Sunday, February 1, 2009

Big Bonuses

Just saw part of Meet the Press in which the panel was discussing the $18 billion bonuses some Wall Streeters received for work done last year. Panelists pointed out that this was not taxpayer money but money in a fund set aside for these perks. Everything is ultimately taxpayer money. AND YOUR POINT IS WHAT? I wouldn't care if that money had been set aside from when money was first created. What about perception? You have companies (obviously not all on Wall Street) asking workers to give up future raises, freeze their 401K and other pension plans, if they even have pension plans left, work less hours for the same pay, no overtime, people being laid off and you have other people "crying" because their bonus is a couple hundred thousand dollars less than usual. Don't get me wrong. I don't begrudge anyone getting compensated for their work but did it occur to the people running these companies who were asking for bailout assistance to say, "why don't we freeze bonuses if we are going to ask for help?" And what happened to the money that was already given out? How come no one seems to know where it went? Wall Street, banks, etc. should not get another dime until they account for what they already got and they should be made to show their books monthly.

I have a solution: get rid of those CEOs and other execs, etc. who ran their companies into the ground instead of giving them compensation "for a job well done." Like the CitiBank exec who was about to buy a $50 million jet.

Another solution: have execs of the companies laying off workers give up their bonuses, raises, etc. so the workers can continue to work and support their families because in the long run government (taxpayers) will end up paying for these workers through foreclosures, evictions, unemployment, public assistance, food stamps, and Medicaid.

Get real, Wall Street!!!

No comments: