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Bank Bonuses Exceed profits...

Discussion in 'Political Discussion' started by Holy Diver, Jul 30, 2009.

  1. Holy Diver

    Holy Diver Rookie

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    WTF moment????

    http://www.cbsnews.com/htdocs/pdf/BonusReportFinal7.30.09.pdf


    According to the report:

    • Goldman Sachs, which earned $2.3 billion last year and received $10 billion in TARP funding, paid out $4.8 billion in bonuses in 2008 - more than double their net income.

    • Morgan Stanley, which earned $1.7 billion last year and received $10 billion in bailout funds, handed out $4.475 billion in bonuses, nearly three times their net income.

    • JPMorgan Chase, which earned $5.6 billion in 2008 and received $25 billion from the government, paid out $8.69 billion in bonus money.

    • Citigroup and Merrill Lynch lost a combined $54 billion last year. They received a total of $55 billion in bailouts and paid out $9 billion in combined bonuses. ($5.33 billion for Citigroup; $3.6 billion for Merrill Lynch, which was subsequently acquired by Bank of America.)




    the american public is a bunch of marks, our elected reps are whores, and these corporate giants are the pimps.


    wonderful.
    Last edited: Jul 30, 2009
  2. mikey

    mikey Rookie

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    Monsters amongst us.


    .
  3. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    Citigroup & Goldman are crawling with dems and ex exec that are dems in the administration, the dem gov of NJ was a Goldman exec, what do you expect the dems are taking care of their own...;)
  4. mikey

    mikey Rookie

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    I thought this is a bi-partisan disgrace. The former treasury who approved TARP for his cronies at Goldman is a Republican, so is the former Black head of Merrill Lynch who was George Bush's top fundraiser.

    This is obscene. As millions of Americans are jobless, homeless, and without health care, these despicable people are taking home millions in bonuses courtesy of the American taxpayers.

    .
  5. patsfan13

    patsfan13 Hall of Fame Poster PatsFans.com Supporter

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    I was against TARP, and the Bush stimulus, smaller government is the way to go.
  6. tanked_as_usual

    tanked_as_usual Banned

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    thing is, some of the investors have reached returns goals (ie have made their investors tons of money)

    in my opinion, you have to make good on the contracts of those who have actually reached their goals (mostly commodities)........unless, of course you want to waste ALL of the govt money
  7. mikey

    mikey Rookie

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    Without the taxpayer's TARP rescue money, there is no company, no jobs, no contracts, no bonus, and zero investors return.

    Without taxpayer's TARP rescue money, employees of Goldman, JPMoran, Morgan Stanley, and Citibank are just like the employees of Lehman Brothers and Bears Stern; jobless.

    These people should be LUCKY to even have job. They should contribute all these obscene profit to the taxpayers/ Federal government to reduce budget deficit.

    These vultures of Wall Street are financial terrorists.


    .
  8. scout

    scout Rookie

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    #15 Jersey

    That is hilarious!
    First, the greed of the banking group is so perverted that this is almost unimaginable. Everyone (with the exception of bankers) is outraged. But wait, it's the Democrats fault. Don't you know that Wall Street is crawling with Dems. Yes, we should blame the Democrats.
    Let's Skip the fact that these people are scum and go straight to blaming the party which you oppose. Not that that is logical, just that it fits nicely with your agenda.
  9. maverick4

    maverick4 Banned

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    It's amazing how these people are supposed to be experts in numbers, accounting, financials, and balance sheets... and yet are so horrible (or simply immoral) when it comes to their own companies.
  10. PatriotsReign

    PatriotsReign Rookie

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    It would be FOOLISH to believe these excessive bonuses have anything to do with partisan politics...very foolish.

