Friday, January 15, 2010
Bonuses to Bankers?
Today begins the parade of announcements in connection with bonuses to be paid to bankers, those wonderful souls who just one year ago very nearly put our economy into another severe depression, rivaling the '30's.. Just one bank - Chase - today announced bonuses running into the billions of dollars. Bonuses for what? Having benefited from being able to thrive (and survive) as a result of the government's having provided them with the resources to avoid bankruptcy, then reap the benefits of a government-supported survival enabling the banks to reap windfall profits - profits that would not exist without government support. Something is wrong with this picture. The NY Times today reported that the bank-induced near-collapse of our economy last year will cost taxpayers close to $2 trillion dollars..It is clear that nothing has (or will) change on Wall Street until the politicians in Washington see fit to enact legislation regulating excessive bonuses to an industry that is itself highly-regulated (or is suppose to be)..
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