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Taxpayers Are Funding $70 Billion In Bonuses For Execs, Too.

Did you know part of that $700 billion bailout plan was for bonuses for these guys? I sure didn’t, and I have not seen it mentioned anywhere in our media, but the Guardian over in the UK seemed to notice:

US congressman Dennis Kucinich has called for an inquiry into remuneration proposals at Wall Street’s top banks, after a Guardian report revealed that six distressed institutions had drawn up pay plans, including substantial discretionary bonuses, worth more than $70bn for the first nine months of the year.

“When Congress placed restrictions on excessive executive pay, it had no intention of permitting business as usual with respect to bonus structures,” he said. “It would add insult to injury to ask taxpayers not only to bail out a firm, but to pay for bonuses as well. The Guardian’s report necessitates an immediate inquiry.”

So glad they were able to pass a bailout bill to use our tax dollars to not just save the banks, but to hand out $70 billion in bonuses to the exact same people that helped create this crisis in the first place.

Related posts:

  1. Fed Bailout Could Cost $1 TRILLION Of Your Tax Dollars.
  2. Economist Paul Krugman – “This Could Be 1931 – The Collapse Of EVERYTHING.”
  3. Hey Treasury – Buy My Sh*t Pile Dot Com.
  4. What You Could Do With $700,000,000,000.
  5. Fed To Now Consider Buying Companies’ Unsecured Debt.

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Comments (4)

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  1. Miranda says:
    October 21, 2008 at 10:13 am

    As always, I can count on you to bring all sorts of outrageous behavior to light. Thank you. Guess it’s time to contact my reps…

  2. YoungMoneyTalks says:
    October 21, 2008 at 2:57 pm

    $70 billion in bonuses? You have got to be kidding me. Well, you know what they say, “read the fine print.” Nice to know that the folks in Washington don’t seem to be doing just that…

  3. thinkingthing says:
    October 21, 2008 at 8:01 pm

    Still holding out for that Ron Paul/Kucinich ticket.

  4. P.O.ed says:
    October 22, 2008 at 6:36 am

    Just yesterday there were about 3 – 5 links that came up while doing a general topic search on Google. Now there are dozens!! Think about this, when you have to pay your taxes, you are in essence, writing out your check to the Wall Street Banks to bankroll their $70 Billion in bonuses: Goldman, Merrill, Citi, Morgan, etc.

    Spread the word, “National Walk-Out Day” Monday, November 3, 2008, 2:00 p.m. CST.

    All Americans who are disgusted with this payoff are asked to stop whatever they are doing and walk out of their jobs, stores, schools, and any other place they may be at that time to show the elected officials, of this once great nation, that we the Citizens of the United States of America will no longer tolerate these actions. Only health care and public safety are not encouraged to participate due to the nature of their positions.

    Stand up and stay united as they cannot terminate, expel and neglect the fact that over 250,000,000 Americans are saying, “Enough is enough!”

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