If Goldman Sachs and JP Morgan Chase Have Paid the USA Back Why Does Obama Care About Bonuses?
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Mark asked:
If Goldman Sachs and Chase have paid back their billions to the USA, then why is President Obama still trying to control what they pay their people? It should not be any concern of the government, but the government today seems to be threatening Sachs and Chase. Agree? Disagree?
These companies have shareholders. If too much money is spent on bonuses or perks than the shareholders can certainly question that and even remove CEO’s. I myself would rather live in a democracy with a corp executive receiving a $100 million bonus than a government controlled society.
Prices On Pellet Stoves
If Goldman Sachs and Chase have paid back their billions to the USA, then why is President Obama still trying to control what they pay their people? It should not be any concern of the government, but the government today seems to be threatening Sachs and Chase. Agree? Disagree?
These companies have shareholders. If too much money is spent on bonuses or perks than the shareholders can certainly question that and even remove CEO’s. I myself would rather live in a democracy with a corp executive receiving a $100 million bonus than a government controlled society.
Prices On Pellet Stoves
January 25th, 2010 at 12:12 pm
Its all about control.
Obama used his control of the major banks to over-ride bankruptcy laws in order to provide favors for his campaign contributors. Once the major banks get to the point where they can tell him ‘no’ - Obama loses his ability to abuse financial powers in order to direct money to his favorites.
January 27th, 2010 at 1:27 am
One of the reasons all those businesses deemed “too big to fail” ended up in so much trouble is because they squandered it all on excessive salaries, bonuses, perks and golden parachutes.
I suspect the government doesn’t want to see the same thing happen again, which would only mean that these big corporations would come back to the government trough for more bail-out money.
Swindling mortgage lenders, incompetent bankers, arrogant investment brokers, greedy hedge fund speculators, wealthy elitists and industrialists, lazy CEOs and double-crossing insurance providers all contributed to this economic crisis through avarice, ignorance, arrogance and hubris. Bush wrote out $8.5 TRILLION* in corporate welfare checks just before he left office; Obama has thrown more money at these big corporations that gouged their customers, cheated their employees and manipulated the markets.
While Bush gave a ‘wink, wink’ nod to such aberrant behavior, the Obama administration evidently feels it has no choice but to keep the same strategy of a giant government giveaway.
Obama should have let these big corporations fend for themselves. Our government’s responsibility is NOT to sloppy ‘big business’ - it should be concerned with those legal American citizens who are disadvantaged, underprivileged, unemployed, disabled, poor, sick, elderly, under-educated, homeless or hungry.
Our social welfare programs are a teensy drop in the bucket compared to what our government gives away to big business. Why not get our priorities straight? Obama is correct to ‘care’ about corporate bonuses; such niggardly corporate theft is immoral, unethical and obscene.
Our Constitution says, ‘we the People…”, NOT “we the corporations”.
-RKO- 07/17/09
January 29th, 2010 at 8:30 am
It’s just wrong for a very few people to keep most of the profit from everyone else’s labor. That’s why.
When most wealth is concentrated in the hands of a very few, everyone else is impoverished.
You may want to live as a serf in a Feudal society, but I don’t.
In a sane economy, no exec would make a thousand times what their least-paid employee makes. These idiots make millions more.
January 31st, 2010 at 12:01 pm
They still want the banks “under their thumb.”