It’s not the economy it’s the people controlling the money…
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Posted by J. Mal (Follow Me)- J. Mal is a graduate of The Ohio State University. He is currently a 2nd year law student at The University of Baltimore. He grew up in Northern Virginia and currently lives in Vienna with his beautiful fiancee. - To see more posts by this author click here |
In this age of opinions, I’ll continue to beat to death the coverage of the $850 Billion dollar bail out. I feel it is my civic duty to inform the hungry readers with some brain food.
It’s good to have an opinion, so here at Food For Thought, we’re trying to make ours informed. I’d like to start off what will be a number of post, talking about different aspects of this financial “Meltdown” (Scary). First I urge everyone if they have to time to actually read the bailout bill. I know it’s long, but to have an opinion you have to know what you’re talking about. Here is the Bailout bill. Ok, now you’re in the know. You’ve covered all the bases and it’s time to say how you feel.
Well tell me if this changes your mind.
Richard S. Fuld Jr., the Lehman chief executive sat for a two-hour-plus grilling before the House Oversight and Government Reform Committee as the panel combed through his pay history, management practices and financial strategies.
The CEO of Lehman Bro’s said a compensation system that he estimated paid him about $350 million between 2000 and 2007 even as the company headed for disaster was appropriate.
“We had a compensation committee that spent a tremendous amount of time making sure that the interests of the executives and the employees were aligned with shareholders,” He said.
(Source: Yahoo News)
If this doesn’t make you sick I don’t know what does. From 2000-2007 this guy made $350 million!!! And there’s still more:
“The now-bankrupt investment bank Lehman Brothers arranged millions in bonuses for fired executives as it pleaded for a federal lifeline, lawmakers learned Monday, as Congress began investigating what went so wrong on Wall Street to prompt a $700 billion government bailout.”
So not only did the CEO make off with a shit load of money, but even people that had been fired for messing this whole thing up got severance pay of millions. I watched this House Hearing today and the attitude that this guy portrayed that “it keeps him up at night” to think about how wrong this all went.” Give me a break. I’m sure he can dry his tears of sorrow on some fresh $100 bills. What a jackass.
He’ll just have to banish himself to the Mediterranean Sea and live on a 100ft. yacht for a few years. What a shame! More like what a SHAM!!!! So there you have it people, our hard earned money, $850 billion, gone, to help out a bunch of greedy assholes who will laugh all the way to the bank. When you vote this fall, I beg that you do not vote for any incumbents if they voted for the bailout.
More to come, but this is going to get messy. Let’s clear some space.
Udothedishes…
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Great input Mal. They said on the news today that this multi-millionaire CEO also has 3 manchins in locations in the US…of the three the cheapest one was like 8 million or something… I may not make 8 million in my lifetime.
Another juicy fact of this bailout bill is what I pulled from your link…
(Sec. 122) Increases the statutory limit on the public debt to $11.315 trillion.
Evidently there is a realtime digital display of our nations deficit in NYC somewhere (excuse my ingorance if this is well-known). Recently the dollar sign ($) in front of the ones place of the trillion dollar deficit number was deleted to allow for a ten billion dollar deficit to show.
Guess those engineers never thought $10 Billion in debt was possible.