corporate greed at it's best
02-11-2009, 09:44 AM
#1
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corporate greed at it's best
it makes me laugh when people blame welfare recipients and other "freeloaders" to be the source of what's wrong with this country and give companies like this a pass.
People that defend capitalism at it's purest without any government oversight and transparecy are guilty for allowing this kind of action.
http://consumerist.com/5151444/ny-ag-befor...es-millionaires
People that defend capitalism at it's purest without any government oversight and transparecy are guilty for allowing this kind of action.
http://consumerist.com/5151444/ny-ag-befor...es-millionaires
Bearing in mind that Merrill moved up its bonus payments in advance of its announced $15 billion quarterly loss and $27 billion annual loss, we have determined that Merrill Lynch made the following bonus payments:
The top four bonus recipients received a combined $121 million;
The next four bonus recipients received a combined $62 million;
The next six bonus recipients received a combined $66 million;
Fourteen individuals received bonuses of $1 0 million or more and combined they received more than $250 million;
20 individuals received bonuses of $8 million or more;
53 individuals received bonuses of $5 million or more;
149 individuals received bonuses of $3 million or more;
Overall, the top 149 bonus recipients received a combined $858 million;
696 individuals received bonuses of $1 million or more.
Again, these payments and their curious timing raise serious questions as to whether the Merrill Lynch and Bank of America Boards of Directors were derelict in their duties and violated their fiduciary obligations.
The top four bonus recipients received a combined $121 million;
The next four bonus recipients received a combined $62 million;
The next six bonus recipients received a combined $66 million;
Fourteen individuals received bonuses of $1 0 million or more and combined they received more than $250 million;
20 individuals received bonuses of $8 million or more;
53 individuals received bonuses of $5 million or more;
149 individuals received bonuses of $3 million or more;
Overall, the top 149 bonus recipients received a combined $858 million;
696 individuals received bonuses of $1 million or more.
Again, these payments and their curious timing raise serious questions as to whether the Merrill Lynch and Bank of America Boards of Directors were derelict in their duties and violated their fiduciary obligations.
02-11-2009, 04:18 PM
#3
Originally Posted by jtpassat,Feb 11 2009, 01:44 PM
People that defend capitalism at it's purest without any government oversight and transparecy are guilty for allowing this kind of action.
But don't worry Julius. the $350B in tarp money already paid out will pale in comparison to the $790B in Stimulus money, the other $350B in TARP money, and Geithner's $1T in bank bail out money.
02-11-2009, 07:35 PM
#4
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Originally Posted by Legal Bill,Feb 11 2009, 08:18 PM
...But don't worry Julius. the $350B in tarp money already paid out will pale in comparison to the $790B in Stimulus money, the other $350B in TARP money, and Geithner's $1T in bank bail out money.
02-12-2009, 12:46 AM
#5
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how could they provide oversight when treasury was all doom and gloom and would not even tell them what banks would get the $$$$
or was that they just wouldn't tell the american public
Paulson said if we tell what banks are in trouble he feared there would be a run on the banks
or was that they just wouldn't tell the american public
Paulson said if we tell what banks are in trouble he feared there would be a run on the banks
02-12-2009, 04:56 AM
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Originally Posted by Legal Bill,Feb 11 2009, 08:18 PM
I disagree. Pure capitalists were against the bail out. The government loan of money to these institutions would be considered government oversight by a pure capitalist. Bad oversight at that. I blame congress for appropriating the money without proper guidelines for its use, and the Bush administration for giving away our money with no restrictions.
But don't worry Julius. the $350B in tarp money already paid out will pale in comparison to the $790B in Stimulus money, the other $350B in TARP money, and Geithner's $1T in bank bail out money.
But don't worry Julius. the $350B in tarp money already paid out will pale in comparison to the $790B in Stimulus money, the other $350B in TARP money, and Geithner's $1T in bank bail out money.
Companies like this knew if you fail fast and hard enough, you would get bailed out so might as well throw everything in the red.
02-12-2009, 05:17 AM
#7
I stand by my comment. Pure capitalists believe that you let institutions fail and then let the economy work its way out of the mess. You seem to have mistaken my response about pure capitalists with my own personal beliefs. They are not one in the same. I can discuss Marxism too. It doesn't make me a communist.
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02-12-2009, 05:33 AM
#8
Originally Posted by Bass,Feb 12 2009, 04:46 AM
how could they provide oversight when treasury was all doom and gloom and would not even tell them what banks would get the $$$$
or was that they just wouldn't tell the american public
Paulson said if we tell what banks are in trouble he feared there would be a run on the banks
or was that they just wouldn't tell the american public
Paulson said if we tell what banks are in trouble he feared there would be a run on the banks
02-12-2009, 06:28 AM
#10
Lewis the CEO of BofA has no balls.
Yesterday, He weaseled out of this question by saying that they were aware of the bonuses but did not own merrill yet but could not force merrill not to pay the bonuses.
This is pure
If BofA simply said "you pay the bonuses and your on your own, the deal is off", they would not have paid out the bonuses.
A clever prosecutor may get them yet.
Time to drag the Spitzer out of the mothballs.
Yesterday, He weaseled out of this question by saying that they were aware of the bonuses but did not own merrill yet but could not force merrill not to pay the bonuses.
This is pure
If BofA simply said "you pay the bonuses and your on your own, the deal is off", they would not have paid out the bonuses.
A clever prosecutor may get them yet.
Time to drag the Spitzer out of the mothballs.