skip to main content

Household Finances

Wall Street Bailout -- We Pay for their $$$ Salaries

17 years ago

I am so furious that the bank bail out doesnt have any real limits on compensation. If the banks need federal funds, then they should not be able to pay million dollar salaries.

Sort by:Oldest

Comments (6)

User
17 years ago
So, if you are furious and the senators and congressmen in your state vote for the bill - you are perfectly entitled not to vote for those of them who are running for reelection.

You are planning to vote, aren't you?
joyfulguy
17 years ago
Now's the time to contact them - before they vote.

Give them a piece of your mind - to disturb their peace of mind.

Though I doubt that they feel very good about the whole mess.

This mess has cost me, a foreigner, at this point, well over $10,000.

In addition ... I bought shares in a Canadian stockbrokerage, that was taken over, some years ago, by Merrill Lynch, who later sold their local business to a different agency ... but I continue to own shares in Merrill Lynch.

I am not a happy camper.

ole joyful
Related Discussions
After Wall Street Bailout, Is Main Street Headed for Depression?
Q
Comments (17)
Oh, gdogni. I tried to make this short, but it can't be said in a few sound bites. Who was doing the jobs before the illegals came? They were being done. Have we been quick to buy the idea that Americans don't want to do these jobs because we, ourselves, wouldn't want to do them? Americans have done jobs for many years I wouldn't want to have to do. I would do anything I could do, if necessary, but I do have my 'druthers. I wish you could have talked with the young woman I just spent time with the other day. She was almost in tears because she was pretty sure she was going to loose her jobs because the company had just brought in a new group of illegals. She commuted 60 miles - one way - to work on the assembly line of a chicken processing plant. I've been just in the office of a processing plant and my stomach lurched from the smell. It's a job I don't want to have to do - but others have for many years. She said, in a shakey voice, 'I've just got to have this job.' The shocking thing she told me is, if this company lays someone off, not fired for reason, but laid off because of slowdowns, etc., they will only rehire you one time. That means you can be rehired, but if laid off again (because a batch of illegals come in) you are no longer 'qualified' to work for that company. By way of their hiring practices, they are creating 'unqualified' workers in the area. People know to not apply for the job again. So when the news media goes to the spokesman for that company he/she can say things like 'we just can't find qualified workers', or 'we just haven't had any applicants' or the old stand by 'no one wants to do these kinds of jobs'. Neither they nor the media are going to tell you they fixed the situation. When you see jobs being filled by illegals - the only thing that means is they have the job. It means absolutely nothing else. We don't know how many others applied for the job, and didn't get it. One thing you have to realize is that in many areas, people are aware that only illegals will be hired, and they don't even apply. I saw illegals building the houses that got built in the frenzy of the last few years. Can we assume that Americans no longer wanted to do carpentry, dry walling, electrical,plumbing, bricklaying?? I don't think so. I know a lot who wanted the jobs. They are a bargain to employers because the employers have no responsibility. They don't have to comply with overtime laws, collect and match taxes, worry about OSHA regulations, workman's comp. If one gets hurt, they are taken to the hospital and the taxpayers pay for it. The media and the politicians are not giving out the true story on this. Now the reason I mentioned illegals was the fact they are working here. Americans already are competing with them for jobs, and if things get bad, it will be even more so. There is nothing wrong with mowing lawns and bussing tables, but that is not the only jobs they are doing. We will be hampered by the fact employers will have to work within the labor laws when hiring Americans, so given the choice, they will take illegals. The illegals are also getting benefits that are going to be needed for American families who loose their jobs. Again, just because Americans aren't doing the jobs, don't assume they won't or don't want to - now - but especially in the future.
...See More
Why The Fannie-Freddie Bailout Will Fail
Q
Comments (12)
Hi Jeri, But the truth is, I dont understand most of what all of you talk about. Apologies... on these threads, especially the big-picture macro-economic topics, some of us can spin off into directions that have everything to do with everything, and nothing really to do with the basic concern on-the-street. On a micro-economics basis... the stuff that matters to you while prepearing to buy a home in the here & now... you ought to have low costs of leverage (mortgage) for quite a while... at least if our economic system remains stable (which it actually quite is yet.) To explain the statement you asked about; As soon as the overall markets realize that the US Government has completely supplicated to socialism, that's the end... the gig is up. It may happen now much sooner than you think. Dave would you mind explaining this please??? :-) Realize that up until the last 100-125 years or so the United States had been digging itself up out of what we would now call a "third world economy." The reasons why we've risen to become the global dominating economy were because of a rugged (some would even say "sometimes cruel") individualistic and fiercely independent "bootstrap" economic culture that roughly treated everyone equal (emphasis on "roughly.") The people who populated our country DESIRED this degree of true populism... that every man and woman had equal opportunity and equal risk, and because of this no person would get preferential treatment... neither due to their being a pauper, nor a king. As our hard-scrap industrialism bore fruit, and we began to become self-aware of our economic superiority, we simultaneously (instantaneously) began our descent back into mediocrity... by beginning to design discrimination and collectivism into our economic systems. In short, from generation to generation, we've gradually begun to become more and more economically spoiled and lazy, and the corruption that comes along with it has become more and more deeply rooted into our systems. As individuals (to address you, and your concerns) we can learn to be strong, individualistic, economically mature... and succeed despite the ongoing decay of our economic society around us. Doing so is an emotional challenge however... as it means constantly "swimming against the tides of social popularity." Hope that clarifies. Dave Donhoff Leverage Planner
...See More
If the bailout is supposed to be so great, ...
Q
Comments (8)
It is like surgery--you don't heal up in one day--and may take weeks. This is such a complicated mess, it will take years to recover, if ever. People still want to invest their money, get big interest, have big houses, big wages, but expect to pay little prices. It it not the farmer, builder, small business person that makes the money, it is the middle people and also realize that way too many of our jobs are in too many countries. We Americans refuse to pay a living wage to a person making clothes, but expect to pay low prices for products. Ordinary dresses made in other countries who pay there people pennies, sell here for hundreds. Loggers who lost their job, saw mills closed down, and even our oil is shipped across seas, returned because we have only 2 (TWO) refiniers in the entire US, because the government refuses to build more. We need to stop all "pork" for all states, fix the roads, improve our medical, stop suing everybody for dumb things, insist our precription companies charge so much: example those tiny strips diabetics use to test their blood $116.00 for 50. We need to tell our elected officials, enough is enough. Even the poll calls on the phone are coming from across the seas.
...See More
Tried to watch Wolf of Wall Street
Q
Comments (8)
I don't mind a few bad words or a little nudity when it is integral to the story, as YogaLady said. However, I've turned off many a premium cable drama which seem to me to be overloaded with nudity and sexual content for no reason other than they can and I've given up on some movies that are so loaded with profanity that there almost isn't any other dialogue.
...See More
turnage (8a TX)
17 years ago
If you're going to contact your washington reps, you need to do it this morning. They're voting today. Easy to do by email - just do a web search on their full name and you should be able to get right to their website.

