Wall street ontrack to reward record pay

[GuitarDaddy]

Text

How is this justified? After billions of bailout money and 7mil+ people losing their jobs in the last 18mos these guys are reporting record setting compensation even higher than the markets peak in 2007:|

Great system we have!

1. Gamble stupidly and wildly with other peoples money
2. Lose other peoples money and wreck the economy causing millions of job losses
3. Get billions in taxpayer bailout
4. Make billions on the bubble, bust and rebound that you created
5. Profit $140bil

 

[Phokus]

Problem is, when these assholes LOSE money, nobody's held accountable. The people who fucked up AIG were long gone before people started getting their pitchforks ready. Yet they still kept the millions they 'earned' by making stupid risky bets.

Heads i win, tails you lose. Capitalism at it's finest.

 

[IceBergSLiM]

this is regulation, reform and change we can believe in.

 

[GuitarDaddy]

Originally posted by: IcebergSlim
this is regulation, reform and change we can believe in.

Yeah, Yeah Obama eats babies, and produces H1N1 in a large KFC bucket in his secrect liar while eating watermelon and listening to old Hitler tapes:disgust: move along please

 

[StageLeft]

This is why I wish I was an investment banker.

 

[StageLeft]

Originally posted by: GuitarDaddy

Originally posted by: IcebergSlim
this is regulation, reform and change we can believe in.

Yeah, Yeah Obama eats babies, and produces H1N1 in a large KFC bucket in his secrect liar while eating watermelon and listening to old Hitler tapes:disgust: move along please

superb!

 

[spidey07]

They made the banks money. They deserve a cut of the revenue they brought in. Stop the jealousy and think logically.

 

[LTC8K6]

I thought TARP made the banks money...

Without the bailout, what sort of money did they make?

 

[Ausm]

Originally posted by: IcebergSlim
this is regulation, reform and change we can believe in.

I think when President Obama was running for president he didn't realize that Wall Street,Big Corporations, and Special interest groups are "one" with Washington.

 

[Ausm]

Originally posted by: spidey07
They made the banks money. They deserve a cut of the revenue they brought in. Stop the jealousy and think logically.

Think logically??? When it was those assholes that almost brought down the western world with unparalleled greed? They screwed the tax payer out of billions on top of it without the courtesy of a reach around. The worst part of it is the resistance of Washington to incorporate any meaningful change because those assholes are right back doing the same reckless practices. :roll:

 

[spidey07]

Originally posted by: Ausm

Originally posted by: spidey07
They made the banks money. They deserve a cut of the revenue they brought in. Stop the jealousy and think logically.

Think logically??? When it was those assholes that almost brought down the western world with unparalleled greed? They screwed the tax payer out of billions on top of it without the courtesy of a reach around. The worst part of it is the resistance of Washington to incorporate any meaningful change because those assholes are right back doing the same reckless practices. :roll:

Congress screwed the tax payer out of 100s billions. Not the banks or the evil bank workers. Congress gave them the money so get the blame straight.

 

[Ausm]

Originally posted by: spidey07

Originally posted by: Ausm

Originally posted by: spidey07
They made the banks money. They deserve a cut of the revenue they brought in. Stop the jealousy and think logically.

Think logically??? When it was those assholes that almost brought down the western world with unparalleled greed? They screwed the tax payer out of billions on top of it without the courtesy of a reach around. The worst part of it is the resistance of Washington to incorporate any meaningful change because those assholes are right back doing the same reckless practices. :roll:

Congress screwed the tax payer out of 100s billions. Not the banks or the evil bank workers. Congress gave them the money so get the blame straight.

Yeah because Paulson aka Goldman sax's lovechild said that if we didn't do it we would be screwed.

Do your research

 

[Robor]

Originally posted by: spidey07

Originally posted by: Ausm

Originally posted by: spidey07
They made the banks money. They deserve a cut of the revenue they brought in. Stop the jealousy and think logically.

Think logically??? When it was those assholes that almost brought down the western world with unparalleled greed? They screwed the tax payer out of billions on top of it without the courtesy of a reach around. The worst part of it is the resistance of Washington to incorporate any meaningful change because those assholes are right back doing the same reckless practices. :roll:

Congress screwed the tax payer out of 100s billions. Not the banks or the evil bank workers. Congress gave them the money so get the blame straight.

Yeah, to save a financial disaster the banks created. FYI - there's a difference between greed and absolute disgust.

 

[LegendKiller]

Originally posted by: Ausm

Originally posted by: spidey07
They made the banks money. They deserve a cut of the revenue they brought in. Stop the jealousy and think logically.

