Sunday, October 19, 2008

Bend over again, please

It's good to know that not all of the $700bn bailout rescue ripoff is not going to be frittered away trying to save a bunch of banks that are probably going under anyway. According to the Guardian, 10% of it, that's $70bn for you that don't have your calculators handy, is going directly to the bankers and financial workers in the form of bonuses.

It's no wonder that every time we see of photo of execs from Morgan Stanley and Citibank after a meeting with Paulson, they look positively gleeful:
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. In effect, staff, on receiving their remuneration, could club together and buy the bank.
But why bother to buy it, they've gutted it already, and now their getting their millions directly from Joe the Plumber Taxpayer Schmuck. Just hope that the trickle down effect from these guys spending sprees will help put your kids through school, and pay your mortgage rent.

As for the Presidential candidates, Congress, and the US media, they're happy you don't know or think about such matters. It might make you cranky, and there is nothing more boring than a cranky public.
(h/t Chris Floyd)


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