Sunday, March 1, 2009
The Bailout Buck
These bailouts are being paid for by loans from China. Not a bad thing just something everyone needs to know. The next generation and the generation after will be paying for these bailouts; the mistakes and greed of a handful of bankers taking advantage of people wanting to have the American dream. Just in case someone finds one of these in the city, congrats not only were you observant enough to find this you just scored some free art.
Friday, January 30, 2009
You tell'em Mr. President
January 29, 2009
Posted: 04:32 PM ET
President Obama rebuked Wall Street Thursday during a meeting with new Treasury Secretary Timothy Geithner.
WASHINGTON (CNN) — President Barack Obama called the prospect that some of the $700 billion Wall Street bailout could end up paying for bonuses to managers of struggling financial institutions "shameful" Thursday.
Watch: Pres. Obama takes Wall St. to task
New York's state comptroller raised that prospect in a Wednesday report that found the bonus pool for the financial industry is still the sixth-biggest on record despite a 44 percent decline from 2007. Speaking after a meeting with his top economic advisers, Obama said it was the "height of irresponsibility" for executives to pay bonuses when their companies are asking for help from Washington.
"The American people understand we've got a big hole that we've got to dig ourselves out of, but they don't like the idea that people are digging a bigger hole even as they're being asked to fill it up," he said.
"There will be time for them to make profits, and there will be time for them to get bonuses. Now is not that time," Obama added.
The president's latest concerns come two days after struggling banking giant Citigroup — which has taken about $45 billion from the government's Troubled Asset Relief Program — reversed plans to accept delivery of a new $42 million corporate jet under Treasury Department prodding.
"We shouldn't have to do that, because they should know better — and we will continue to send that message loud and clear," Obama said.
The bailout program restricted bonuses for top executives of firms that received federal funds. But New York Comptroller Thomas DiNapoli's report Wednesday noted that the program does not limit bonuses for lower-level staff.
"There needs to be greater transparency and accountability in the use of these funds," DiNapoli said in a statement accompanying his report. "Every dime counts, especially when they're taxpayer dimes, and taxpayers ought to know if
these funds were used to buy corporate jets, pay dividends or bonuses."
White House spokesman Robert Gibbs said the president had a one-word response to DiNapoli's report: "Outrageous." Asked whether the administration
could take any action to head off those bonuses, Gibbs said, "That's what we're
looking into, and that's what we're working on recommendations for."
Obama's remarks came after a meeting with Vice President Joe Biden, Treasury Secretary Tim Geithner and other members of his economic team.
-Now all we need is more accountability on the government's side and more regulation in Wall Street/ banks and other entities.
Angry Senator Wants a pay cap for wall street
WASHINGTON (CNN) -- One day after President Barack Obama ripped Wall Street executives for their "shameful" decision to hand out $18 billion in bonuses in 2008, Congress may finally have had enough.
"You can't use taxpayer money to pay out $18 billion in bonuses," an angry Sen. Claire McCaskill says.
An angry U.S. senator introduced legislation Friday to cap compensation for employees of any company that accepts federal bailout money. Under the terms of a bill introduced by Sen. Claire McCaskill, D-Missouri, no employee would be allowed to make more than the president of the United States.
Obama's current annual salary is $400,000.
"We have a bunch of idiots on Wall Street that are kicking sand in the face of the American taxpayer," an enraged McCaskill said on the floor of the Senate. "They don't get it. These people are idiots. You can't use taxpayer money to pay out $18 billion in bonuses."
McCaskill's proposed compensation limit would cover salaries, bonuses and stock options.
On Thursday, Obama said the prospect that some of the $700 billion Wall Street bailout could end up paying for bonuses to managers of struggling financial institutions was "shameful."
Don't Miss
The president said it was the "height of irresponsibility" for executives to pay bonuses when their companies were asking for help from Washington.
"The American people understand we've got a big hole that we've got to dig ourselves out of, but they don't like the idea that people are digging a bigger hole even as they're being asked to fill it up," Obama added.
McCaskill's proposal comes three days after struggling banking giant Citigroup -- which has taken about $45 billion from the government's Troubled Asset Relief Program -- reversed plans to accept delivery of a new $42 million corporate jet. The company changed its mind under Treasury Department prodding.
Former New York Mayor Rudy Giuliani on Friday defended corporate bonuses, saying that cutting them also means slashing jobs in the Big Apple.
"If you somehow take that bonus out of the economy, it really will create unemployment," he said on CNN's "American Morning." "It means less spending in restaurants, less spending in department stores, so everything has an impact."I really hope this passes. I know it never will because the senators and representatives are in the back pocket of these money sluts. But, it's like my mom always told me you can't get a reward after messing up. Like the finish your vegetables to get desert policy.
Monday, December 15, 2008
Welcome
Welcome to the Scapegoat Sessions blog. This site is dedicated to the ongoing documentation of a series of political performance pieces based around the ongoing financial situation and corruption that inhabits politics. Thank you for coming to the Scapegoat sessions blog.
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