Bail out money going to pay big bonuses to CEOs
By lilwonders
@lilwonders456 (8214)
United States
November 12, 2008 7:47pm CST
Yep you heard me right.Bail out money given to these companies will go to pay their CEOs and other higher executives bonuses, not just the companies bills. Looks like they are still going to get their golden parachutes paid for by the American tax payers. How do you feel about this? Should they still get their bonus? Should the government have put it in the contract that the money could not go to pay bonuses? If so, why didn't they do that?
4 responses
@xParanoiax (6987)
• United States
13 Nov 08
*singsong voice* Money, money, moneyyy...MONEY!
I think the phrase "paid for by the American taxpayer" needs some clarification.
It should be, "paid for by the American Taxpayer in the quality of life their children will have years from now and in the stress which will probably drive many to horrible things and heartattacks".
I mean, to give some more weight to the whole thing.
Did you ALSO hear that the bail out bill also tampered with a law already on the books that made sure it was illegal for banks to get out of paying taxes by buying up a failed/bankrupt/ailing company?
OH YEAH. Just a ton of goodies for all these people lovin' the high life as the rest of us wallow in worry.
...um, you can tell how I feel right? And what I think about them getting their bonuses as the country continues down a dark path and all?
The whole bailout idea was a bad idea. They just made it worse by not even trying to be responsible by leaving out safegaurds and rules to prevent this crap.
@lilwonders456 (8214)
• United States
13 Nov 08
I am feeling the same way you are. But what can we do. I have already contacted my elected officials and let them know how I feel about these bail outs and bonuses paid for tax payers (and our kids). Enless people make this a major issue and really raise a stink than it is not going to stop. They will just keep handing out money left and right and printing more as they go along. Does anyone else see that as counter productive?
@xParanoiax (6987)
• United States
13 Nov 08
Protests. Particularly in front of the White House, if possible. And this time, we need the media to pay more attention. And if not them, then the alternative (online) media. We need campaigns for petitions, mass phone calling campaigns to our reps.
It's time to organize if we want to put an end to this.
Individually, we can't stop this. But if we work together, then we can at least affect where this will go and how history will remember us for this chapter.
Plenty of people know just how counter-productive this is. Ron Paul and his friend Peter Schiff talk about this every opportunity they get. Mr. Paul's been seriously grilling Bernanke, and Kucinich has been really grilling Paulson.
Whenever the media invites them on air, they talk about the dollar and how the bail out's hurting us and won't help us. I've seen a murmur in Congress agreeing.
It's just that everyone sorta feels at a loss, and are sortof frightened.
We need to pull together.
@lilwonders456 (8214)
• United States
13 Nov 08
I agree. Washington is not going to do the right thing until we make them. And then it will only be relunctly. It is time we hold their feet to the fire and hold them accoutable. Do you know thousands of poeple that would join us in letting our elected officials know how we feel?
@newtondak (3946)
• United States
13 Nov 08
I think it's a pretty good indication of what we're going to see in the next four years under the continuation of a Democratic congress - only more so with a Democratic President.
Just how do they decide which businesses they bail out - many more are failing and they're not bothering with those.
@newtondak (3946)
• United States
13 Nov 08
They're passing it off that it's the ones that are going to have the most impact on the economy if they fail, but I'm not buying that one.
@lilwonders456 (8214)
• United States
13 Nov 08
Neither am I. Look it up. All the major companies that are getting bail outs have lobbyist in Washington.
@lilwonders456 (8214)
• United States
13 Nov 08
The ones with Lobbyist in Washington that have given away "gifts" to our elected officials for past 20 years or so are getting the bail outs. The ones that do not have a lobbyist aren't. That is pretty much what I am seeing.
@snowy22315 (209132)
• United States
13 Nov 08
I heard that I think that is horrible. I dont know how that could happen really. Where are the watch dog groups?
@lilwonders456 (8214)
• United States
13 Nov 08
Our own government gave them the money with no strings atached. They can use it however they want. That includes paying multi million dollar bonuses to all their executives and CEOs.
@xParanoiax (6987)
• United States
13 Nov 08
Congress has been yelling at Paulson frequently since the bail out passed, but they really haven't been doing much about this (whether they've the ability to do something about it or not, is currently being debated).
@evanslf (484)
•
13 Nov 08
Grrr, this really really makes me mad. These fat cats are at it again, they always seem to get the cream. I'm going to blow my top in a minute, I can feel the steam coming out of my ears! I am not keen on bailouts but reluctantly accepted that there was a real risk of systemic market failure if the big banks were allowed to fail (but a strict line should be drawn, we can't bail out every company, and certain not American Express!)
But that said, why or why weren't rules put in place to cap the paychecks of these fat cats? If it had been me I would have said: you want a bailout because you have FAILED. So out the door you go my son, NOW. Then I would have appointed a new management board with strict caps on pay and bonuses to turn the bank round.
So if there has to be a bailout of a major financial institution, the rule should be clear: NO REWARDS FOR FAILURE. If you are a CEO of a company asking for a bailout, out you go. If the govt lends/invests money into a company to prop it up, then the taxpayer must be protected and the fat cats must be brought to heel!
