachs and Deutche Bank, who then turn around and pay out BILLIONS of dollars of bonuses to themselves. It is a closed loop of taxpayer money from Treasury to AIG to Goldman to the bank accounts of Goldman investment bankers.
Another example: State Street CEO Ronald Logue took home $29 MILLION last year. Here are a few highlights from State Street's 2008 performance: stock down 71%, realized losses of $9 billion and they received $2 billion in TARP funds. TARP money in, corporate performance awful, $29 million in bonus money paid out to CEO. THAT is something we should be outraged about.
Get out the pitchforks, but let's make sure we are chasing the right people.
W
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment