This is why I hate bailouts

I think thats great they are doing this. When Wall Street is soo incompetent that they need a bailout then they lose say when it comes to things like bonuses. They obviously cant control themselves

 

I don't read anything there that says Obama plans to limit bonuses on companies that don't ask for a bailout. The numbers thrown out there were to show just how much money is being dished out as bonuses. It is an indusrty where bonuses are a big part of the picture.

Whether they are deserved bonuses or not could be debated round and round. (I heard even the companies that were failing were giving out bonuses.) I feel if a business is run so poorly they need to go to the government and get taxpayer money to survive . . . then hell yes the government gets to say to those businesses . . . stop the bonuses!

In fact I pray to god that the government isn't just printing up cash and dishing it out . . . but tracking exactly where the money goes, how it is being used and that it doesn't all jsut disappear . . again.

 

It seems pretty reasonable to me that companies who receive a portion of the bailout package should not be able to pay their employees bonuses.

It's funny to me that maxiep is all up in arms about this. You would think a guy who goes on and on about meritocracy and accountability would be in full agreement with the idea that if you are part of the reason your company is going down the drain that you shouldn't receive a performance bonus.

Even if you just look at it on the surface, without the bailout money, it's a ridiculous concept to give performance bonuses when your company can't keep it's head above water.

But when you throw in the fact that they are paying bonuses from the taxpayer-backed bailout they received, it goes from ridiculous to disgusting.

-Pop

 

IMPEACH


dfgasdgsadas

 

I suppose maxiep was upset when Obama told Citigroup they couldnt buy a $50mil jet after receiving $45bn in bailout money.

http://www.independent.co.uk/news/b...o-cancel-50m-executive-jet-order-1517971.html

 

THAT is why you hate bailouts? Funny. I hate bailouts because of the incompetence, greed, and shortsighted profiteering that made them happen in the first place.

 

Yep, FNMA and FHLMC should never have been allowed to expand their businesses. Banks should never have been forced to make loans they knew would never get paid back. Rating agencies should have been held responsible. And investors should have better analyzed the securities they were purchasing. You'll get no argument from me.

If you want to teach these firms a lesson, let them fail and rise from the ashes.

 

Well the Bush admin helped the banks give loans they knew would never get paid back. By passing the Bankruptcy Abuse Prevention Act it made it so the people who filed for bankruptcy still had to pay back the money and give back everything they borrowed, because of this financial institutions loosened their regulations allowing people who had poor credit or low income to purchase things they knew would never get paid back, but didn't care because the bankruptcy act protected the institution. Before they would have to be careful who they loaned money too, now it doesnt matter, until all those people dont pay them back and they crumble, which is what happened

 

So when Bush deregulated everything...wasn't he tell people how to run their business? In other words when he opened up mortgage's to low income families that could never pay they back, didn't he tell business to make very high risk investments? How did that turn out?

 

Dude, you need to go back and do some research to learn where it really started. Come on, the Bankruptcy Abuse Prevention Act came about in 2005. You don't honestly think this mess started in 2005 do you? I know you think it is hip to jump all over Bush for this mess, but the legislature for subprime lending picked up in the 90's. Bush didn't help the situation, but he sure as hell didn't start the ball rolling.