$18 million of TARP funds go for bank bonuses

[LauraMax]

http://www.thewolfweb.com/message_topic.aspx?topic=556999&page=1

You know, I supported this program, mostly b/c the concept of the rank & file employees losing their jobs would be disastrous to the economy. But now I'm just FURIOUS! How in the he!! can the banks take taxpayers money, really intended to stimulate the economy, & give themselves BONUSES???????? And we thought the auto execs flying to DC in private jets was bad..........

 

[kathryn]

That is truely unconscionable in this economy.
How out of touch with realiity and uncaring are these people anyway? How can they even feel they merited bonuses when they contributed to the current situation? It may not be illegal, but it is criminal (and morally 'bankrupt').

According to somebody interviewed on Keith Olberman's show (MSNBC), the Senate can put forth a motion to istart some kind of proceding that would recall those funds (which could be used for purposes that would actually stimulate the economy).

IMO, it was a VERY BAD idea to just dump money into these companies without some kind of stipulations for their use (like freezing upper echelon employees' wages, the way the Obama froze those in the White House, and making sure that none could be spent on bonuses or redecorating or other frivilous things).

 

[LauraMax]

IMO, it was a VERY BAD idea to just dump money into these companies without some kind of stipulations for their use (like freezing upper echelon employees' wages, the way the Obama froze those in the White House, and making sure that none could be spent on bonuses or redecorating or other frivilous things).

THAT'S what makes me so crazy! How could our government be so incredibly stupid to give billions of dollars to organizations who've already proven they mismanage money w/absolutey no oversight?

Now the VPs are out buying vacation homes & yachts w/their cushy bonuses, while their employees & homeowners in default are still suffering. It's sickening!

 

[Beavs]

And how is this surprising???

 

[pixiesis]

And how is this surprising???

No, it's not surprising. But uhhh, how disgustingly immoral!

Amy

 

[LauraMax]

It's surpising to me. I guess I'm not that cynical--call me naive but I truly thought they'd use the money for what they were supposed to use it for.

 

[WantFit]

I briefly heard NBC today show this AM, quoting the bank execs saying why they need to hand out the bonus. They said they had to pay those Elites so that they can stay with organizations instead of jumping the boats. My respons is after so many assets these ELITES managed went down to toilets. Why bother trying to keep them? If they are so Elite, how could bank situations being so bad? Let them jump boats. Maybe it is time to clean them out!

I was surprised that Gov had no oversight how the bailout money would use. I meant macroly not microly, Gov should at least know non of money should be paid out as bonus. They can stipulate banks to use those payouts to lower homeowners' morg interest rate, giving credit to auto buyers...

I am mad.

 

[bonvivant]

Now it's time for them to reach into their pockets and pay it back. I'm glad this cae out now because they'll ask for more money later. This time, they can close. I'm sick of this crap.

 

[MAYNARDSMOM]

Hopefully the old saying "What comes around goes around" will come into play sometime .

 

[LauraMax]

I briefly heard NBC today show this AM, quoting the bank execs saying why they need to hand out the bonus. They said they had to pay those Elites so that they can stay with organizations instead of jumping the boats.
I am mad.

What the flying fudge? If they "jump the boats" where exactly will they go? Ummm, have these people looked at the help wanted ads lately? As if there aren't financial institutions laying people off right & left?

What a complete & utter load of BS!

 

[WantFit]

What the flying fudge? If they "jump the boats" where exactly will they go? Ummm, have these people looked at the help wanted ads lately? As if there aren't financial institutions laying people off right & left?

What a complete & utter load of BS!

Totally agree!

 

[NY25]

I work in the industry, and will say it's not quite as cut & dried as all that. At the senior exec level perhaps. But, for example, in this industry VP is just an average mid-level worker. MD is where you're going to make money. And the top producers can find other jobs, because they bring in the money in the first place. One person can bring in tens of millions of dollars of business. I agree that $30m dollar bonuses are ridiculous, and I don't believe TARP funds should be used, but the rank and file bonuses are deserved (they're only a few grand). It's more complicated than you might think.

 

[kathryn]

Hopefully the old saying "What comes around goes around" will come into play sometime .

"What goes around, comes around" (as in "what you sew, so shall you reap!") though I've heard it misquoted more lately).

 

[dorothyrd]

I work in the industry, and will say it's not quite as cut & dried as all that. At the senior exec level perhaps. But, for example, in this industry VP is just an average mid-level worker. MD is where you're going to make money. And the top producers can find other jobs, because they bring in the money in the first place. One person can bring in tens of millions of dollars of business. I agree that $30m dollar bonuses are ridiculous, and I don't believe TARP funds should be used, but the rank and file bonuses are deserved (they're only a few grand). It's more complicated than you might think.

Um if my business does not do well....we don't get bonuses, period. So if these banks are not doing well, and asking for bail-outs is means not doing well, then NO ONE should get bonuses. In fact, we had such a rough time for a few years no one got raises either. So it is cut and dried. These banks need to learn to live within their means, and quit taking taxpayer money.

 

[SirenSongWoman]

IMO, it was a VERY BAD idea to just dump money into these companies without some kind of stipulations for their use (like freezing upper echelon employees' wages, the way the Obama froze those in the White House, and making sure that none could be spent on bonuses or redecorating or other frivilous things).

And you just knew the money would be misused, didn't you? But using taxpayer bailout money to decorate your office... your office ON THE TITANIC! Talk about a disconnect with reality. And we all get to pay for it. Lucky us.

 

[SirenSongWoman]

Um if my business does not do well....we don't get bonuses, period. So if these banks are not doing well, and asking for bail-outs is means not doing well, then NO ONE should get bonuses. In fact, we had such a rough time for a few years no one got raises either. So it is cut and dried. These banks need to learn to live within their means, and quit taking taxpayer money.

Ditto. Bonuses are rewards. Exactly what are all these morons being rewarded for?