"'When I saw an article today that indicates that Wall Street bankers had given themselves $20 billion worth of bonuses, the same amount of bonuses as they gave themselves in 2004, at a time when most of these institutions are teetering on collapse and they are asking for taxpayers to help sustain them, and when taxpayers find themselves in the difficult position that if they don't provide help then the entire system could come down on top of our heads, that is the height of irresponsibility,' President Obama told reporters."
http://online.wsj.com/article/SB123326820233830623.html
They are laughing at us.
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Well, you have to pay them to keep the best talent so they can get us out of this mess right?
Of course, that only applies to the upper big whigs. Everyone knows that paying teachers, police, firefighters, nurses, etc. more wont' attract better people to those professions...it only works in high finance.
Feeling a little snarky tonight.
Me, too. Merrill Lynch is the one they're raising the biggest stink about right now. Handing out bonuses just before being acquired by Bank of America. BofA is now forced to scale back its own bonuses because of losses.
I really don't know why I am shocked anymore. The gall, the greed, the "F*** you" attitude. They're thugs, too, just more highly compensated.
I found this a little heartening, but doubt that it will go anywhere: "Merrill Lynch shareholders have begun to discuss the possibility of suing the company for reportedly paying out $3 to $4 billion in cash bonuses to the financial wizards who enabled the firm to lose billions last year." http://roomfordebate.blogs.nytimes.com/2009/01/29/bonuses-for-bad-performance/?hp
Meanwhile, BofA is having it's own problem with shareholders as some of them are suing BofA, claiming that they were lied to about the acquisition of Merrill Lynch: http://www.businessweek.com/ap/financialnews/D95T40381.htm
If nothing else, it sure is an interesting time to be alive.
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