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Where the Bail Out money really went - 12/21/2008 9:20:15 AM   
Nosathro


Posts: 3319
Joined: 9/25/2005
From: Orange County, California
Status: offline 		As if anyone hadn't already guests where the bail out money for all the banks went to
 
http://news.yahoo.com/s/ap/20081221/ap_on_bi_ge/executive_bailouts

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RE: Where the Bail Out money really went - 12/21/2008 9:26:49 AM   
TNstepsout


Posts: 1558
Joined: 8/3/2005
Status: offline 		They delayed the bailout for a month while the market cratered just to add stipulations so this kind of thing wouldn't happen. So how did it manage to happen anyway?

I saw an interview on CNBC with a woman who is the head of the group set up to oversee the distribution of these funds. She said after two weeks, she didn't even have phones and now, two months later, she has a staff of FIVE PEOPLE!

I guess I'm a little Pollyanna. I really thought the gov would do a better job than this. What was I thinking?

(in reply to Nosathro)
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RE: Where the Bail Out money really went - 12/21/2008 10:01:44 AM   
BlackPhx


Posts: 3432
Joined: 11/8/2006
Status: offline 		The study includes what they earned the previous year, as well as what they got post bailout. Since a great many of them received stock as well as their bonuses and the stock options have greatly devalued with the stock markets fall, perhaps it wasn't such a great bonus after all.

There's supposed to be oversight to ensure the money goes where it is supposed to not to covering bonuses. Hopefully they will have to pay that money back, but this is not the first talk of such misuse. Remember the Spa weekend one board of directors enjoyed? The tricky part is these CEO's are under contracts, that spells out their compensation percentages and how it is supposed to be structured. I suspect those contracts are going to have to go to court if they are to be modified to keep the money from going to them and into the system instead.

Question does someone have to be a sociopath to be a CEO or top executive? I have to wonder how may lower echelon jobs they will cut and how many fees they will levy to make up for their bonuses.


poenkitten

(in reply to Nosathro)
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RE: Where the Bail Out money really went - 12/21/2008 10:23:54 AM   
awmslave


Posts: 599
Joined: 3/31/2006
Status: offline 		You are sitting on pile of money and you can legally take a good part of it. What would you do? We just proved execs are just humans not superheroes.

(in reply to Nosathro)
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RE: Where the Bail Out money really went - 12/21/2008 12:29:32 PM   
rulemylife


Posts: 14614
Joined: 8/23/2004
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quote:

ORIGINAL: awmslave

You are sitting on pile of money and you can legally take a good part of it. What would you do? We just proved execs are just humans not superheroes.


What I would do is the right thing.

What you would do, and what they did, is why this country and our economy is in the situation it is.

(in reply to awmslave)
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RE: Where the Bail Out money really went - 12/21/2008 2:20:11 PM   
awmslave


Posts: 599
Joined: 3/31/2006
Status: offline 		The point was country can not rely on responsible behavior alone; there is a need for strict laws prohibiting such kind of piracy.

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RE: Where the Bail Out money really went - 12/21/2008 4:42:37 PM   
DarkSteven


Posts: 28072
Joined: 5/2/2008
Status: offline 		Let's see now... The execs mismanaged the companies so badly that government intervention was necessary to stave off BK.  They received huge bonuses for that year.  The government then handed them billions with no strings or oversight attached and is then surprised that the funds were not used according to their wishes?

What exactly am I missing here?  I could have predicted that this would happen.


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RE: Where the Bail Out money really went - 12/21/2008 8:24:13 PM   
Termyn8or


Posts: 18681
Joined: 11/12/2005
Status: offline 		"Wells Fargo of San Francisco, which took $25 billion in taxpayer bailout money, gave its top executives up to $20,000 each to pay personal financial planners"

Now that's really rich. These people are supposed to be the experts and now what again?

"Wells Fargo of San Francisco, which took $25 billion in taxpayer bailout money, gave its top executives up to $20,000 each to pay personal financial planners"

If they need financial planners, what the hell are they doing sitting on the board of directors of an investment/banking concern ? Just what is their function, to wear a nice tie ? I am sick of these people thinking these people are some sort of genius' because they are not. They are just a professional like any other. I worked on something worth two grand the other day, I want two grand. I moved a million dollars the other day, I want a million dollars. People want everything they see.

A sickening lot these humans, I am still waiting for the mother ship to come and take me back.

T

(in reply to DarkSteven)
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RE: Where the Bail Out money really went - 12/21/2008 9:10:04 PM   
UncleNasty


Posts: 1108
Joined: 3/20/2004
Status: offline 		I doubt anyone is really surprised by this. A tiger can't change his stripes.

Uncle Nasty

(in reply to Termyn8or)
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RE: Where the Bail Out money really went - 12/21/2008 10:37:08 PM   
kinkbound


Posts: 387
Joined: 9/15/2007
Status: offline
quote:

ORIGINAL: UncleNasty

I doubt anyone is really surprised by this. A tiger can't change his stripes.

Uncle Nasty


Few, if any, will be surprised.

So if this is what we get from government, and our government is often claimed to be the best on the planet, what can be said about government in general?

(in reply to UncleNasty)
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RE: Where the Bail Out money really went - 12/21/2008 11:17:07 PM   
MrRodgers


Posts: 10542
Joined: 7/30/2005
Status: offline
quote:

ORIGINAL: Termyn8or

"Wells Fargo of San Francisco, which took $25 billion in taxpayer bailout money, gave its top executives up to $20,000 each to pay personal financial planners"

Now that's really rich. These people are supposed to be the experts and now what again?

"Wells Fargo of San Francisco, which took $25 billion in taxpayer bailout money, gave its top executives up to $20,000 each to pay personal financial planners"

If they need financial planners, what the hell are they doing sitting on the board of directors of an investment/banking concern ? Just what is their function, to wear a nice tie ? I am sick of these people thinking these people are some sort of genius' because they are not. They are just a professional like any other. I worked on something worth two grand the other day, I want two grand. I moved a million dollars the other day, I want a million dollars. People want everything they see.

A sickening lot these humans, I am still waiting for the mother ship to come and take me back.

T

Don't you people get it yet ? This is a capitalist party. Taxpayer money for what...?

Bonuses, stock dividends (usually out of something called profits not a hand-out) travel vacations and oh...don't forget a new winter coat for the little lady.

I am Bank of America, I am profitable, I got $25 billion mother fucking dollars from Uncle fucking Sucker...I mean Sam. Let's buy a bank.

Thank you...thank you taxpayers for keeping us capitalists/socialists so rich...and even with all of our sloth and greed...getting richer.

(in reply to Termyn8or)
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RE: Where the Bail Out money really went - 12/23/2008 9:00:43 AM   
Termyn8or


Posts: 18681
Joined: 11/12/2005
Status: offline 		Think of this, if allowed to fail one of the entities to the contract no longer exists. No bonus, no nuthin.

It was so simple, all they had to do was nothing, so of course they decided to do something.

See it all the time.

T

(in reply to MrRodgers)
Profile   Post #: 12
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