Wednesday, November 12, 2008


From CBS News:

CBS News correspondent Priya David spoke with several compensation consultants who said that, even in this economy, firms are worried that, if they don't pay out the bonuses, they'll lose their top talent -- people they want to keep around for when pastures turn green again. On The Early Show Wednesday, David reported that lawmakers and taxpayers alike are concerned about where the money for those bonuses will come from. For Wall Street workers still employed, there could be a hefty bonus in their checks next month. According to a report from financial news agency Bloomberg, Goldman Sachs, for example, has set aside $6.8 billion for bonuses, and Morgan Stanley, $6.4 billion.

Countrymen, it is time to resurrect the old chant of protest "no taxation without representation." No one in Washington gives a rat's ass about us, the American taxpayers, in this $700 billion bailout fiasco. Especially, King Paulson - former head of Goldman Sachs - who is apparently making this up as he goes along under the "broad discretion" provided by the bailout bill:

WASHINGTON (AP) — The government has abandoned the original centerpiece of its $700 billion rescue effort for the financial system and will not use the money to purchase troubled bank assets.

Treasury Secretary Henry Paulson said Wednesday that the administration will continue to use $250 billion of the program to purchase stock in banks as a way to bolster their balance sheets and encourage them to resume more normal lending. He also announced that the administration was looking at a major expansion of the program into the markets that provide support for credit card debt, auto loans and student loans.

Fat cats and their congressional feeders. Madness!

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