Tarp money being used for Bonuses again
By lilwonders
@lilwonders456 (8214)
United States
January 11, 2010 9:02am CST
This time it is the banks. YOu know the guys teh government handed millions of dollars to so they could lend it out....but instead of using it to make loans to help the average american....well they horded it, or used it to buy out other banks or used it on the stock market for investments....now the money is also going to pay the head of the banks multi million dollar bonuses.
This is just the wall street bail outs all over again. THat money went to CEOs bonuses and not this is going to theirs.
This is what happens when our government gives money without strings attached. The Tarp bill was very badlly written and the american people are paying the price for it. While the rich are getting a bail out (they don't really need) and bonuses for being crooks.
Anyone else see an issue with this? Anyone else mad the TARP bill was no badlly written and the proper safe guards were not place on the tax payers dollars going to the bail outs? We are just making the rich richer. While the rest of us suffer.
Thanks congress, than President Bush AND Obama. YOu guys sure screwed this one up.
OR maybe you didn't. THe banking and wallstreet lobbyist threw millions of dollars around to you guys to MAKE SURE those string were not attached. COngress KNEW it was not properly safe guarding the money.....but with the companies giving millions in "contributions" to them, they decided they did not care.
What do you think? How do you feel about how the TARP funds have been used? Why didn't congress or the president do anything to safe guard the money to make sure it was used properly? Why did they allow this to happen. THey knew it was going to.
Tell me what you think.
Me.....I am ticked off and then some.
2 people like this
4 responses
@xfahctor (14113)
• Lancaster, New Hampshire
13 Jan 10
I was screaming about T.A.R.P. the minute it came out, I knew it exactly for what it was and what it wasn't. I posted quite a few posts here on it as well as a couple of myspace blogs on it. It was not only a huge transfer of wealth, it was a huge transfer of power.
@lilwonders456 (8214)
• United States
13 Jan 10
You are exactly right. I know you were screaming from the beginnning. I was screaming right along with you. Not that it did us much good.
@flowerchilde (12529)
• United States
12 Jan 10
What concerns me is in the book "Rules for Radicals" one of the 'rules' is to purposely crash the economy.
@lilwonders456 (8214)
• United States
12 Jan 10
THey cashed in on crashing the system and then cashed in again on the bail outs to fix it. The american public got screwed both times.
@anniepa (27955)
• United States
11 Jan 10
Hey, I've had a problem with these kind of obscene bonuses for a long time, since well before the bailouts! I think it's ridiculous and, well, obscene. I'm not sure we can do anything about it at this point since I understand many if not most of the banks involved have paid back the money they got from us. I don't agree with that, I think we should be able to stop it anyway since they wouldn't have jobs let alone be back in profit if it weren't for the TARP money, but I think that's how it stands now. I think, at the very least, they should be VERY heavily taxed.
Annie
@lilwonders456 (8214)
• United States
12 Jan 10
It should have been taken care of in the Tarp bill. That money NEVER should have been handed to them no strings attached. Congress messed that bill up big time. They rushed it and Reid and Dodd were able to slip in at the last minute wording into the bill that would allow them to use it on bonuses without most of the rest of congress being aware of it until after the rushed vote. They ALL should have fully read the bill BEFORE they voted instead of just rushing something through. A few extra days to read it would have stopped this from happening. Not only with the banks but also with wall street. Congress dropped the ball big time on this one. We tax payers are going to pay the price.
@thegreatdebater (7316)
• United States
12 Jan 10
Actually what they really did with the money will upset you even more. What they did was use that money to buy bonds that pay about 3% interest, which doesn't sound like a lot of money, but when you are investing Billions of someone else money that didn't cost you a dime to borrow, and invest it in 100% guaranteed investment.
One of the ideas on how to compensate these "people" is to give them stock instead of money. But, the problem with that is that these guys understand that the only thing they have to do is keep the stock price up long enough to cash in their stock, and that their golden parachute off to some island so they can retire.
@lilwonders456 (8214)
• United States
12 Jan 10
congress blew it big time with the Tarp bill. Safe guards should have been put into place to make sure where and how the money would be used.
