A community of 30,000 US Transcriptionist serving Medical Transcription Industry
Wall Streetâs payout for 2009: $145 billion
Posted: Jan 15, 2010
Thursday, January 14th, 2010 -- 10:29 pm
Banks poised to start fearmongering campaign about Obama's bailout fee
If you still needed statistical proof that the folks on Wall Street have become entirely detached from reality in the wake of the massive taxpayer-funded bailout of their colossal mistakes, here it is.
The 38 largest financial institutions on Wall Street will pay out a total of $145.85 billion in compensation for 2009, an 18 percent increase over 2008 and "slightly more than in the record year of 2007," the Wall Street Journal reports.
(By "slightly," the Journal means a 6 percent increase over 2007, amounting to some $8 billion.)
Contrast this with the state of affairs on Main Street, where average earnings increased 2.2 percent in 2009 -- and that number excludes the 7 million jobs lost since the recession began.
The Journal reports:
The surge in bonuses comes barely a year after the government bailed out the US financial system amid the worst economic crisis in generations...
The growth reflects a rebound in the banking industry's revenue to pre-crisis levels. The firms in the analysis are on pace to report $450 billion in revenue, a 25% increase from 2007. Overall, pay is on pace to be equivalent to about 32% of revenue, a decline from 40% in 2008.
The Journal's $145 billion number includes "salary, health benefits, retirement plans and stock awards as well as the money many firms set aside for bonuses at the end of the year."
While news of exorbitant bonuses at banks still sucking on the government teet has been around for months, having a solid figure to measure just how large that teet is will likely help President Barack Obama's effort to slap TARP bailout recipients with a fee to recoup the cost to taxpayers.
"We want our money back," Obama said at a brief press conference Thursday.
The remainder of the article can be found at:
http://rawstory.com/2010/01/wall-streets-payout-145-billion/
;
Me too, Mr. President. I will never understand - Colleen
[ In Reply To ..]how it is that some (NOT all) conservatives can be okay with these bonuses, especially with all of the complaints about taxes. Makes no sense to me. Either way, I do not now how these people (I refer to the CEOs and executives, not conservatives here) sleep at night.
Obama has no common sense whatsoever! First, many - of the banks already paid the money back,
[ In Reply To ..]And this thing about "we want our money back"? -just to make him look like the political hero, when eventually, these taxes he puts on banks will only come back on us taxpayers from NEW bank fees. Does he EVER think anything through? He is NOT a leader, and you notice how he just makes speeches anymore yet will not answer questions unless he knows ahead of time what the questions are? As far as the CEOs, you could take away all those bonuses and we would still be trillions in debt. This is such a small percentage of the economy, and if the banks have paid the bailout back, its none of our business anyway. The tiny percentage of "rich" left cannot get this country out of debt. The rich also hire employees, ya ever think of that?
Choose your bank wisely - NJ
[ In Reply To ..]There is a way around the big banks taking your moneys in fees. Use smaller, local banks. They are FDIC insured, just like the big guys.
This fiasco might have been just the thing to prove to America that bigger is not better.
NJ
Bravo, NJ. Nice post. - nm
[ In Reply To ..]nm
Nice way to distract from Obama's idiotic decisions - But he still makes them. nm
[ In Reply To ..]nm
This thread isn't about Obama. Please stop trying to "distract." (nm) - Nikki
[ In Reply To ..]//
Oh, but it is.... He is involved in ALL of this!!!!!!!! - nm
[ In Reply To ..]xxxx
Seems to me the article is about banks and fearmongering - sm
[ In Reply To ..]In case you missed that, it's in the title. Care to back up your viewpoint with a point by point rebuttal indicating you have read beyond the title, or are drive-by exclamation points behind a pot shot more your style? Tell you what. I'll read it and post a response to the substance of the piece and then you take a grown up pill and come back with a rebuttal, if you can. Don't look for it instantaneously. It takes time to read, reflect, research and reply before opening one's mouth.
Yeah, just like O should READ before deciding! - Fargo
[ In Reply To ..]What is really not fair is that admittedly, Obama knows many of these banks paid the money back anyway!..now he is going to tax them to pay back what they already paid?! Crazy! On top of that, when you do this, the businesses, whether it's a bank or anyone else, will just pass those costs down to the consumer. Obama sure is no businessman, and he should have no right to make these nonsense decisions that will only delay recovery in our economy. He has no sense.
