Saturday, October 18, 2008

This is Maddening

I thought you might find this article interesting. It is about how much money banking executives are continuing to be paid despite their banks' being recipients of bailout money. Here's an interesting nugget from the article:

At one point last week the Morgan Stanley $10.7bn [billion] pay pot for the year to date was greater than the entire stock market value of the business. In effect, staff, on receiving their remuneration, could club together and buy the bank.

Maybe I'm reading this all wrong, but it seems that we the taxpayers are being swindled, big time, worse than what we initially thought.

4 comments:

Batpug said...

This is an outrage. Time for some vigilante justice, I'd say ...

Tony Arnold said...

This is indeed the type of thing that breeds revolutions in countries.

We need to be communicating to our elected officials via email or letter or phone.

JMG said...

Tony, plenty of people emailed and called Congress to voice their opinion against the bailout bill, but it didn't do any good. Voting in a couple of weeks won't do any good either. We're going to have to march on Washington with our pitchforks.

Unless Batpug can do something about it.

Michael Kear said...

The Road to Serfdom has become a superhighway. People may abide a Robin Hood who steals from the rich and gives to the poor, but this reverse Robin Hood that has been unleashed upon us can work only until the poor have been bled completely dry by the rich. Then what? If not revolution, then slavery.