Brian A. Thomas .com

Executives at 6 US banks will get $70 billion in bonuses for their work this year. That is a full 10% of the $700 billion bailout package these banks, along with a few others, will be receiving.
So let’s see, while the Fed was in Congress asking for the $700 billion, they took from the banks $125 billion, and now these banks are paying their executives bonuses amounting to $70 billion… That is nearly $200 billion that the banks and the Fed could have saved the taxpayers.
Nobody seems to be rising high hell about it. I heard a brief passing about it on the news, who went on to talk about the expected Fed rate cut. I did find a story about it though at the Guardian.
These guys purposely ran their financial institutions into the ground, knowing the government would bail them out, then get no punishment, and as a matter of fact get to take $70 billion in bonuses. I say, strip them of everything they have. Everything. Put them in a public housing apartment, salary cap them to $35,000 a year, and give them a 92 boat of a car that gets bad gas millage. That is the punishment for every board member and executive who has been in these companies for the last 10 perhaps as high as 15 years. Of course there will be no punishment, and years from now we’ll be right back in the same spot, especially since the laws that caused it are still in place as is the greed on the consumer and bank end.

Tags: bailout, banks, exectuive bonus, Federal Reserve, Guardian, rate cut