I see you defend those poor defenseless banks - sm
[ In Reply To ..]who repaid TARP funds but failed to use them for their intended purpose. BTW, this is not just about banks. AIG, GMAC Financial Services, Chrysler, Regions Financial Corporation and Discover Financial have NOT paid back TARP monies. What does not make sense here is exonerating those poor bank folks who decide ALL BY THEMSELVES to pass the buck onto the very same taxpayers who saved their behinds in the first place for the sake of the GOPs latest battle cry (yawn) while overlooking the fact that bonus payouts represent a whopping 20% of the total TARP fund payouts being pocketed by the same crooks that contributed to the economy's free fall.
These new record-setting bonuses represent $145.85 billion that the banks are not paying out in stockholder dividends, large and small business owners and personal loans. Is there anybody out there that supports an 18% increase over 2008 in bonus pay-outs while we are scratching and clawing our way out of the recession?
Since it is patently obvious that the increase does not reflect a rebounding economy, does anyone doubt that this increase is directly correlated to the TARP funds, or in our haste to bash Obama out of office, are we prepared to simply sit back and accept this trickle-up outrage and Main Streetâs 2.2% earnings increase and a 40% decline in revenues piece of the pie?
Threats by banks and companies too big to fail that the fees will suck a trillion out of potential lending is a self fulfilling prophecy. Potential lending? Like the lending the TARP funds were meant to stimulate and instead have ended up diverted into CEO pockets? Seriously people, if fees are passed on to customers, the responsibility lies with the decisions made by these banking and corporate henchmen in response to the fees, and not with Obamaâs attempts to recover TARP costs on behalf of taxpayers.
Wrong! I defend the poor defenseless TAXPAYER - Fargo
[ In Reply To ..]who will pay for another Obama mistake. You dont get it, just like O. Adding fees and taxes on the big guy only trickles down to the little guy, and it also causes increased unemployment.
How is is that you claim - TXMT
[ In Reply To ..]you are not defending the banks when it is totally obvious that you overlook the fact that it is greedy bankers in their own words who threaten to "cut back on potential lending" that never materialized once they had TARP funds in their hot little hands and then DECIDE all by themselves to pass the cost of the "tax" onto their customers in the form of bank fees?
You are proving the point brought up in the post. Do you understand just how insulting it is to have them hoard funds, pad CEO pockets and then have the utter gall to start squirming and sqealing when the administration tries to recover the funds doled out in obscene bonuses on behalf of taxpayers? That is precisely the fearmongering referred to in the title of the article.
This latest stupid GOP knee-jerk is mobilizing their own party to go out and do their dirty work for them (banks), and you are playing right into their hands. I guess it is not surprising that you cannot recognize calculated fear mongering and are unaware that you not only are prey to it, but you inadvertently sign up for sabotage in your haste to bash O.
Let me spell this out for you. You are aiding and abetting the very thing you are trying to so bitterly protest. Nice job.
Oh, get real. It is not "fear mongering". - It is the plain truth!
[ In Reply To ..]And as far as banks, yeah, some of them may have to cut back on lending because people were being given loans that never paid them back! If you recall, it was the dems who basically forced the banks to lend to anyone and everyone, and what happened? Many who had no business getting loans for houses they could never afford did not pay back those loans. Why can dems never get down to personal responsibility instead of constantly blaming everyone else, from big banks to Bush, to anyone else but themselves? Of course there is greed out there. There always will be, but for example, I live modestly, pay my taxes, paid my little house off, yet the guy down the street looks like a millionaire, owns nothing, and now expects little ME to pay for his problems that he created. Look a little deeper instead of "poor me, poor me". Putting higher taxes on everybody (which is what O will eventually do) solves nothing. It just trickles down to the responsible ones who pay their bills.
There is nothing here that would indicate - sm
[ In Reply To ..]you even read the article posted at the top of the thread. Your chronology is all out of whack, unless of course, you are making an unsuccessful attempt to deflect and distract.