Think logically??? When it was those assholes that almost brought down the western world with unparalleled greed? They screwed the tax payer out of billions on top of it without the courtesy of a reach around. The worst part of it is the resistance of Washington to incorporate any meaningful change because those assholes are right back doing the same reckless practices. :roll:

Yeah, none of this had to do with the borrowers. I forgot, the banks forced the borrowers to sign all sorts of loan docs.

 

[tk149]

I can't read the whole article without a subscription.

The question is how many of these employees were responsible for the meltdown, and how many of these employees helped avert the Ultimate Crash(TM).

If these guys had nothing to do with the meltdown, and if these guys helped avoid the Ultimate Crash(TM), then maybe they deserve massive compensation.

I doubt it, but maybe. I'd like to see how many CEO's, board members, and Presidents of the (if not for the Bailout) failed banks are still incumbent.

 

[Ausm]

Originally posted by: LegendKiller

Originally posted by: Ausm

Originally posted by: spidey07
They made the banks money. They deserve a cut of the revenue they brought in. Stop the jealousy and think logically.

Think logically??? When it was those assholes that almost brought down the western world with unparalleled greed? They screwed the tax payer out of billions on top of it without the courtesy of a reach around. The worst part of it is the resistance of Washington to incorporate any meaningful change because those assholes are right back doing the same reckless practices. :roll:

Yeah, none of this had to do with the borrowers. I forgot, the banks forced the borrowers to sign all sorts of loan docs.

I am not insinuating that the banks are the only people who got us in this mess but if you made a mistake at your job that cost people BILLIONS of dollars would you get a bonus let alone even have a fucking job?

I doubt it.

 

[Specop 007]

Originally posted by: Ausm

Originally posted by: spidey07
They made the banks money. They deserve a cut of the revenue they brought in. Stop the jealousy and think logically.

Think logically??? When it was those assholes that almost brought down the western world with unparalleled greed? They screwed the tax payer out of billions on top of it without the courtesy of a reach around. The worst part of it is the resistance of Washington to incorporate any meaningful change because those assholes are right back doing the same reckless practices. :roll:

Wow your a fucking idiot.

YOUR elected officials gave these guys the bailout money. Maybe you should pick up the phone and ask your elected officials why they voted to give our tax dollars to these banks?

There were a whole damn bunch of us, myself included, who called and wrote out elected officials in opposition to funding the failing banks.

 

[Ausm]

Originally posted by: Specop 007

Originally posted by: Ausm

Originally posted by: spidey07
They made the banks money. They deserve a cut of the revenue they brought in. Stop the jealousy and think logically.

Think logically??? When it was those assholes that almost brought down the western world with unparalleled greed? They screwed the tax payer out of billions on top of it without the courtesy of a reach around. The worst part of it is the resistance of Washington to incorporate any meaningful change because those assholes are right back doing the same reckless practices. :roll:

Wow your a fucking idiot.

YOUR elected officials gave these guys the bailout money. Maybe you should pick up the phone and ask your elected officials why they voted to give our tax dollars to these banks?

There were a whole damn bunch of us, myself included, who called and wrote out elected officials in opposition to funding the failing banks.

I'm a fucking idiot...um your totally ignorant please scroll up and read my post about Paulson.

 

[LegendKiller]

Originally posted by: Ausm

Originally posted by: LegendKiller

Originally posted by: Ausm

Originally posted by: spidey07
They made the banks money. They deserve a cut of the revenue they brought in. Stop the jealousy and think logically.

Think logically??? When it was those assholes that almost brought down the western world with unparalleled greed? They screwed the tax payer out of billions on top of it without the courtesy of a reach around. The worst part of it is the resistance of Washington to incorporate any meaningful change because those assholes are right back doing the same reckless practices. :roll:

Yeah, none of this had to do with the borrowers. I forgot, the banks forced the borrowers to sign all sorts of loan docs.

I am not insinuating that the banks are the only people who got us in this mess but if you made a mistake at your job that cost people BILLIONS of dollars would you get a bonus let alone even have a fucking job?

I doubt it.

You're assuming the people who f'd up are still around. Most aren't.

 

[robphelan]

Originally posted by: LegendKiller

Originally posted by: Ausm

Originally posted by: LegendKiller

Originally posted by: Ausm

Originally posted by: spidey07
They made the banks money. They deserve a cut of the revenue they brought in. Stop the jealousy and think logically.

Think logically??? When it was those assholes that almost brought down the western world with unparalleled greed? They screwed the tax payer out of billions on top of it without the courtesy of a reach around. The worst part of it is the resistance of Washington to incorporate any meaningful change because those assholes are right back doing the same reckless practices. :roll:

Yeah, none of this had to do with the borrowers. I forgot, the banks forced the borrowers to sign all sorts of loan docs.

