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Someone Is Finally Looking Into Accountability On Wall Street.

Seems someone has some cajones to jump right in and look for some accountability over there on Wall Street. Granted, they have not launched a formal investigation as of yet, but as soon as they realize that the CEO’s of these banks are not going to willingly participate, I am sure a thorough investigation will be started. I even read that some of the bailout money was going to be used to buy banks, and NOT for it’s intended purpose of making loans. These people have zero shame.

The hot-bottom issues of CEO pay and the Wall Street bailout may soon collide with the real world of Wall Street bonuses, taxpayer and shareholder anger over the financial crisis, and a Treasury secretary with deep roots on Wall Street. And that collision could be loud and ugly.

The first salvos were fired late Tuesday when Rep. Henry Waxman, who chairs the House Committee on Oversight and Government Reform, disclosed that he sent letters to the first nine major banks set to receive a capital injection from the government, seeking information on their compensation and bonus plans for 2008 and other years.

“The corporate community doesn’t seem to get it,” says a seething Nell Minow, founder of the Corporate Library, which focuses on corporate governance issues. “If the corporate leaders don’t come to the American people with some accountability, they are going to find themselves in a world of pain. Congress will set CEO pay.”

Rep. Waxman’s letter cited reports about billions in bonuses and quotes an unnamed analyst as saying: “Had it not been for the government’s help in refinancing their debt, they [the companies] may not have had the cash to pay bonuses.”

However, Representative DeFazio from Oregon says that we the people are going to demand someone go to jail (nice try with the tough talk) – but you and I both know that will never happen. These kind of criminals just retire with millions more; they rarely go to jail.


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Comments (4)

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  1. michele says:

    I was against the bail out from the start. So was most of the american public from what I have been hearing. My bank was one of those banks that got purchased with bailout money, apparently they didn’t qualify to receive any of the bailout money, so they were on the verge of failing. I still cant get BofA to lower my credit card interest or stop Balance Chasing my limit. (which I realize is not directly related) My point is, this crisis stemmed from bad mortgages, yet the “bailout” did nothing to help people with mortgage issues.

    Now we are all wondering why even after banks have received all this money that nothing is changed? I am not surprised. Just look at the attitude of AIG or any of the other companies that received govt money. John Stewart summed it up when he asked why everyone was so surprised that the Banking industry is acting like a bunch of douches with no oversight.

    Nothing surprises me anymore.

  2. Jerry says:

    Hmmm. Have you ever SEEN DiFazio? Tough talk from that dude is kind of hard to take seriously. I’m sure he’s a good guy and all, but he doesn’t exactly scream “tough” from an appearance standpoint. It’s a huge mess right now, and as much as I hate to say it, we need to let some companies lead themselves out of business. They should not be allowed to use the federal government and tax funds as idiocy insurance, but that’s what they are doing. Don’t help them, if they have created their own problems. Let them swing and rebuild. It’s the only thing that makes long-term sense.
    Jerry

  3. david says:

    I wish, Jerry, I wish.

  4. […] Someone Is Finally Looking Into Accountability On Wall Street. Seems someone has some cajones to jump right in and look for some accountability over there on Wall Street. Granted, they have not launched a formal investigation as of yet, but as soon as they realize that the CEO’s of these banks are not going to willingly participate, I am…… […]

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