    GREED is the only culprit here.
  11. tanked_as_usual

    tanked_as_usual Banned

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    that's fine......the best brokers (like the guy who wants his 100M) will just make his money somewhere else since guy with track records like his are fought over by companies........his bonus is chump change next to his returns.......

    not everyone was involved in the mortgage market, and it would be very wise for companies to keep their best brokes in commodities, technology, etc......

    its pinheads like you who believe everyone at these companies screwed up...........if it wasn't the mortgage arm-twisting by the govt, these companies would be rolling in money.......

    goldman sachs and jpmorgan have repaid their money, so the govt should just STFU unless you clowns want these companies to turn into resources yielding 4% a year

    why should a guy in commodities (a branch of finance which helped keep things from being worse than they got) not be rewarded PER CONTRACT since he achieved his return goals which make the actual bonus spit in a bucket.......

    some of you guys get all charged up with literally no clue at all
    Last edited: Jul 30, 2009
  12. tanked_as_usual

    tanked_as_usual Banned

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    well.......umm......jpmorgan and goldman sachs have repaid all of their tarp money, soooooo.........people should STFU about them if they want them to keep the guys who invest in them (you, your 401k fund manager, etc) making money

    I mean if you don't have a dime you can invest, why should you care anyway????? you probably don't pay any taxes, either
  13. mikey

    mikey Rookie

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    STFU?

    Is this how these companies respond to the American taxpayers?

    STFU!!

    We REPAID the TARP. So STFU!

    Goldman Sachs was able to make their obscene profit because:

    (1) Former Goldman CEO Paul Paulsen approved TARP which prevented Goldman from going bankrupt
    (2) Paul Paulsen then approved the obscene AIG bailout which pumped millions to Goldman
    (3) Finally, Paul Paulsen pushed Goldman's competitors Lehman and Bears Stearn into bankruptcy so his former firm can have unfettered monopoly power over the markets.

    Congress should start looking into Paulsen's action in relation to preferential treatment of his former firm.

    .
  14. tanked_as_usual

    tanked_as_usual Banned

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    nice spin

    you make it sound like you signed the checks yourself.....LMAO......

    obscene.......that's funny

    no more obscene than the government forcing these same entities to hold 300K notes for stiffs with lousy credit

    like I said..........the ones making the most noise......like you......probably don't invest a dime in anything, so you likely don't understand the breadth of these companies

    the only reason goldman used TARP was to protect itself from an AIG collapse

    maybe someday you'll understand
  15. godef

    godef Rookie

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    It's still upside down when bonuses exceed earnings, which probably means their goal bonuses are super-inflated, ie they are rewarded far more than what they deserve to be compensated for particular achievements. Bonuses should only go as far as help the company make more money, not make them eligible for bailout. This is the equivalent of taxing 150% of earnings.
  16. godef

    godef Rookie

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    Which is entirely due to "the culture" of bonus entitlement. It must be stopped across the board through regulation. It seems a conflict of interest to me that comanies that handle all this money define these excessive slaries and bonuses for themselves.
  17. godef

    godef Rookie

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    :ditto:
    Why did they need bailouts to begin with? Do you work in the finance industry, tanked? I can't believe you argue for these greedy people.
  18. tanked_as_usual

    tanked_as_usual Banned

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    great........the the best analysts will go off and work in other countries........reducing future returns for out 401k's, mutual funds, etc.......

    the other branches of investment are not the problem............to refuse to make good on bonuses for analysts who made goals in other branches like commodities (which have been very profitable over the same period that mortgages have had their problems) would be like blaming the boston fire department for the stupid things the boston cop said about gates

    yeah, they are big companies, and yeah the bonuses seem out of whack, but there are situations where some of these people actually still deserve their bonuses.........to refuse that is to compromise any future earnings that people mught have with these companies........

    limiting pay across the board as you recommend is very foolish......don't get me wrong, there are ways to reconcile lots of other issues before you decide a guy whose trades lead the sector in returns does not deserve his bonuses......because the next thing you know guys like this are making picks for xinghua and you are left sitting there with a 4% return instead of a 20% return.......

    it all starts and stops with the feds anyway.........these guys were let onto madoff 10 years ago and didn't want to hear it.......

    Markopolos on Madoff: ?It took me about five minutes to figure out he was a fraud? - Quincy, MA - The Patriot Ledger

    don't fool yourself into thinking that the government will fix anything.........somehow in the end, we will all be screwed anyway.......at least this way, there is actually a chance that you can benefit financially
  19. Synovia

    Synovia Rookie

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    You've got a system set up at this point where CEO's essentially determine their own salaries and bonuses. Would you expect anything else?
  20. godef

    godef Rookie

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    Fine.......they did such a lousy job here, I don't think they'll really be missed........

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