Misplaced Rage: Republicans Protesting the Wrong Things as Usual
by RDemocrat, Thu Jul 30, 2009 at 08:56:03 PM EDT
You know with all this rage agaisnt the stimulus President Obama used to try and revive the crashed economy he inherited which is recently showing signs of slowly reviving the Republican Recession of 2009, there is much misplaced rage among Conservatives and Republicans. They have had a serious problem with the majority of Americans recieving assistance in reviving the economy and saving their jobs. However, this rage was not even a whimper when George W. Bush bailed out the bankers late last year.
And why the rage with President Obama trying to stimulate the economy crashed by Republican greed?? There is something a lot more unethical and idiotic that these "tea baggers" care little about.
Through their own greed and failed policies that Banking industry almost spriraled us into a Depression late last year. They recieved hundreds of billion in taxpayer dollars that Republicans were more than willing to forgive. And what did the taxpayers recieve in return for their genorousity to the greediest and least patriotic among us?? A slap in the face.
Far from learning their lessons these Wall St. bankers have shown their scorn for Americans as a whole by embarking on the same failed practices that almost destroyed our economy until President Obama took measures to try and clean up the mess left by their economic Atomic explosion.
Their sheer and total arrogance is now becoming apparent:
At least 4,793 bankers and traders were paid more than $1 million in bonuses last year even as profits at the biggest banks dwindled and they accepted tens of billions of dollars of taxpayer money, according to a report released on Thursday by the New York attorney general's office.
Wall Street bonuses have come under intense scrutiny from lawmakers and regulators who say they believe that freewheeling pay practices contributed to the financial crisis. Banks have long paid their executives bonuses to supplement smaller salaries, but governance experts say that the nine-figure payouts during Wall Street's worst year in decades shows the link between pay and performance has been frayed.
In other words, these bankers are taking huge performance bonuses paid for the performance of destroying the profits of their companies and driving our economy off a cliff. And of course they did not have to answer to their shareholders and have their salaries and bonuses voted on by the true owners of their companies.
Adding insult to injury these folks took billions in taxpayer money to subsidize their failure and while not using a penney of it for it's purpose, to revive the American economy with lending, they went right back to the insane policies of paying huge bonuses to their failed executives on the taxpayer dime.
And these numbers are simply staggering:
The figures released on Thursday by the New York attorney general, Andrew M. Cuomo, provided the most detailed accounting yet of Wall Street's millionaire ranks. In the report, Mr. Cuomo said that 738 bankers and traders at Citigroup took home bonuses of $1 million or more in 2008 even as the bank posted a $27.7 billion loss. In all, Citigroup paid $5.33 billion in bonuses; it received $45 billion in bailout funds.
Bank of America and Merrill Lynch, whose merger brought the combined company to the brink of collapse, paid 868 employees bonuses worth at least $1 million. Both banks, whose compensation packages are being reviewed by a federal pay czar, turned to the government twice for bailouts, receiving a total of $45 billion.
Merrill's bonuses totaled $3.6 billion in a year that it lost $27.6 billion, the report said, while Bank of America paid $3.3 billion in bonuses on $4 billion in earnings.
Wall Street's more profitable firms were more generous, even though they also received government support. At Goldman Sachs, 953 bankers and traders took home bonuses worth at least $1 million last year, including 212 employees who received more than $3 million. The investment bank paid a total of $4.8 billion in bonuses last year, the report said, more than twice its earnings of $2.3 billion. The bank got $10 billion in bailout funds.
Morgan Stanley paid nearly 428 employees bonuses of at least $1 million, including 290 who received more than $2 million. Morgan Stanley, which earned $1.7 billion last year and received $10 billion in federal aid, paid $4.5 billion in bonuses.
JPMorgan Chase paid 1,626 employees bonuses of more than $1 million in 2008 and received $25 billion in federal assistance. The bank earned $5.6 billion, while its bonuses totaled $8.69 billion.
So the real question is where is all the rage on the right side of the aisle over this?? Failed executives who failed their companies to the brink of bankrupcy and crashed our economy off a cliff are now using the bailout funds they recieved to reignite the same greed and idiocy that caused the problem to begin with.
This taxpayer money was not given them to maintain their lavish lifestyles, it was given to them to revive our economy by lending to working Americans who in turn could use the money to revive our economy. And now, despite all their best efforts the stimulus they in turn rail against is begining to bring the economy back from collapse.
Conservatives, Liberals, Moderates and Progressives should all be mad as hell about what happened in the years that culminated in crashing our economy. However, in the typical Republican hypocrisy they seek to point the fingers at everyone else and not the Republican politicians who created the problems with their policies and the Republican voters who enabled them with their votes.
So while we all wait patiently for our economy to finish its slow recovery from the huge damage caused by the Republicans and their allies in the banking industry, the rage should be directed at these greed-mongers who think they should be paid lavish salaries and bonuses for failure.