Thursday, October 20, 2011

more deregulation of the banking industry

'Wall Street bonuses at banks bailed out by Washington are "a very elegant form of theft."'
Author Michael Lewis, Liar's Poker

"Wall Street banks, many which received government bailouts in 2008, saw higher bonuses in 2009. Even though profits returned robustly in 2009, the bonus pools still fell short of the banner year of 2007.

For example, Goldman Sachs, the poster child for excessive pay, paid out $16.2 billion in 2009, ahead of the $10.9 billion it paid in 2008, but still well below the record $20 billion it set aside for compensation in 2007.

"Really what's going on is the people on the top of the firm want to make a lot of money and if they're going to make a lot of money, they have got to pay the people under them a lot of money," Lewis said.

"So it's a very elegant form of theft right now."

2009, 2010 saw more of the same and so will 2011.

See for yourself and decide. Is more deregulation of the banking industry a good thing or does it hurt America and benefit the very few and do harm to the many? See the videos from a Russian TV perspective. Remember the world is watching.

"Not talking to you Monkey". One percenter call protester monkey.

Police abuse of protesters in NYC

Woman pepper sprayed in the face because she was there. Koch brothers be proud. This what you they want to happen to the "Monkeys."

End Post

No comments:

Post a Comment