The article is addressing a time frame that occurred SUBSEQUENT to the release of TARP funds. You will not be sucking me into that tired replay of campaign finger pointing by die-hard Bush supporters who could not hold him accountable for the recession that started in 2007 under his watch. Keep in mind that that cast-iron denial helped land Obama in the White House. Itâs old news.
Read the article, please. TARP funds were dispensed in an effort to buy out bad assets and stimulate lending for new growth. We are talking banks because HELLO, the article is about bank threats and fear mongering. Itâs in the title. Once they got the TARP funds, they did not use them the way they were intended to be used.
In their own words (again, found in the ARTICLE), they are projecting fear that they will hijack âpotential lendingâ AGAIN, the same way they did after they received TARP. The relationship between their having to pay a tax to recover the growth that DID NOT HAPPEN because of their misuse of the funds coupled with the 20% of total TARP funds payouts they plan to give to CEOs and the allegations you and the GOP are making that it will cost taxpayers is a really simple concept. Banks raise fees under their own volition. Wanna talk personal responsibility here? Hold BANKS responsible for the decisions they make, and while you are at it, take responsibility for the part the GOP knee-jerk call to arms and your own viewoints are playing by excusing them and letting them get away with highway robbery...TWICE.
Capiche?
Bank swiping fees. (sm) - Nikki
[ In Reply To ..]I was in my little hometown gas station/convenience store the other day and saw a petition. It seems that the banks now want to charge a fee for just swiping your card when you pay at the register. The petition was signed by those (including me) who are against this.
I guess Obama is making the poor little bankers do this, too? (tongue firmly in cheek)
Amazing. They (banks) seem to have - sm
[ In Reply To ..]an endless supply of tricks up their sleeves to charge us to access our own money. No matter how much nickel and diming they do, it will never, never be enough to satisfy their greed.
Many of those banks ALREADY paid it back. Now, he - is taxing them as FURTHER punishment?
[ In Reply To ..]He is only doing this to make his face look pretty so that he looks like he is doing more good.. "Oh those evil banks". Its so pathetic that you buy into his baloney. Many of us are seeing the light, though. He spends money, blows money, does not know where most of the stimulus even went, yet nothing is better, and our country is trillions in debt. We need a president with a brain. Obama makes eloquent speeches, but that is all they are, speeches.
You just don't get it. - sm
[ In Reply To ..]It's not about whether or not they paid back the funds. It is about the misuse of the funds while they had them.
They were supposed to use the funds for lending and investment to STIMULATE jobs and the economy. They did not do that. Instead they sat on them, not to mention diverting 20% of the entire amount of the stimulus package into CEO bonuses.
Their hoarding and greed slowed economic recovery to a snails pace. In the absence of lending and investment, jobs were not created, unemployment continued to rise, cash was not directed back into the economy to encourage consumer spending, etc.
The money Obama is trying to recover is the money lost due to the stagnation and absence of growth, directly attributable to the banks misue of TARP funds. What is so hard to understand here? It's a no brainer. Why are you defending the banks and going on and on about seeing the light?
Oh, you mean like Obama is stimulating the - economy? No, YOU dont get it.
[ In Reply To ..]All he does is throw money here and there, nothing that is actually creating jobs, just borrowing money from our grandchildren, raising taxes, and robbing the elderly of Medicare. He loves to make a speech every other day without really explaining how he will ever be successful in any plan. YOU don't get it. This country will be successful again when the majority of Americans worry more about personal responsibility than what they can get out of somebody else. It's shameful that pride and self-respect are so low on the totem pole. -AND, if banks have already paid the money back, don't raise fees/taxes on them, since they will just pass it down to us! -idiotic.
Thank you for agreeing that - sm
[ In Reply To ..]banks pass fees to customers. Would that not then make THEM personally responsible? Would that also not make your anger toward Obama misplaced?
No, duh, because Obama wants Govt CONTROL - of the banks! -again, you dont get it
[ In Reply To ..]How can THEY be personally responsible when he wants to control them, just like the auto industry? Think a little deeper here. That's Obama's problem too.. he never does.
Taking responsibility for decisions - NJ
[ In Reply To ..]We all managed to have a finger in this messy pie.
We use 401k's and IRAs to prepare for our retirement. In other words, we invest. Do all of us know what we invest in? Nope. A lot of us don't know where our money is going exactly, but we want the most bang for our buck. If we actually read the lists of companies we support with our investment money, we would probably not like it at all.
