They Haven't Learned a Thing

And they won't as long as they get away with it.

The story is everywhere. This is from the Chicago Tribune:

"...nine of the nation's biggest banks, which are receiving billions of dollars in federal bailout aid, paid individual bonuses of $1 million or more to nearly 5,000 employees."

Well, I'll tell you one thing for damned sure. I can tell you where the first $5 billion to pay for health insurance can come from.

And that would be five thousand less people that needed to be covered in the new bill, in my world, because people already get government health care in prison.

Comments

mastercynic said…
Five more that should go on the prison healthcare rolls - traitors all: Reps. John Barrow of Georgia; Rick Boucher of Virginia; Jim Matheson of Utah; Charlie Melancon of Louisiana and Bart Stupak of Michigan.
Green Eagle said…
I'm in there with ya, Mastercynic guy. Just one thing- If you and I start making lists of all the people that we want in jail, there's not going to be room for anything else on my blog for the next forty years.
Derek said…
Legally speaking, it is part of their contracts which have to be honored so long as they are employed. You know, if Senator Reed hadn't torn out that provision in the stimulus bill, this would never had happened.

Better yet, why not have let their companies go under? We'd be better off right now if they had.
Green Eagle said…
"contracts." Contracts they made with themselves. Derek, looting companies like this is a violation of their fiduciary responsibility to the stockholders, and is a felony no different from embezzlement.
Derek said…
"Contracts they made with themselves. "

With the company when they were hired. You cannot make a legal contract with yourself.

"Derek, looting companies like this is a violation of their fiduciary responsibility to the stockholders, and is a felony no different from embezzlement."

I never realized that fulfilling contracts was a felony. Silly me.
Green Eagle said…
Derek, apparently you are not familiar with the concept of fiduciary responsibility.

When executives pay themselves more than someone else might want to do an equal job, that is theft from the company. And considering the jobs that these executives did, driving their companies into the ground, that wouldn't be very much.
Derek said…
"When executives pay themselves more than someone else might want to do an equal job, that is theft from the company."

The thing is that there aren't many who can do as good of a job as they can. That and when they were contracted to work for the company, they had the bonuses written in the contract. They aren't paying themselves, because then they really wouldn't be profiting at all would they? Any changes to their bonuses or contract would have to be voted on by a board or if it is the CEO, the shareholders.

"driving their companies into the ground"

Yes, because recessions don't effect perfectly healthy companies. Look into the community reinvestment act and how the Fed's ruined companies' choice to deny loans to those who cannot afford them. Fannie and Freddie were government operated and were the first ones to tumble. The private sector's greed didn't cause this recession, the government's greed did.
Green Eagle said…
"The thing is that there aren't many who can do as good of a job as they can."

What, drive their companies into bankruptcy while looting every penny they could get their hands on? Sorry. Derek, anyone not in a vegetative state could do that.

And please, Derek, at the very least, stop telling your pathetic lies about the Community Reinvestment Act. Every other person who reads these comments knows the truth, so it's not doing anything but making you look like a fool.

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