Dodd Orders Treasury to Recover Billions in Wall Street Bonu

[SB Shock]

http://www.foxnews.com/politics/first100days/2009/01/29/obama-calls-b-wall-street-bonuses-outrageous/

The chairman of the Senate banking committee claimed Thursday that he would "look at every possible legal means" to recover billions in bonuses to Wall Street executives, after President Obama called the bonuses plain "outrageous."

The president reacted harshly Thursday to reports that corporate employees got paid more than $18 billion in bonuses last year.

"That is the height of irresponsibility. It is shameful," he said.

Hey here is something I agree with the President on. I think he's showing good leadership to start taking to task those who are not acting responsible.

[Capitol Shock]

Yes it's great. Pretty soon they'll be confiscating guns, houses and tax refunds from prior years. Everything belongs to the people now...there is no such thing as private property....only what the government wants you have.

Fantastic!

[BOBB]

Yes it's great. Pretty soon they'll be confiscating guns, houses and tax refunds from prior years. Everything belongs to the people now...there is no such thing as private property....only what the government wants you have.

Fantastic!

Difference here is that the banks are operating on government money. If the bank didn't take TARP money, then the government can't say anything. You can't have free enterprise when times are good and socialism when they're bad.

[Capitol Shock]

Except that it was the government that coerced Bank of America to buy the toxic asset Merril Lynch....check into it...that deal probably wouldn't have happened if it hadn't been for the government pushing off on B of A. So B of A takes Merrill Lynch and nearly drowns in toxic assets and is forced to take government money to stay afloat. Works out great for the government...now they own both!

[kcshocker11]

Re: Dodd Orders Treasury to Recover Billions in Wall Street

http://www.foxnews.com/politics/firs...es-outrageous/

The chairman of the Senate banking committee claimed Thursday that he would "look at every possible legal means" to recover billions in bonuses to Wall Street executives, after President Obama called the bonuses plain "outrageous."

The president reacted harshly Thursday to reports that corporate employees got paid more than $18 billion in bonuses last year.

"That is the height of irresponsibility. It is shameful," he said.

Hey here is something I agree with the President on. I think he's showing good leadership to start taking to task those who are not acting responsible.

:good: :good: :good: :good: :good: 8)

[ShockerPrez]

Yes it's great. Pretty soon they'll be confiscating guns, houses and tax refunds from prior years. Everything belongs to the people now...there is no such thing as private property....only what the government wants you have.

Fantastic!

Difference here is that the banks are operating on government money. If the bank didn't take TARP money, then the government can't say anything. You can't have free enterprise when times are good and socialism when they're bad.

Ummm, but the TARP money wasn't a handout, it was a loan, right? I mean, those banks are going to be paying it back twofold after it's all said and done, right? That's the way I heard it was going to be. It was actually an investment by the government and not a hand-out.....

This is the problem with the government giving out money at all. They should just let bad businesses fail. That is how it's supposed to work. This is called throwing good money after bad. I mean, this is what these corporations do! It's why they are in the toilet. They are no different than government. It's all bad business and wasting money all around that could be used for new investment someplace else. These businesses deserve to fail and they should so that new businesses or good ones buy up the assets and take on the good workers generate new profits.

I understand the problem with letting the market run it's course is that the fat cats at the top make out like bandits and the lower level employees get hurt. I understand, and I would much rather the money be spent on expanded unemployement benefits for those people until they get back on their feet as opposed to propping up failures. This is why none of this approach makes any sense. We may as well stack a trillion dollars and make a big bonfire.

[BostonWu]

Yes it's great. Pretty soon they'll be confiscating guns, houses and tax refunds from prior years. Everything belongs to the people now...there is no such thing as private property....only what the government wants you have.

Fantastic!

Difference here is that the banks are operating on government money. If the bank didn't take TARP money, then the government can't say anything. You can't have free enterprise when times are good and socialism when they're bad.

Thus the reason many financial institutions are refusing TARP funds. I happen to work for a bank (GSE) that does not presently need any bailout funds and it’s been discussed among management that TARP is the very last resort. You simply don’t want government coming in telling you how to run your business. Once you accept TARP money then you lose control of your own free enterprise.