anthonybaxter (![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png)
anthonybaxter) wrote2008-09-24 11:02 pm
anthonybaxter) wrote2008-09-24 11:02 pm
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Pitchforks and torches moment:
In 2007, Wall Street’s five biggest firms — Bear Stearns, Goldman Sachs, Lehman Brothers, Merrill Lynch, and Morgan Stanley — paid a record $39 billion in bonuses to themselves.
That’s $10 billion more than the $29 billion loan taxpayers are making to J.P. Morgan to save Bear Stearns.
Those 2007 bonuses were paid even though the shareholders in those firms last year collectively lost about $74 billion in stock declines — their worst year since 2002.
In other news the original idiotic Bush plan of "you give us $700B to give to our friends" looks likely to fail. I'm not convinced the Dodd replacement is a good idea, but it's infinitely better.
It's been hilarious watching the last week or so of McCain's complete EPIC FAIL campaign. From the "huge executive payouts - what about Carly Fiorina's $41M for wrecking HP fail" to the "Fannie and Freddie are evil, that's why my campaign manager was paid $2M to lobby for them, and was still on the books as of last month as a lobbyist", it's been a complete joy for fans of the train wreck.
In 2007, Wall Street’s five biggest firms — Bear Stearns, Goldman Sachs, Lehman Brothers, Merrill Lynch, and Morgan Stanley — paid a record $39 billion in bonuses to themselves.
That’s $10 billion more than the $29 billion loan taxpayers are making to J.P. Morgan to save Bear Stearns.
Those 2007 bonuses were paid even though the shareholders in those firms last year collectively lost about $74 billion in stock declines — their worst year since 2002.
In other news the original idiotic Bush plan of "you give us $700B to give to our friends" looks likely to fail. I'm not convinced the Dodd replacement is a good idea, but it's infinitely better.
It's been hilarious watching the last week or so of McCain's complete EPIC FAIL campaign. From the "huge executive payouts - what about Carly Fiorina's $41M for wrecking HP fail" to the "Fannie and Freddie are evil, that's why my campaign manager was paid $2M to lobby for them, and was still on the books as of last month as a lobbyist", it's been a complete joy for fans of the train wreck.