Amazingly, despite the fact that nearly every one of Wall Street’s big firms is crying poverty and pining for your tax dollars, they have somehow found billions for year end bonuses. When I read this story, I had the unmistakable image in my mind of Wall Street executives dispatching their legions of idle associates to scour the couches looking for spare change. Let’s keep score a second. In 2008,
- 5 major financial firms have gone broke or required a bailout
- At least 3 others narrowly averted bankruptcy (thanks JP Morgan – oh WHERE do you get all that money?)
- More than a dozen banks have failed with more on the way
- Thousands of jobs have been lost just in the financial sector
- Shareholders didn’t just lose their shirts; they lost their pants and socks too
- US taxpayers will bear the cost for at least 10 generations – Yes I did say 10.
And after all that there is still plenty of money for bonuses? Are you kidding me? Bonuses are supposed to reward a job well done. Instead, these folks have been allowed to bankrupt a nation and will get to hit the cookie jar one more time.