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breaking news: banks misuse bailout money

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Now there''s a surprise.
 
Date: 10/30/2008 3:11:43 PM
Author: Miranda
Now there''s a surprise.
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What a shock
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Date: 10/30/2008 3:11:43 PM
Author: Miranda
Now there's a surprise.
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Breaking news... It's still the SAME people in charge. Why would they change?

ETA: I work for a bank, not one that is being bailed out, but one of the 9 that is housing government funds and the one in charge of the oversight for the investments... I can promise you none of our execs have left Wall Street in the last 2 months. It's really sickening to those of us that have to deal with this on a daily, hourly, basis.
 
and people are worried about socialism. its here already. the US taxpayer had to borrow that $ for which our great grandchildren will still be paying. we were told it was necessary for the economy. yeah, right. its another grab to take $ out of our pockets and put it into the pockets of the top 1%. that $ should have been used to make loans to jump start this economy. instead, the priority is to pay the shareholders. did they lie and/or use creative financing when the went to Congress seeking our $? or are they just going pay that $ out and return asking for more? the shareholders should have been the last in line for any $.

movie zombie

eta: my hubby is calling the bailout a STIMULOUS PACKAGE FOR THE RICH.....certainly those richer than us, that's for sure.
 
all i can say is...

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and not necessarily in that order.
 
For all the folks worrying about Obama taking their $$ and giving it to poor people who sit around & do nothing all day (as if this his secret Muslim terror plot) ... WHAT ABOUT THIS??? This is HAPPENING NOW! Bail outs for the rich. Tax breaks for OIL COMPANIES?? (um, banner, record-level profits? why do they need OUR HELP? Aren't I helping them more than enough at the *pump*??)

Bamboozled by big business ... again.

To quote EMF: unbelievable!


p.s. -- call me "without compassion" or a "hard a**" or "selfish" ... but I'd prefer to donate to Big Business by volunteering down at the Conde Nast Lunchroom. Feeding the waifs. And mop the floors at AIG - so the CEO's can still get hot stone massages instead of paying cleaning crews. Giving my very, very valuable TIME ... NOT MY TAX MONEY!!!!!!
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truly a disgrace... really, what have we become?
 
Date: 10/31/2008 2:03:58 PM
Author: decodelighted
For all the folks worrying about Obama taking their $$ and giving it to poor people who sit around & do nothing all day (as if this his secret Muslim terror plot) ... WHAT ABOUT THIS??? This is HAPPENING NOW! Bail outs for the rich. Tax breaks for OIL COMPANIES?? (um, banner, record-level profits? why do they need OUR HELP? Aren''t I helping them more than enough at the *pump*??)

Bamboozled by big business ... again.

To quote EMF: unbelievable!


p.s. -- call me ''without compassion'' or a ''hard a**'' or ''selfish'' ... but I''d prefer to donate to Big Business by volunteering down at the Conde Nast Lunchroom. Feeding the waifs. And mop the floors at AIG - so the CEO''s can still get hot stone massages instead of paying cleaning crews. Giving my very, very valuable TIME ... NOT MY TAX MONEY!!!!!!
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its not even your/our tax money!!! its our great grandchildren''s children who will be paying off this debt!!!!!!!!!!!!!!!!!! we made the debt, they pay for it....all to go to the top 1%. socialism for the rich, payment by the middle class and poor.

movie zombie
 
We had a dinner table discussion about this last night due to the Pricsecope thread. (I mean, that is the kind of stimulus I need to interest me in discussing something like TARP!) My husband's take on it appears to be that there is nothing in the bailout package (which others here have probably read more thoroughly than he has) to keep banks from doing whatever they want with the money they are given. He does not think they have to use if for lending. I asked if a bank could use 100% of its money in executive compensation. I think that he said that the bank had to meet its legal obligations, the only stipulation being that executive compensation over $500,000 would not be tax-free. That does not mean that a bank could not compensate an executive with over $500,000, but that the government would not underwrite it (the tax-free part) for more than $500,000. So, yes, in theory a bank could use 100% of the bailout money in executive compensation!


Deborah
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First of all, it''s my understanding that a number of retirees, pension funds, and individual small investors benefit from dividend payments. If you discontinue dividend payments, what''s to stop these stock holders from selling their stock and look for alternative dividend yielding products. How will this help banks (and us) weather through these difficult and uncertain times?

Secondly, there are banks that did not need to participate in the bailout yet were forced to by the Government for the ''good of the country''. Why should these banks not pay out dividends they would have paid out anyways without the bailout?
 
Date: 11/1/2008 11:28:27 AM
Author: CDNinNYC
First of all, it''s my understanding that a number of retirees, pension funds, and individual small investors benefit from dividend payments. If you discontinue dividend payments, what''s to stop these stock holders from selling their stock and look for alternative dividend yielding products. How will this help banks (and us) weather through these difficult and uncertain times?


Secondly, there are banks that did not need to participate in the bailout yet were forced to by the Government for the ''good of the country''. Why should these banks not pay out dividends they would have paid out anyways without the bailout?
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because without the bailout money they wouldn''t have the money for the dividend payments.
They were given the money to make loans not to give to shareholders.
 
Date: 11/1/2008 11:45:23 AM
Author: strmrdr

Date: 11/1/2008 11:28:27 AM
Author: CDNinNYC
First of all, it''s my understanding that a number of retirees, pension funds, and individual small investors benefit from dividend payments. If you discontinue dividend payments, what''s to stop these stock holders from selling their stock and look for alternative dividend yielding products. How will this help banks (and us) weather through these difficult and uncertain times?


Secondly, there are banks that did not need to participate in the bailout yet were forced to by the Government for the ''good of the country''. Why should these banks not pay out dividends they would have paid out anyways without the bailout?
Click to expand...
because without the bailout money they wouldn''t have the money for the dividend payments.
They were given the money to make loans not to give to shareholders.
Click to expand...
I think you misunderstood my post. Please reread my second point.
 
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