Wall Street banks in $70bn staff payout

Wall Street banks in $70bn staff payout

www.guardian.co.uk

Financial workers at Wall Street's top banks are to receive pay deals worth more than $70bn (£40bn), a substantial proportion of which is expected to be paid in discretionary bonuses, for their work so far this year - despite plunging the global financial system into its worst crisis since the 1929 stock market crash, the Guardian has learned.

Staff at six banks including Goldman Sachs and Citigroup are in line to pick up the payouts despite being the beneficiaries of a $700bn bail-out from the US government that has already prompted criticism. The government's cash has been poured in on the condition that excessive executive pay would be curbed.

(visit the link for the full news article)



Related AboveTopSecret.com Discussion Threads:
U.S. Treasury Said to Invest in Nine Major U.S. Banks

Excuse me - WHAT??
These banks were just recipients of $250B from the government, and the executives who helped perpetuate the economic situation we're in today are getting how much?

$250B of American taxpayer money and these crooks are taking home a paycheck of HOW MUCH?

This is outrageous, absolutely outrageous!


www.guardian.co.uk
(visit the link for the full news article)

i knew it was only a matter of time before they would start abusing the bailout package and shaking the money in everyones faces

i mean i'm assuming that's where that is coming from. i could be wrong of course. maybe they had a gigantic mattress where they tucked away this rainy day money

: /

makes me sad in a way, to be honest just because of the simple fact that they cried out for help and then do all this. i hope it's worth it to them

WOW right after they on Scouts honor swore they wouldn't do this ,This is definitely just a gesture calculated to rub this whole mess in Americas collective face . A direct message ,WE DO WHAT WE WANT ,AND YOU'RE THE PATSY. It's a huge game,I honestly believe they are enjoying this very much

See, think about it, Paulson is X CEO of Goldman Sachs, I believe the Gov of NJ is also an X CEO of that firm, then Paulson appts another Goldman Crony, Kashkari, to oversee the bailout plan, ie bailout CZAR, they let their rival fail completely so there is more work to be spread about the remaining firms including Goldman Sachs....Why didn't they just call the operation, Goldman Enterprises.

To me this is a scam, and it is a shame that the government did not investigate this from the start, how could Paulson have ever imagined that he would have been able to have the nerve to present a two page plan and terms to manage 700billion no questions, this was money to insure his own future upon exiting the role as Treasury Secretary, in other words he will be returning to Wall Street, benefitting from his own plan but making millions more and enriching his cronies at the same time, this was a shame because of the way it was presented and also how capital hill was strongarmed and given the economic shock and awe treatment.

All taxpayers have been robbed by proxy and will be paying for it for years in order to spread more wealth to the wealthy, much of that money will be used to sustain the lavish lifestyles of the Wall Street bankers, this is what people should be mad about, corruption feeding corruption,

This is a one line post. I've had it. It's time for the pitchforks.

At one point last week the Morgan Stanley $10.7bn pay pot for the year to date was greater than the entire stock market value of the business.

[edit on 10/18/2008 by mythatsabigprobe]

they should have let the whole bloody thing collapse..it makes me sick to the stomach...

I'm surprised this isn't causing more outrage.

Ten percent of the bailout money is going to the paychecks and bonuses of the crooks who landed us in this mess.
Every American taxpayer is going to contribute approximately $500 to these people's bonuses for running the economy into the ground. They're getting bonuses, people!!

The biggest scam at the expenses of tax payer and they are getting away with it!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Is time for the people to raise and fight this mother Fat rats back

Yes people we have been robbed blind by our own for the people government and nobody is doing anything about it.

"Paulson" has pulled the biggest money scam of the century people.

It is true,

scheme to incur $700 billion in new public debt in order to transfer the money into the coffers of its financial donor base. The U.S. taxpayers will be left with the interest payments in perpetuity (or inflation if the Fed monetizes the debt), and the number of Wall Street billionaires will grow. As for the U.S. and European governments' purchases of bank shares, that is just a cover for funneling public money into private hands.

This greedy and dirty fat rats are transferring whatever is left of the wealth of America the tax payer to their own personal coffers.

And they are doing in from of our eyes while laughing all the way to the bank!!!!!!!!!!!!!!!

The explanations that have been given for the crisis and its bailout are opaque. The U.S. Treasury estimates that as few as 7 percent of the mortgages are bad. Why then do the U.S., U.K., Germany and France need to pour more than $2.1 trillion of public money into private financial institutions?

www.economyincrisis.org...

