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2 COMMENTS:
MUST BE NICE...SOMEONE ELSE ALWAYS HOLDS THE BAG FOR THESE GUYS!
Can I have a loan and an equity investment to allow me to boost my bonuses to about $20 million?
I think one of the most important points are being missed. Most of
these banks swore that they didn't need TARP. Despite this, in order
to return it, they must go back out to the capital markets. Why do you
have to hit the market to return a loan that you said you didn't need,
unless you needed it? This obvious lie has went unchallenged.
It gets worse. Citi is diluting the hell out of it shareholders, as
well as all of the other TARP banks that are selling shares. Some may
even be taking on debt. They are doing this primarily to gain the
freedom to declare bonuses at higher rates despite uncertain credit
condition surrounding the toxic assets that caused the problem in the
first place. Why in the world would any lender or shareholder agree to
dilution and/or higher debt service "primarily" to pay higher bonuses
to employees in the highest compensated (as a percent of net revenue)
industry in the world???
Imagine if you ran this business, you have rocky times during a
recession with revenues in nearly all aspects of your business down
save the blatant risk taking of trading, and you go to your bank and
say I need a big loan so I can pay myself a $20 million bonus
increase.
Do you think Citibank would give you this loan? They expect it from
their shareholders. The same goes for Goldman, JPM, BAC, etc.
http://tinyurl.com/ye8q3ff
McCain's Redemption?
Reinstating Glass-Steagall would be a near-total reversal of his previous position. It would be recognition of the facts: Banks that are allowed to gamble in the financial markets inherently are gambling with the sovereign credit of The United States, and inevitably transfer their losses to the taxpayer while keeping ALL of the profits for their overpriced staff and executives.
This is often said to be of "benefit" to the public because these banks are public companies. This is a flat lie:
Goldman typically bonuses out roughly half of their gross profits, with only a minuscule piece being paid in dividends to shareholders. Other banks have similar compensation policies.
http://tinyurl.com/ycx3qgo
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