Merrill Lynch pays billion dollar bonuses from bailout money

Discussion in 'Current Events' started by Chris, Jan 31, 2009.

  1. Chris
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    Chris Gold Member

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    McCaskill Calls Merrill Lynch Execs "Idiots"

    Claire McCaskill plans to put an end to excessive executive spending.

    The Democratic Missouri Senator introduced a bill which would cap the salary of any private company accepting federal money.

    Under the rules, no employee would be able to make more than the President of the United States.

    McCaskill says, "they don't get it. These people are idiots. You can't use tax payer money to pay out $18 billion in bonuses. Merrill Lynch is unbelievable. They saved $3 to $4 billion dollars from the pot of money that was going to Bank of America. The sale is going to close the first week in January. They always gave bonuses in January. You know what these sneaky guys did? They decided to give their bonuses in December."
     
  2. toomuchtime_
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    toomuchtime_ Gold Member

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    It is outrageous, but what's more outrageous is that the President and those in Congress are spending their time castigating these people instead of figuring out how to expand credit so that we can get out of this recession. The fact is that if they didn't pay these bonuses we'd still be in the same mess we're in, and if the President and Congress can figure out how to expand credit, these bonuses wouldn't hamper the recovery. How about if our political leaders spend time spanking the executives after they do their own jobs?
     
    Last edited: Jan 31, 2009
  3. Againsheila
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    Againsheila Gold Member

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    I disagree, giving $billion bonuses while laying people off hampers our economy immensely, it lowers morale, which in turn lowers spending, which in turn hurts our economy. Meanwhile, the $billion CEOs who drove their companies into the ground are walking away with taxpayer money while we are losing our shirts. What our government should have done was give that money to the people who would spend it. Create small businesses, give more to the disabled and unemployed. Heck, think how many people could have started their own businesses with that money, actually HELPING our economy instead of draining it?
     
  4. Chris
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    Chris Gold Member

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    Againshelia, you are right.

    It seems like Bush and Co. just raided the Treasury on their way out of town.
     
  5. toomuchtime_
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    toomuchtime_ Gold Member

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    The recession is the result of shrinking bank reserves that prevent banks from lending businesses and consumers the money they need to revive the economy. It makes no sense to start new businesses while present businesses are failing. Estimates to get bank reserves up to where we need them run from $500 billion to $5 trillion dollars, so $18 billion dollars will not effect our recovery one way or another. If you're satisfied with listening to political leaders scold executives for not doing their jobs right while these same political leaders have no idea how to do their own jobs then perhaps you won't mind watching the economy continues to shrink because consumers can't get the credit they need to buy houses and cars and businesses can't get the credit they need to meet their payrolls and other business expenses. As for myself, I'm sick of listening to policticians try to deflect criticisms of their own failures by pretending to be indignant about issues they know don't effect the economy one way or the other.
     
  6. Avatar4321
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    Avatar4321 Diamond Member Gold Supporting Member

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    Looks they did exactly what anyone expected them to do with the money.

    I just have to say, any of you who expect otherwise are complete and utter morons.
     
  7. Againsheila
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    Againsheila Gold Member

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    The recession(depression) is a result of importing and exporting American jobs and companies. Increasing the income gap to historical rates and decreasing the middle class and middle class pay. Ford learned the lesson many years ago when he created the first minimum wage in this country that allowed his own workers to purchase his cars, skyrocketing his profits.

    The banks didn't save us from the last depression and they aren't gonna save us from this one.
     
  8. Againsheila
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    Againsheila Gold Member

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    I said it before and I'll say it again, this was just a way for Bush and his friends to make a last ditch effort to steal from the treasury. Lucky Bush, he has his ranch in Paraguay when our country breaks apart. Wonder where Obama will run to?
     
  9. toomuchtime_
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    toomuchtime_ Gold Member

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    We are in a recession because neither consumers not businesses can get the credit they need to spend us out of it. Class warfare rants are useful only to politicians who either don't understand what has to be done to fix the credit crunch or lack the courage to do it.
     
  10. Againsheila
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    Againsheila Gold Member

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    We already owe more money than we can ever repay. Our grandchildren's grandchildren will be paying this bill. We are so deep in debt it's stupid to put us in even more debt. You cannot borrow your way out of debt, it's just not possible.

    It wasn't Reagan that caused the fall of the Soviet Union, it was their own debt. We now face that debt, do you honestly think we will survive by creating even more debt?
     

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