Bailouts, Bonuses, and Other B.S.

Tim Geithner just said you and I and the rest of the US taxpayers are gonna lose $61bn on the AIG and Auto bailouts. Well thats gonna hit a lot of headlines and people are gonna be aghast most likely. But not you, if you've been reading this blog for any length of time. I mean you'll be angry but not the least bit surprised. The other thing Geithner said was that we taxpayers are going to MAKE $20bn on the bank bailouts. Thats funny. We said that was going to happen too. So with populist anger at an all time high at the banks, we should 1) give more money to the Auto companies, or 2) continue to collect money from banks like B of A and Citi who are rushing to try and pay us back? I think I'll go with 2). I hope the Auto unions enjoyed their gift from us taxpayers. Cause that's what it was.

 

In somewhat related news, Goldman Sachs just came out and said their top 30 execs will receive NO cash bonus this year. They will receive stock that can only be sold after 5 years and can be "clawed back" if there are problems going forward. Hmmmm. I bet if you are person #31, the holiday party is being held at your house this year cause you won. But at the end of the day, everyone at Goldman won. And for all of you who are grumpy about this, just keep in mind there has been NO bigger supporter of the DEMOCRATIC PARTY over the years than Goldman. So if you are a struggling blue collar worker, good Democratic party supporter, and don't like this, maybe you should call the guys at Goldman and ask them what's up with the team play? Partner? Democratic party brethren? Friend? Yeah those guys are Democrats my epizoodik (technical term). Or maybe call the President? He's also a Democrat right? And he just sold you and your vote down the river.

 

There will be no tax on bonuses in this country like they are doing in England and soon France. That decision was bought and paid for a long time ago, bro. Maybe the populists are angry. Because the President just set the record for the lowest approval rating for someone this short in office. Yep he beat Carter and even Ford. Bravo. Bravo. 

 

Oh the $700bn TARP program? They have $200bn left over. But they arent going to use it to pay down the deficit which would actually keep interest rates REALLY low and help the housing market immensely. No they are going to extend the program until Oct 2010 instead of Dec 31, 2009. And Mr. Geithner gets to spend it how he sees fit. And we all know what happens when money is handed out. We taxpayers get bent over again. Nice job all the way around everybody.

 

Oh and one final point? Make sure you check the size of the bonuses these execs pull down at Goldman even though its not in cash. Remember too, that is because the President is in their pocket and never forget it. Hope and change.  

Comments

[Strangebrew]

No no...you all don't understand. You are all greedy fat cats. Our president says so. Guess he doesn't want the billions of tax revenues that said bonuses kick off to go to the various levels of governments because they are all flush right now.

[RPB]

BonusChaser

Same here, I work in Chicago and I got taxed around 43%. I am just glad all my hard earned money is going to people who really deserve it...

[BonusChaser]

When it comes to taxing bonuses, what the UK is doing doesn't sound that far-fetched. I work at an IB in new york. Last I checked about 44% of my bonus went to taxes last year. People seem to forget we're getting hit pretty hard over hear in the US of A as well....Whenever you hear about an amount for a cash bonus you have to remember it's never what it seems since so much goes to taxes.

[BlahBlah]

A lot of bullshit is being toss around in the toilet that is wallstreet and DC.

Oh well.

How do you fix it though? There is no Dem or Rep that will do anything. Oh well, I better learn how to be satisfied with the same salary for the rest of my life. At least my woman is a tenured teacher. I get to suckle at the teet of government a little bit.