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Wall St bonuses should go to ZERO
- Thread starter turkeyneck
- Start date
Quote from Mecro:
Did I hit a nerve that you have to start insulting me?
you just go off on tangents
"You obviously do not understand fractional reserve banking. And apparently believe everything is fine & dandy in USA, cause Obama is our savior"
what the hell does A)obama and B) me "obviously not understanding fraction reserve banking"
(btw i have mba and majored in economics)
JPm and WFC are clearly doing better then there competitors did not ask for money and have made a profit this year.
what does obama saving us have to do with anything?
sorry dude you just must be so much smarter and a much better trader then me.
Quote from KeithOmalley:
The Treasury did not ask several of the nation's largest banks and investment houses whether they wanted new capital. It told them. So weak banks got money and so did strong ones.
According to Reuters, "The United States will announce plans on Tuesday to inject $250 billion into its banks." Money will go in as preferred stock so common shareholders will not be diluted, unless one of the banks comes close to failure. But, JP Morgan (NYSE: JPM) is being forced to take the same $25 billion that Citigroup (NYSE: C) is. Goldman Sachs (NYSE: GS) and Morgan Stanly (NYSE: MS) will each have to take $10 billion.
The plan is ill-conceived and unfair when the more healthy firms like JPM and Goldman have to take on the same debt burden as weaker competitors. Treasury might argue that it does not have time to make these distinctions, but critical measures like reserves and earnings might have been taken into account. The Treasury might also have told the CEOs of the companies that if everyone did not take capital that full confidence in the system could not be restored.
Unfortunately, the action by the government shows that its work will be done with a hammer and not a scalpel. Over time, this may have very significant drawbacks. There are limited funds to be put to work. Why waste them on the healthy institutions?
Yea right. Banks are forced to take billion of unwanted taxpayer money. For some reason, Paulson just want to stuff money into healthy banks even they don't want it.
Do you know why the bail out bill has exec comp capped ONLY in future contracts? Paulson said if it applied to current contracts, it will be a deal breaker. Banks will not participate. IE : Paulson did not force money on them.
If they are so healthy, how come they are not in CP market? How come the fed still need to create a facility to address the CP market?
They need to do what the Dutch government did a few decades ago when doctors resisted nationalization of medicine and went on strike.
Draft the Wall Street execs into the military and give them a military paycheck for doing what they are doing now. If they refuse, off to Leavenworth. Discharge them once the government investment is recouped.
Draft the Wall Street execs into the military and give them a military paycheck for doing what they are doing now. If they refuse, off to Leavenworth. Discharge them once the government investment is recouped.
Quote from Bogan7:
Obviously you have never worked for an investment bank as a lot of the staff would have earned the firms good money and deserve to be paid for their efforts. Its laughable so many of you come on complaining about the US becoming Solicalist but dont want to pay people what they are worth the irony is palpable.
Obviously you are a total a$$ that needs a douche. Other than a few exceptions, I can say with 100% confidence that anyone I have met from the banking sector has had their head up their a$$ so far that not paying themselves first would be impossible for them to ever conceive. Want to work in the financial sector? Just make sure you are a complete a$$hole.
Quote from ipatent:
They need to do what the Dutch government did a few decades ago when doctors resisted nationalization of medicine and went on strike.
Draft the Wall Street execs into the military and give them a military paycheck for doing what they are doing now. If they refuse, off to Leavenworth. Discharge them once the government investment is recouped.
Sounds like a plan.
Quote from KeithOmalley:
sorry dude you just must be so much smarter and a much better trader then me.
I must be, cause it's too much brainwork for you to understand why under the current monetary system (fractional reserve banking) every bank is inherently bankrupt. Which was in response to your "healthy banks" statement, a laughable notion. And the Obama statement is in response to your feeble sarcastic attempt to label me as a doom & gloom conspiracy theorist.
Believe whatever you want. Just do me a favor, put your money where you mouth is and go help out the poor banks with your wallet. This way maybe I won't be forced to do the same.
Quote from Mecro:
I must be, cause it's too much brainwork for you to understand why under the current monetary system (fractional reserve banking) every bank is inherently bankrupt. Which was in response to your "healthy banks" statement, a laughable notion. And the Obama statement is in response to your feeble sarcastic attempt to label me as a doom & gloom conspiracy theorist.
Believe whatever you want. Just do me a favor, put your money where you mouth is and go help out the poor banks with your wallet. This way maybe I won't be forced to do the same.
thanks for the advise. you are just such a smart person, you are a valuable asset to ET. please keep posting so we can lean more.
Quote from Bogan7:
Obviously you have never worked for an investment bank as a lot of the staff would have earned the firms good money and deserve to be paid for their efforts. Its laughable so many of you come on complaining about the US becoming Solicalist but dont want to pay people what they are worth the irony is palpable.
As if these people aren't getting a handsome salary to start with....
You have to be pretty delusional to not see that this kind of thing is all part of a systemic failure.
Socialism is taking money from someone to give to someone that didn't earn it. Taking money from the shareholders and tax base to give to "talent" because the company didn't fold is an absurdity.
this quote from the article sums it up:
"Look I did give my all this last year, and I know it's been a bad year, but everything that was asked of me I accomplished and then some,''' said Crystal. Eliminating bonuses across the board ``could be very demoralizing in the long run and it could lose you some people.''
Well boo hoo...I'm sure there are alot of people at GM and CC who did the same thing, but they aren't going to get a bonus...they are going to lose their job.
No one in their right mind is going to say that GM and CC should take tax money to hand out 5X salary bonuses to a GM plant manager or CC store manager...
IB has evolved so far from the basic concept of entrepreneurial risk at this point its sickening.
Heads I win, Tails you lose.