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If AIG’s bonus checks make you mad, keep your pitchfork handy. Here’s the secret behind the government’s bailouts: Any bank big enough to get billions in bailout cash is almost certainly giving out bonus checks too.
It’s just that they won’t tell you.
Huge annual bonuses — and the secrecy around them — are so ingrained in the culture of Wall Street that even a global economic meltdown can’t stop them. Most top execs, stock traders and the like earn the vast majority of their take-home pay in the form of a bonus — not base salary — and some employees receive far more than $1 million.
Sen. Robert Menendez (D-N.J.) is demanding to learn more about as much as $3 billion in bonuses at Morgan Stanley — which took in $10 billion in TARP money. New York Attorney General Andrew Cuomo is in talks with the eight biggest TARP recipients among banks about their bonuses.
Despite crippling losses, multibillion-dollar bailouts and the passing of some of the most prominent names in the business, employees at financial companies in New York, the now-diminished world capital of capital, collected an estimated $18.4 billion in bonuses for the year.
A fat lot of nothing thats what. That is what we are going to get. Worse than nothing, we are going to end up owing trillions upon trillions of dollars to the Federal Reserve Bank.
Originally posted by bismarcksea
OMG, Wallstreet tricked the Government and shafted the people!
If you even remotely believed that the "bailouts" where going to reboot the economy then your exactly the SUCKA the system thrives off of.