October 19, 2008

How come this story isn't on the front pages of U.S. newspapers?

From today's UK Guardian:

Financial workers at Wall Street's top banks are to receive pay deals worth more than $70bn (40bn), a substantial proportion of which is expected to be paid in discretionary bonuses, for their work so far this year - despite plunging the global financial system into its worst crisis since the 1929 stock market crash, the Guardian has learned.

Staff at six banks including Goldman Sachs and Citigroup are in line to pick up the payouts despite being the beneficiaries of a $700bn bail-out from the US government that has already prompted criticism. The government's cash has been poured in on the condition that excessive executive pay would be curbed.

Pay plans for bankers have been disclosed in recent corporate statements. [...]

The sums that continue to be spent by Wall Street firms on payroll, payoffs and, most controversially, bonuses appear to bear no relation to the losses incurred by investors in the banks. Shares in Citigroup and Goldman Sachs have declined by more than 45% since the start of the year. Merrill Lynch and Morgan Stanley have fallen by more than 60%. JP MorganChase fell 6.4% and Lehman Brothers has collapsed.

Why oh why am I not the least bit surprised to find out that the bailout is going directly into the personal pockets of the same people who made the bailout (allegedly) necessary?

Read the whole thing here.

Thanks to The Sideshow for the tip.

Posted by Magpie at October 19, 2008 01:46 PM | Corruption & Graft | Technorati links |

It's no surprise that I have the exact same quote stored for posting sometime....

No, Congress would not pass a bill saying that any borrowers must immediately repay an amount equal to their year-end "bonuses." That would be decent and intelligent.

Posted by: Scorpio at October 20, 2008 03:50 PM

Congress would not pass a bill saying that any borrowers must immediately repay an amount equal to their year-end "bonuses." That would be decent and intelligent.

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Posted by: alex at October 21, 2008 10:52 AM

Well, what I got out of the last TV discussion was that McCain proposes TAX CUTS and that he will enact a SPENDING FREEZE and that these two dont fit very well and that hell finance the TAX CUTS by killing programs such as killing state ethanol support and killing the terrorfund and then importing ethanol from Brazil. Now, u could call this flipshit that will never happen. Or, in another form, you need to fodder it a bit why u are some smartass for it. PALIN just discovered that Obama is a dispicable fucking SOCIALIST. well, common sense or a sense for justice is obviously no longer needed in the USA, at least not for the Alaskan segregationist party. Or this passage in the constitution that all men are created equal and that u could equalize it a bit afterwards. Or simply expulse the fucking spalters or dividers. So, mr.mccain u r not mr.bush? Bush made this superficial statement from time to time that hes a uniter. How about u? Fahrting for freedom? Independence in monetary terms for 10% of the population or 90% of the population?

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Posted by: tony at October 25, 2008 06:03 AM