On the other hand, we might just wink and nod and say, hey...I might as well get my cut while I support the businesses that I complain about. Kind of like shopping at Walmart even though we don't like how Walmart operates.
We have choices to make. Sometimes we need to use Walmart. Sometimes we can afford not to. But it's our choice, not Obama's or anyone else's. We need to take responsibility for what we do.
Decisions, decisions decisions. And responsibilities. We brought some of this on ourselves. And if we tried hard enough, we could stop. Anyone darn a sock lately instead of throwing it out when it got a hole? I don't. I run down to Walmart and get another pack.
NJ
Dontcha just hate it when - sm
[ In Reply To ..]your divisive battle cries aimed at mobilizing hatred and obstructing progress are ignored and met with goal-oriented problem-solving compromise?
well said - !
[ In Reply To ..];
Excellent advice, NJ! (sm) - Nikki
[ In Reply To ..]I've been with a credit union for about 30 years now. My only credit card is with them. There is no yearly fee, and the interest rate is 7.99%.
Maybe part of the solution for all this resides in our own back yards.
Similar Messages:
Wall Street Record Bonuses Return As Big 3 May Pay $30 Billion Nov 09, 2009
http://www.bloomberg.com/apps/news?pid=20601109&sid=au.pavWlxfZg&pos=11 ...
U.S. Sues Bank Of America For $1 Billion Over âBrazenâ Fraud--selling BadOct 24, 2012
Our government's going to be geting some of our losses repaid. We're expected to win, too. We were with the B of A for decades but closed our accounts because of this stuff, and other things, of course. From the New York Times: OCTOBER 24, 2012, 12:35 PM Federal Prosecutors Sue Bank of America Over Mortgage Program By BEN PROTESS Federal prosecutors sued Bank of America on Wednesday, accusing the bank of carrying out a mortgage scheme that defrauded the government dur ...
GOP Congressman Apologizes To BP For â$20 Billion ShakedownâJun 17, 2010
http://rawstory.com/rs/2010/0617/gop-congressman-apologizes-to-bp-for-20-billion-shakedown/ ...
Obama’s America Better For Wall Street Than Main Street, Stats ShowJan 05, 2015
Well, some of us saw this coming... ...
Critics: âDestructiveâ Supreme Court Decision âempowers CorruptionâJan 22, 2010
By Ron BrynaertThursday, January 21st, 2010 -- 12:17 pm Republicans say 'freedom won,' liberal jokes real winner is Satan Update: Obama vows 'forceful response' The US Supreme Court on Thursday lifted a 20-year ruling which had set limits on campaign financing by US businesses, and critics, including nonpartisan watchdogs and Congressional Democrats, are up in arms about the decision, which most had feared for a long time. Meanwhile, aside from Senator John McCain (R-AZ), ...
Roveâs âshadow RNCâ Benefits From Supremesâ Citizens United DecisionJul 08, 2010
By David EdwardsWednesday, July 7th, 2010 -- 2:24 pm A recent Supreme Court decision hailed by Republicans but condemned by most Democrats may be helping to stuff the coffers of conservative political groups founded by Karl Rove. President George W. Bush's former senior adviser admitted to Fox News Tuesday that his American Crossroads 527 and Crossroads GPS groups have benefited from the Supreme Court's Citizens United decision. The Republican National Committee actually lost money ...
Law School Asks Students To Choose âGodâs Lawâ Over Manâs LawMay 18, 2011
Just imagine if a Muslim school taught this in the United States. Instead, an accredited law school here in the United States is actively instructing its students to place religious law above the laws of the United States. Apparently, so long as it is Christianity, and not Islam, no one needs to fear. Late last month, after federal authorities arrested a Tennessee pastor on charges of aiding and abetting an international parental kidnapping, students at Liberty University Law Schoo ...
Wall Street Wants A RefundFeb 10, 2010
Posted on Feb 10, 2010 By Robert Scheer “Buyer’s remorse” is the way Sen. John Cornyn, the Senate Republicans’ fundraiser, gleefully refers to Wall Street moguls’ current disenchantment with the U.S. president they thought they had bought. They didn’t like it when Barack Obama, after a year of throwing trillions of American taxpayer dollars into the bailout sinkhole, dared remark that he had hoped there might be some return for ordinary folks tryin ...
