Monday, October 19, 2009

Bank Bonuses- Goldman Sachs

I was never in support of the last bank bail out. i argued that true competitive markets demand that inefficient members, be shown the door. I reasoned that propping out failing institutions, without demanding a fundamental change in the way business was done, and or effecting structural changes in the management of these institutions would only amount to throwing good money after bad money.
Now that i read in the papers and hear the news on TV, about the record amount set to be paid out by the banks,( just recently bailed out), i shudder. What i don't want to say is "I told them so".

These guys on Wall Street actually feel good about gambling with the tax payers monies. Take the case of Goldman Sachs, wow, those guys just got free lunch. They Fed. basically paid Goldman Sachs for doing NOTHING! Incredulous for the world biggest economy. No wonder the "recovery" is jobless. Since when has a country's growth calculated by the profits earned by a few too big to fail banks?
Quick question- did Goldman Sachs just sacked the American people?

It is a sad day when, you hear our lawmakers on both sides of the aisle duck they question of culpability of treasury secretary , the chairman of reserve bank and of the the fed., in the on-going saga. How do you thrown $trillions to institutions without asking for nothing in return?

Someone must be listening.

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