We the people need to spread the news and take this greedy and dirty corrupted politicians and put them in jail ourselves because obviously their dirty money (tax payer money) has been used to buy from our government system to our judiciary system.

Time to wake up America!!!!!!!!!!!!!

The same thing is happening in the UK too!

Bankers’ £16bn Bonus Bonanza

City bankers have not lost a penny of their multimillion-pound bonus packages so far, despite the credit crunch which has caused the worst financial crisis in 80 years, new figures show.

Official statistics reveal that, in the financial year to April, City workers took home £16bn, almost exactly the same as in 2007.
******SKIP******
Last year, Bob Diamond, the president and head of investment banking at Barclays whose base salary was £250,000, was paid £18m after bonuses and options were taken into account.

Ridiculous!

[edit on 10/18/2008 by Keyhole]

reply to post by Keyhole


Exactly!!!!!!!!!!!!! so much for the financial crisis been shoved down the tax payer but this fat rats are still living large.

disgusting and this should enrage any citizens of any country that has been taken for a ride!!!!!!!!!!!

They have the audacity to flaunt their stolen booty of tax payer money on our faces.

Wait....

The first to report this is a UK news site??????????

Will this even hit maintream????

Everytime I'm accidently watching anderson cooper he keeps bigging up the bailout. Boycott this fool

reply to post by anachryon

I agree. However other than here on ATS everyone I talk to don't have a clue, Or " Don't Care" what is going on. All I hear is: It will get better...The unemployment rate in the county I live in is 9.4%.. No jobs to be found anywhere.

The thieves in Washington don't give a rats a.. about me or any one else who are struggling to find a job and survive. I hope they all enjoy their "LOOT" they will have to answer for it in one way or another...

Originally posted by ModernAcademia
Wait....

The first to report this is a UK news site??????????

Will this even hit maintream????

Yes, the Guardian is the first to report. I don't know if it will hit mainstream, but it's been sent to Drudge and all the big news channels, I can tell you that much! I'm also going to be sending copies to my Congresscritters demanding an explanation.

With any luck it'll get some attention during the week in the States!

Guardian

In the 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 first nine months of the year.

Go Dennis!

Remember that congress can not inquired neither the tax payer on what the money is been used after the bail out money is released.

This was a red flag to any of our moron and incompetent congress to see that is nothing more than the biggest robbery of tax payer money on the history of this nation.

I am getting all stress out trying to figure out who in the hell is watching for us the American people in this nation.

Obviously we have failed to ourselves in keeping our own government in line.

Relentless just posted this link in another thread about the scam of the federal Reserve and Paulson on the tax payer to steal money for their base donors the global elite.

market-ticker.org...

The Truth is that the purpose of the EESA/TARP is to rescue the bankers on Wall Street and elsewhere who have made imprudent loans, all of whom are aware of the declining value of a dollar of debt in the economy - a fact they have intentionally concealed from you. The bankers (including Hank and Ben) all know how to do this math, and they are well-aware that the best they can do at this point is to "Rob every dollar you can while the getting is good, and hope they don't figure it out before you get the cash."

America needs to wake up before is too late we need to spread this information.!!!!!!!!!!!!!!!!!!!!!!

These banker assholes will be first against the wall when the revolution comes, and they'll bleat how it wasn't their fault, and that next time it'll be better, they'll know better...

...I just hope whoever has their finger on the trigger is wise enough to ignore their plaintive whining and just shoot.

reply to post by C.C.Benjamin


By the time this nation wake up from their self induced slumber the big fat rats will be already gone with the booty and we the American people will be left with nothing but hardship and a nation in ruins.

Come on people - are you saying you didn't see this coming?

This has been on the cards ever since paulson agreed to bail out his mates - in fact it has been on the cards ever since bush de regulated the money markets to allow these people to manpulate it in order to expand their bank accounts.

There is an excellent article about it here.

I've been banging on about this since before the bailout, and yet we still have a situation where people defend these "bankers"

They are being awarded bonuses for their work in the first part of the year?
Would that be the same work where they were trying to cover up the impending crisis in order to keep the gravy train running as long as possible?

The gravy train the government knew about and did nothing to stop, thanks to the wall street elite having friends in high places that they knew would bail them out?

The whole process makes me sick, and in the UK we are not much better - but at least Browns solution wasn't just to throw more money into the bank accounts of the fat cats who caused this mess in the first place.