A Dem With Some Smarts On Wall Street-Ted KaufmanOct 12, 2010
Very Interesting interview. I didn't know this. Did you? http://www.msnbc.msn.com/id/31510813/#39620751 ...
How Occupy Wall Street ProtestersNov 03, 2011
http://communities.washingtontimes.com/neighborhood/tygrrrr-express/2011/oct/26/how-occupy-wall-street-protesters-destroy-working-/ ...
Craig's List Ad For Wall Street JobOct 12, 2011
http://www.thegatewaypundit.com/2011/10/pro-obama-working-families-party-seeks-advertises-for-professional-activists-to-fight-wall-street/ ...
A Proposal For Occupy Wall StreetSep 28, 2012
From November 2011 in an e-mail from Michael Moore: Here is what I will propose to the General Assembly of Occupy Wall Street: 10 Things We WantA Proposal for Occupy Wall Street, Submitted by Michael Moore 1. Eradicate the Bush tax cuts for the rich and institute new taxes on the wealthiest Americans and on corporations, including a tax on all trading on Wall Street (where they currently pay 0%). 2. Assess a penalty tax on any corporation that moves American jobs to other countries whe ...
Syria: Oil Prices Vs Wall StreetAug 29, 2013
That September drop you were expecting for gasoline prices? Don't hold your breath. Currently, gasoline averages $3.55 a gallon nationally, down from $3.63 a month ago. Most analysts had expected a drop to about $3.40 by early fall on seasonal demand slumping following the summer driving season. Not now. Some forecasters predict a short-term spike of up to 10 cents a gallon. Crude oil prices and gas futures are soaring on growing fears that if the U.S. military strikes at Syria for its h ...
Wall Street On Track For Second-Most Profitable Year EverDec 13, 2010
I'm so confused. I thought Obama was a socialist/communist who intended to destroy capitalism. Turns out Wall Street has thrived with him office. I guess I shouldn't get all my news from Fox. ...
Where Are The Transcripts Of Hillary's Wall Street SpeechesJan 22, 2017
Hillary said she would release the transcripts. That never happened. ...
White House Continues To Coddle Wall Street (sm)Nov 11, 2009
http://www.huffingtonpost.com/huff-tv/huffpost-editor-roy-sekof_b_353125.html ...
Wall Street Poised To Make Record Pay-outs AGAIN, Oct 12, 2010
WSJ: Wall Street Pay: A Record $144 Billion Pay on Wall Street is on pace to break a record high for a second consecutive year, according to a study conducted by The Wall Street Journal. About three dozen of the top publicly held securities and investment-services firms—which include banks, investment banks, hedge funds, money-management firms and securities exchanges—are set to pay $144 billion in compensation and benefits this year, a 4% increase from the $139 billion ...
Looking For Fraud? Don't Look At Food Stamp Recipients, Look At Wall StreetDec 03, 2013
Of late I see an alarming increase is welfare-bashing "journalism." I see it in my local news, they actually try to chase around the food stamp "cheats" and catch them out. Lazy journalism, IMHO. Why don't you expose the real cheats, the white collar criminals whose fraud is really hurting the system and this country? My pay has halved within 3 years, almost to the point I am eligible for some of these programs, not that I want to be. But how can someone in our job not have the sligh ...
The Most Important Wiileaks- How Wall Street Built The ObamaNov 18, 2016
Perhaps the most startling discovery of the WikiLeaks dumps so far didn't come from the most recent emails surrounding the various Hillary scandals, though there are many great ones, but from 2008 when John Podesta served as co-chair of President-elect Barack Obama’s transition team. The email came from Michael Froman, a former Citibank executive, who single-handedly built the entire cabinet of what was supposed to be the "main street" President. Just remember this when the MSM ...
Hillary's Wall Street Speeches Leaked; No Wonder She Didn't Want Them To Get OutOct 10, 2016
https://www.youtube.com/watch?v=VBIgiUK5gr8&sns=em The leaks are about her distance from middle class life, keeping a public and private position having a hemispheric common market with open trade and open borders ...
