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View Full Version : Obama Calls Bonuses ‘Shameful’ as Dodd Vows to Reclaim Money


Drefish99
01-29-2009, 03:36 PM
I will give him credit when it is due. I agree with his activity to calling what is going on in the financial sector as being shameful. The banks and Wallstreet's giving high officials these huge bonuses on our taxpayer dime while also laying off thousands of their own employees is truly shameful. They say it is so that they can keep top talent. I got something to say to these people. I could have messed up our finances just as much as this top talent has and I could have done it for free :D.

Chris Dodd looking to getting this money back for us will be great. Although I think he and Barney Frank should be in jail for their actions on the Banking Committee.


http://www.bloomberg.com/apps/news?pid=20601087&sid=anzJooSeABDM&refer=home

Thoughts?

Critical
01-29-2009, 03:40 PM
I think that, when the government gets to decide when and where our private sector businesses pay bonuses, regardless of our emotional response, we should all be very, very scared.

vikingshadow
01-29-2009, 06:43 PM
It does seem that the government is sticking their fingers in everyone's pie right now. However, sometimes Daddy has to jump in and solve problems that his children can't. The trick is to know when to back out and not hang around too long.

I'll give Obama credit for saying what we all are thinking anyways. I certainly don't want all this money going to bail out businesses, especially ones that don't necessarily affect me directly, if all they'll do is pay for expensive "retreats" for executives and bonus pay. If that's what's going to happen, I'd just as soon the money come directly to me. Go Dodd, and get that money back!

Drefish99
01-30-2009, 07:15 AM
Congress really took it to the CEO's when they went to Capitol Hill to ask for money but really have no account to what was done with the money that was given to the financial sector. All we hear on the news is how they spent millions on retreats, pay offs, and redoing their offices. Even one bank buying a new airplane. I am all for government not meddling in the private sector but if you are going to ask for a bailout there should be accountability that the money is being used for the good of the people. Since we are electing these people to hopefully do our will.

Critical
01-30-2009, 07:29 AM
The bank that was buying that airplane had ordered it 3 years ago or so, and are going to pay a huge penalty to the manufacturer for not accepting the order. Secondly, the bank in question is a global corporation, why shouldn't they have an executive jet?

In addition, those in congress who were "taking it to" the CEOs, were the same people who forced these companies to take on this bad debt, by opening up credit to people who they knew would not be able to pay. Also, there was no accountability written into the bailout. Congress was so short-sighted, that they gave these banks the money without telling them what to do with it. The majority of them used the bailout money to shore up their financials, there are a few cases, that are now coming out, where executives used the money on non-essentials. But, it should be the board of directors, or the stockholders who are taking them to task, not the politicians.

And that's really the key here. Career politicians, who have never done anything in their lives except run for re-election (for the most part) are now telling the american people that they know better how to run multi-billion dollar private enterprises than those who have been in the business for decades. If Congress and the (both past and present) President would just butt out and let the market decide, we would already be starting to recover.

durrell
01-30-2009, 07:30 AM
There should be no "bailouts", in my opinion. Since when is it the government's responsibility to "bail out" private businesses? Cut interest rates, stop printing money, and somehow find a way to contribute money to businesses that will create NEW jobs. If all of that is done you have handled 2 major issues: inflation and unemployment.