Are American financiers out of touch?
Hell no. Wall Street security industries managed to put the touch on American taxpayers for discretionary 2008 executive bonuses estimated at $18.9 billion from federal bailout funds.
All that while those financial firms were void of profits, laying off employees, declaring insolvency, redecorating office suites and ordering $50-million corporate jets.
The financial firms say the bonuses were necessary to retain top-level employees—the very ones who led those companies into their sub-prime Armageddon.
America’s financial collapse obviously has not interfered with unfettered corporate greed.
Governmnet leaders now are looking at ways to retrieve those bonuses, cap salaries and perks at rescued companies and provide transparency for future allocations from the Troubled Asset Relief Program. (TARP).
Yeah, like that’s going to work. (1 FEBRUARY 2009)