GOP Blocks Efforts To Make Wall Street Insure Themselves From Failure. Says Apr 19, 2010
GOP Rebuffs Dem Concession On Financial Reform Brian Beutler | April 18, 2010, 5:12PM Sen. Mitch McConnell (R-KY) Senate Republicans say they're prepared to work constructively with Democrats on a consensus financial reform bill. But this weekend, after the White House offered up a key substantive concession, they swatted President Obama's hand away in a fashion that was all too reminiscent of their strategy of opposition to health care reform. "We ought to g ...
17 Of The 26 Amendments On The Wall Street Reform Bill Were Sponsored By Republicans. May 16, 2010
bipartisanship. Pubs practicing more obstructionism ...
CEO Of Gallup Calls Jobless Rate 'big Lie' Created By WH, Wall Street, MediaFeb 05, 2015
The left like those faux numbers coming out of the White House. ...
Wall Street Talking Head Makes Thoughtful Comment On Japan Quake.Mar 13, 2011
Larry Kudlow on the earthquake: "The human toll here looks to be much worse than the economic toll and we can be grateful for that," Kudlow responded. "And the human toll is a tragedy, we know that." Guess he just made a slip of the tongue. They usually aren't quite so blatant about their greed. ...
David Axelrod Smacks Karl Roveâs âshamelessnessâ On DeficitJan 16, 2010
By Sahil KapurFriday, January 15th, 2010 -- 9:17 am President Barack Obama's chief political strategist on Friday slammed his Bush administration counterpart Karl Rove for allegedly making up "his own facts" about Democrats. In an op-ed published in the Washington Post, David Axelrod accused Rove of hypocrisy and "shamelessness" for insinuating Sunday in a Post expose that Congressional Democrats "will run up more debt by October than Bush did in eight years." "[G]iven the shape in which ...
TX Gov Pans Drilling Safety Regs, Suggests âGodâ To Blame For BPâs OilMay 04, 2010
Texas governor pans drilling safety regulations, suggests ‘God’ to blame for BP’s oil disasterBy Stephen C. WebsterMonday, May 3rd, 2010 -- 8:34 pmIf the very Christian, very Republican governor of Texas is right on this one, he may soon find it politically expedient to rethink his allegiances, what with 2010 being an election year and all. That's right: according to Republican Rick Perry, no amount of safety requirements can prevent an "act of God," which may or may not ...
Public Says Health Care Bill Doesnât Go âfar EnoughâJan 12, 2010
By Sahil KapurMonday, January 11th, 2010 -- 8:14 pm Far from overreaching on health care reform, a plurality of the public thinks President Obama and Democrats have done too little to regulate the insurance industry, hold down costs and extend coverage, a new poll finds. Forty-three percent of Americans said the health care bill goes "not far enough" in regulating health insurance companies, according to a new CBS survey released Monday evening. Just 18 percent deemed it "about right" and 27 p ...
Krugman: âIâm Pretty Close To Giving Up On ObamaâJan 22, 2010
By Raw StoryThursday, January 21st, 2010 -- 8:47 am "Health care reform — which is crucial for millions of Americans — hangs in the balance," NYT columnist Paul Krugman opined Thursday. "Progressives are desperately in need of leadership; more specifically, House Democrats need to be told to pass the Senate bill, which isn’t what they wanted but is vastly better than nothing. And what we get from the great progressive hope, the man who was offering hope and change, is this: ...
Texas Lawmaker: Obama Is âGodâs Punishment On UsâApr 26, 2010
Texas governor 'proud' to be in Glenn Beck's 'army' It seems conservative firebrands are seeing God's punishment everywhere these days. First there was televangelist Pat Robertson who in January told his audience that the Haitian earthquake was punishment for Haiti's founders having signed a "pact with the devil." Then came radio host Rush Limbaugh, who last week suggested that the Iceland volcano was "God's punishment" for the US passing health care re ...
Paul Krugman: "Wall Street's Bad Investment Decision."Nov 07, 2012
There are many lists now circulating of the biggest winners and losers from the election; oddly, however, none of the lists I’ve seen mentions just how bad this result is for Wall Street’s Masters of the Universe. The story, as you may recall, is that the financial industry — having brought both itself and the rest of the world to the edge of disaster — was bailed out by taxpayers. Yet far from being grateful, top financial types were furious at Obama for occasionally hi ...