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I don't want to hear it.
Author: Raine
Date: 02/05/2009 13:30:44
You want a little semi-good news this morning? I'm going to try to deliver you some. Yesterday, by coincidence or not, after President Obama said he wanted to limit executive pay, Goldman Sachs said that it would seek to return the TARP money. Personally I think they should be required to pay early payment penalty fees, but that is just me. Last October, we were told that if they did not get the money THEN and NOW, the world would crumble... Now that we have a new president and a new set of people in charge, asking - demanding - accountability, the money isn't so shiny, huh? It makes me wonder who REALLY needed the TARP money and who was trying to steal.
There is some more good news: Bank of America is cutting its Fleet. Now let me ask a question: Shouldn't these institutions have been required to liquidate these items BEFORE we lent them billions and billions of dollars? They acted as it they were down to their last dime back in October -- all while they were wining and dining themselves in the lap of luxury. I keep reminding myself that less than a month ago, thieves were still in charge, no accountability was the norm, and it was like a bunch of pigs at the trough. Granted, the 500K exec salary cap may be largely symbolic but its symbolism that goes a long way to most Americans on Main Street who are lucky if they earn 50 thousand dollars/year. It is time for the banks to not only DO what the TARP money was meant to do, it is time for the banks to either give the money back or start lending to the people it was supposed to help.
When we hear stories that 5 Hundred Thousand jobs were lost in January, (another 650,000 in December) -- I don't want to hear the whining that people just can't make a living off of 500 thousand dollars a year. I don't want to hear that the brokers on Wall Street can't earn a living. I don't want to hear it.
What I want to hear is that America is going back to work building bridges and creating a new electric grid, I want to hear that hospitals are staffed and people are going to get health insurance. I want to hear that banks are actually helping people stay in their homes, and lending people on MAIN Street money to create new small businesses that will hire people locally and in their own communities. I want to hear about new schools built. I want to hear that CEO's aren't getting bonuses because they would rather keep workers on the payroll. I want to hear that people can go back to school to train for the new green world. I want to hear that businesses are coming BACK to America. THESE are the things I want to hear.
Americans - the people on Main Street - have largely done everything that was asked of them. They have been accountable, they have paid their bills... Now it is time for the the Wall Streeters to do the same. If not, let me take one of those exec jobs for 500K... I am more than sure I can manage living off of the money, without a corporate jet... Hell, It's not like I would drive the corporation into the ground, right???
:peace: and
Goldman Sachs Group Inc (GS.N) Chief Financial Officer David Viniar said the bank is keen to avoid restrictions it agreed to after receiving funds from the U.S. government late last year and it is looking to pay the money back as soon as possible.
The investment bank, which received a $10 billion capital injection from the U.S. Treasury's Troubled Asset Relief Program in October, is not happy with the strings that came attached to the money.
Compensation restrictions and certain capital requirements were part of the original injection, and extra limitations may be in store after U.S. President Barack Obama imposed tough new rules limiting pay for companies receiving government aid.
There is some more good news: Bank of America is cutting its Fleet.
On the same day that President Barack Obama announced a crackdown on Wall Street extravagance, Bank of America announced it is selling some of its corporate aircraft as it seeks to cut costs.
Three of its own corporate jets and Merrill Lynch's helicopter will be put up for sale, even though the market in such aircraft is glutted as big corporations seek to shed the trappings of excess.
Bank of America also saw its share price fall below $5 for the first time since 1990 following a five-day sell-off of its stock. Investors fear that mounting losses at the bank will result in the government nationalizing it, leaving shareholders high and dry.
Since October, Bank of America has received $45bn in government assistance, including a $20bn injection last month to help with its troubled Merrill Lynch acquisition.
When we hear stories that 5 Hundred Thousand jobs were lost in January, (another 650,000 in December) -- I don't want to hear the whining that people just can't make a living off of 500 thousand dollars a year. I don't want to hear that the brokers on Wall Street can't earn a living. I don't want to hear it.
What I want to hear is that America is going back to work building bridges and creating a new electric grid, I want to hear that hospitals are staffed and people are going to get health insurance. I want to hear that banks are actually helping people stay in their homes, and lending people on MAIN Street money to create new small businesses that will hire people locally and in their own communities. I want to hear about new schools built. I want to hear that CEO's aren't getting bonuses because they would rather keep workers on the payroll. I want to hear that people can go back to school to train for the new green world. I want to hear that businesses are coming BACK to America. THESE are the things I want to hear.
Americans - the people on Main Street - have largely done everything that was asked of them. They have been accountable, they have paid their bills... Now it is time for the the Wall Streeters to do the same. If not, let me take one of those exec jobs for 500K... I am more than sure I can manage living off of the money, without a corporate jet... Hell, It's not like I would drive the corporation into the ground, right???
:peace: and