I am not insinuating that the banks are the only people who got us in this mess but if you made a mistake at your job that cost people BILLIONS of dollars would you get a bonus let alone even have a fucking job?

I doubt it.

You're assuming the people who f'd up are still around. Most aren't.

i was listening to a 60 minutes podcast re: AIG & out of the 20 or so people who were mainly responsible, only "a few" have left the company

 

[BoberFett]

Originally posted by: Phokus
Problem is, when these assholes LOSE money, nobody's held accountable. The people who fucked up AIG were long gone before people started getting their pitchforks ready. Yet they still kept the millions they 'earned' by making stupid risky bets.

Heads i win, tails you lose. Capitalism at it's finest.

Capitalism? What do government bailouts have to do with capitalism?

 

[GuitarDaddy]

Originally posted by: LegendKiller


You're assuming the people who f'd up are still around. Most aren't.

Uh, Uh, it was Joes fault, YEAH! thats it, it was ALL Joes fault and we got rid of Joe last month:roll:

Give me a f'n break, and a list of these wrong doers who have been eliminated?

 

[TheSkinsFan]

Originally posted by: LTC8K6
I thought TARP made the banks money...

Without the bailout, what sort of money did they make?

The only obligation that TARP banks have to the Government is to pay the TARP money back according to the terms and conditions agreed to by both parties. Any money or profit they make that is above and beyond those agreed upon terms is theirs to do with as they please.

While you can certainly pay extra for your mortgage every month, and doing so may even help you out in the long-term with your loan, it's not a requirement that you pay all that you can each month -- as with the TARP banks and the Government, you are only obligated to make payments in accordance with the agreed upon terms of the loan.

It's great to hear that banks are making profits again, and that their employees are once again being compensated fairly -- standard market-driven wages and bonuses -- for their efforts.

Was the goal of the bailouts to change the way they compensate their employees forever? If that's what you're holding your breath waiting for, you're going to be extremely let down forever. Banking is a global industry wherein the salaries and bonuses of those involved is fairly standard everywhere in the world. If the U.S. government ever attempted to change the compensation standards for U.S. banks, permanently, they would very quickly lose their competitive edge on the world stage due to an almost instantaneous brain drain. In order for U.S. banks to continue to compete in the global economy, they will need to maintain the same compensation practices of every other bank, in every other country, in the world.

Jealousy is such an ugly character trait.

 

[Special K]

Originally posted by: TheSkinsFan

Originally posted by: LTC8K6
I thought TARP made the banks money...

Without the bailout, what sort of money did they make?

The only obligation that TARP banks have to the Government is to pay the TARP money back according to the terms and conditions agreed to by both parties. Any money or profit they make that is above and beyond those agreed upon terms is theirs to do with as they please.

While you can certainly pay extra for your mortgage every month, and doing so may even help you out in the long-term with your loan, it's not a requirement that you pay all that you can each month -- as with the TARP banks and the Government, you are only obligated to make payments in accordance with the agreed upon terms of the loan.

It's great to hear that banks are making profits again, and that their employees are once again being compensated fairly -- standard market-driven wages and bonuses -- for their efforts.

Was the goal of the bailouts to change the way they compensate their employees forever? If that's what you're holding your breath waiting for, you're going to be extremely let down forever. Banking is a global industry wherein the salaries and bonuses of those involved is fairly standard everywhere in the world. If the U.S. government ever attempted to change the compensation standards for U.S. banks, permanently, they would very quickly lose their competitive edge on the world stage due to an almost instantaneous brain drain. In order for U.S. banks to continue to compete in the global economy, they will need to maintain the same compensation practices of every other bank, in every other country, in the world.

Jealousy is such an ugly character trait.

You have a point, but without any new regulations or incentives to reward long-term performance instead of short-term risk taking, I have a feeling we will be back in this situation in several years, just replace "housing" with whatever new asset forms the basis of the next boom/bust cycle. Now that the banks know they are too big to fail and can hold the world economy hostage in exchange for bailout money to cover their bad bets, it seems even more likely they will continue to take large risks in the future.

 

[TheSkinsFan]

Originally posted by: Ausm
The worst part of it is the resistance of Washington to incorporate any meaningful change because those assholes are right back doing the same reckless practices. :roll:

Are you claiming that their wages and bonuses were the cause of the economic recession?

Banking is supposed to be a very lucrative business... when that business is doing well, or improving at a steady pace, are you suggesting that it shouldn't be?

All I see here is the fact that their compensation packages are returning to normal -- by global standards -- not that they've done anything "reckless." Do you have any evidence to the contrary? If so, please share!