Tuesday, October 20, 2009

Rage Against The Wall Street

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I believe, the word "upset" is an understatement to describe what the people of the United States of America (sans few New Yorkers) felt when some major firms in Wall Street (prominently Goldman-Sachs--as in bloodsachs-er--Merryl Lynch and Morgan Stanley) announced the amount of bonuses they gonna pay their employees. New York times wrote that it gonna reach $18.4 Billions, but according to WSJ Blog:
Total compensation including salary and bonus ran to $15 billion at Merrill Lynch alone. At Goldman Sachs, almost $11 billion. Add it up across Wall Street, and total 2008 bonuses may easily run two to three times that $18.4 billion number.
It doesn't matter which numbers are more accurate, especially when the allegation's consensus is that that bonuses shouldn't be given at the first place.

You see, these firms which give such big, fat, bonuses (I bet you want to be their employee, do you not?) are the same firms which need to be rescued from themselves not more than 12 months ago. Obama's government poured in billions of taxpayer's money to save their asses. And now, the allegedly same money are abused into bonuses which they grant themselves as rewards for the great job they didn't do! It's more than ironic, especially when that job happened to be to overcome trouble  they created in the first place.
Even Obama thinks it's "outrageous":


The Daily Beast wrote:
Firms are making money not because they’re good at what they do, but because they have been given so many subsidies that it’s impossible not to make money.
Good point... but what, then? If even in such bad times, financial firms can greedily ripped off people's money right from their pockets, what can stop it to happen in the future? And in the mean time, it maybe a good thing to do for the people to learn how to pull a bank job.

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