7O BILLION IN WALL ST. BONUSES Where the F#*k is Sen. DODD?

Rewarding Failure (0.00 / 0)

and failing upward has now become as American as Apple Pie.

Tell me again,Sen Dodd,how this Bailout was for the "benefit of main Street"!!

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by: ctkeith @ Fri Oct 17, 2008 at 20:53:36 PM UTC

The Money Masters - How International Bankers Gained Control of America (0.00 / 0)

Watch the whole thing here:

http://video.google.com/videop...

"The powers of financial capitalism had a far-reaching plan, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole...Their secret is that they have annexed from governments, monarchies, and republics the power to create the world's money..." THE MONEY MASTERS is a 3 1/2 hour non-fiction, historical documentary that traces the origins of the political power structure that rules our nation and the world today. The modern political power structure has its roots in the hidden manipulation and accumulation of gold and other forms of money. The development of fractional reserve banking practices in the 17th century brought to a cunning sophistication the secret techniques initially used by goldsmiths fraudulently to accumulate wealth. With the formation of the privately-owned Bank of England in 1694, the yoke of economic slavery to a privately-owned "central" bank was first forced upon the backs of an entire nation, not removed but only made heavier with the passing of the three centuries to our day. Nation after nation, including America, has fallen prey to this cabal of international central bankers.

"If those in charge of our society...can dominate our ideas, they will be secure in their power. They will not need soldiers patrolling the streets. We will control ourselves." ~~Howard Zinn

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by: lakezoarian @ Sun Oct 19, 2008 at 16:18:12 PM UTC

AIG corporate culture self indulgent? Another posh party story surfaces (0.00 / 0)

AP reports an $86K event at a 17th Century Dorset England house, perhaps unfortunately called Plumber Manor, at which

executives of AIG's main U.S. life insurance subsidiary spent a lavish amount on the retreat, complete with spa treatments, banquets and golf outings.

 Partridge hunting was also apparently part of the event, and a couple of the execs traveled by private plane from Germany.  Apparently these were the top performers in one of the insurance subsidiaries.

NY State Attorney General Andrew Cuomo was not amused.  
Cuomo has

accused AIG of breaking the law by bankrolling "unwarranted and outrageous" junkets in the wake of a $123bn bail-out by the US government to save the firm from bankruptcy.

"The party is over," he said at a press conference. "No more hunting trips. No more luxury resorts. They are not going to have the party and leave the hangover for taxpayers."  

In a letter to AIG's board of directors, Cuomo said such expenditures could be deemed fraudulent conveyances under New York law. "The board should immediately cease and desist these improper and extravagant expenditures, which exploit the taxpayers," said the letter. "Immediate cooperation is expected, or we will commence legal action."

He demanded that the AIG board stop "unwarranted and outrageous expenditures" and recover any past ones that were "unreasonable", citing a $5m bonus and $15m "golden parachute" that AIG awarded Martin Sullivan, its chief executive, in March. ."

In the long run, that is not much money.  However, it speaks volumes about the sense of entitlement and the ability to justify personal deservedness in the face of corporate failure.  Didn't it occur to anyone to decline to participate on ethical/moral (never mind legal) grounds?

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by: greenpeas @ Sun Oct 19, 2008 at 17:49:35 PM UTC

Alternate funding (0.00 / 0)

Instead of taxpayers shouldering wall street's massive debts, a retroactive 8 year tax penalty for all financial industry bonuses would be a much more satisfying solution.  The 'debt' has been left to us because 'the financiers' have skipped away with all the loot.  If they don't have their bonus money any more then they should get booted out into the street instead of the workers who have contributed to society and are now losing their homes.  "Let them live in their hummers"

A film about the economic collapse in Argentina with an uncomfortable number of similarities is here:
http://video.google.com/videop...

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by: Elsie @ Mon Oct 20, 2008 at 11:24:20 AM UTC