Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Jim Hightower: Soft Landing for Bankers, Hard Times for Everyone Else

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU
 
marmar Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Nov-10-10 10:47 AM
Original message
Jim Hightower: Soft Landing for Bankers, Hard Times for Everyone Else
via CommonDreams:



Published on Wednesday, November 10, 2010 by Creators.com
Soft Landing for Bankers, Hard Times for Everyone Else

by Jim Hightower


I've seen some truly amazing feats of magic, but here's one that beats them all. Right before your eyes, this thing rises into the air on its own, with no wires or mechanical devices giving it lift. And it hovers there effortlessly.

But it's not magic, for magic is an illusion, and this gravity-defying phenomenon of perpetual levitation happens to be real. What is this "it" that keeps floating up, up, up? The annual bonuses paid to Wall Street's top bankers.

By the laws of economics, if not physics, those bonuses should fall to earth this year, because the bankers have performed poorly. Trading is down, profits are flat (despite being given trillions of dollars in almost-interest-free money through the back door of the Federal Reserve), firms are handing out pink slips to lower-level employees, and the blatant greed of bank honchos have ruined the public reputations of their financial outfits.

Who cares, shriek the big-shots, we make our own laws - it's bonus time, baby, so grab all you can! Sure enough, the CEOs of Goldman Sachs, Citigroup, JPMorgan Chase and others have set aside billions of dollars to flood their executive suites with bonus cash at the end of this year - money that rightfully should go to shareholders.

Their claim is: "We deserve it, for we took low pay during the crash of 2008-2009." For example, Lloyd Blankfein, Goldman Sachs' boss, was paid a mere $9 million last year, so now he wants that "sacrifice" made up to him. ........(more)

The complete piece is at: http://www.commondreams.org/view/2010/11/10-0



Printer Friendly | Permalink |  | Top
LostHighway Donating Member (45 posts) Send PM | Profile | Ignore Wed Nov-10-10 11:08 AM
Response to Original message
1. Sometimes literally true
In the case of the hedge fund manager in Colorado who hit a cyclist, but who wasn't charged with a felony because the judge thought that a felony conviction could impair his earning power. Tough shit. You do the crime, you do the time, right? But these folks are above the law.
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Fri Oct 31st 2014, 02:15 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Archives » General Discussion (1/22-2007 thru 12/14/2010) Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC