Wealthy Welfare

First Paulson was able to give a helping hand to his friends on Wall Street (especially his old employer, Goldman Sachs), then what? Well, what is happening with the disgusting bailout bill:

Two law firms could be paid as much as $11 million to help the U.S. Treasury Department manage applications for its $700 billion financial services rescue plan
. [Read]

Also, you knew that the billions were to be used for compensating incompetent executives, right:

Uncle Sam has a new name on Wall Street Sugar Daddy. Bonuses for investment bankers and traders are projected to fall 40% this year. But analysts, compensation consultants and recruiters say the drop would be much more severe, perhaps as much as 70%, were it not for the government's efforts to prop up financial firms. "Year-end pay on Wall Street will be higher than it would have been had it not been for the government and mergers," says Alan Johnson, a leading compensation consultant. "You would expect it to be down much more."

Like we said, you have a choice; can you really allow yourself to vote for any congressional representative, house or senate, who supported this bailout?

posted at 22:22:59 on 11/03/08 by clearpolitics - Category: Economics - [Permalink]

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