I am not sure about the bailout proposal that is going to the floor for a vote today. Mainly because I don't trust Nancy "Impeachment is off the table" Pelosi and her band of spineless fucking idiots. And then there's the fact that Dubi-ya calls it a great plan---that is reason alone to reject it.
But what really bothers me is that there is no talk of penalty/accountability for the people who brought us here. If a computer hacker, purely for fun and not for profit, fucked around with some banking software and brought even temporary chaos to one big bank, you think he/she would do some jail time? Then how do these thieves, who gambled recklessly and profited enormously, get away scot-free?
I know it is vital to have some sort of bailout---I trust that Warren Buffett knows what is good for the country's economy and he says it is imperative to have it. So I'll go along with that. But isn't "if we don't pass a $700 billion relief package NOW our entire economy will collapse" basically blackmail? And isn't it treason to put our country at such grave risk in the first place?
I propose that ALL senior-executive bonuses paid out by these troubled investment banks for the past 5 years be revoked. That should bring in about $100+ billion (I'm not kidding; I dont have the link handy but I'll try and find it). Those who cannot pay it back go to jail. And not just to Augusta National Golf Club house-arrest. I mean, send them to PMITA prison. That will be a good start.
Dammit I'm pissed.
Update: I found the link...sorta....Here's the link to a 2007 article according to which the top 5 investment banks paid out $36 billion in total bonuses in 2006 and were to pay out $38 billion in 2007. So $74 billion in two years total. So I don't think it's a stretch to guess that senior exec bonuses at these firms would have easily exceeded $100 billion over five years .
Monday, September 29, 2008