Anybody see the 60 Minutes piece with King Henry last night?

Did I hear right that some the "toxic assets" have AAA bond ratings? I surely hope I heard wrong!
grittymitts
17 years ago
NOPE! You didn't hear wrong, turnage.

Suzi
dreamgarden
17 years ago
turnage-"Did I hear right that some the "toxic assets" have AAA bond ratings? I surely hope I heard wrong!"

You heard right. Here is a little 'story' from earlier this year that explains who decided to give this worthless crap stellar ratings and why.

A link that might be useful:

The Great Bond Insurance Cover-Up
by Martin D. Weiss, Ph.D. 04-28-08

www.moneyandmarkets.com/issues.aspx?
The-Great-Bond-Insurance-Cover-Up-1707
joyfulguy
17 years ago
Many of the slippery ones who set those lousy financial situations up ...

... have taken their wage package, their stocks and options ...

... and moved on.

I've heard that many folks who saw the escalation of house prices and wanted a piece of the action went looking to buy one ... but had no down payment and their income level wouldn't really support the contract ... so an adjustable rate mortgage was set up, with a specified rate of about 2% quoted on the surface ... but another 4% charged, with that amount added to the principal owing, temporarily.

Later, when the rate was adjusted to the true rate, the borrower couldn't afford it so was unable to continue ... either selling the house himself, or letting it be forclosed and sold.

There are a number of agencies that evaluate the quaality of various investments (originally it was bonds, so they've traditionally been called "bond rating services"). If an agency that writes financial instruments sends some low quality ones to a rating agency that the agency knows to be junk, if they give them a rating that equates to "lousy", in the vernacular ... not only would the writing agency be unwilling to bring more paper to be rated, later ... but other such agencies would hear of the rating agency's unco-operative attitude and follow suit.

To be fair ... it is my understanding that the bailout legislation provides some rather strict guidlines as to the pay and perqs that can be offered to the workers in the agencies being supported.

However ... if a fella that's been used to driving a new Cadillac ... gets offered a used Chevy to drive by his manager ... he's not going to be a very happy camper.

Many of us have said for years that the great discrepancies between the level of compensation paid to the hot shot execs running companies and the lowest rates paid to employees have been unfair.

And the discrepacy has been widening, at not only a rapid, but an increasingly rapid rate, in recent years.

As some have said - socialism for the hugely wealthy ...

... and private enterprise for the middle and lower classes who are stuck with paying the shot when things go bad.

Good wishes for increasingly shrewd management of both your income and your ass-wets. And don't forget to keep your powder dry!

ole joyful

Related Stories

DISASTER PREP & RECOVERY Family’s New Style Rises in the Aftermath of a Flood

By Becky Harris

After their damaged walls are demolished, homeowners realize they like the open space and decide to keep it

REMODELING GUIDES Contractor Fees, Demystified

By Ventana Construction LLC

Learn what a contractor’s markups cover — and why they’re worth it

MIDCENTURY STYLE Follow One Man’s Midcentury-Mailbox Dream

By Annie Thornton

An ill-fitting mailbox leads a determined dad on a quest — and possibly to a new business

DECLUTTERING 9 Exit Strategies for Your Clutter

By Alison Hodgson

How to efficiently — and regularly — rid your home of the things you don’t want

MOST POPULAR Garage Cleaning Tips for the Overwhelmed

By Laura Gaskill

Don’t let this catch-all space get the better of you. These baby steps can get you started

MOST POPULAR 9 Reasons to Buy a Painting

By Laura Gaskill

No print or poster can rival the power of an original painting, chosen by you, for where you live

HOUZZ TOURS 13 Character-Filled Homes Between 1,000 and 1,500 Square Feet

By Mitchell Parker

See how homeowners have channeled their creativity into homes that are bright, inviting and one of a kind

ART Let's Put a Price on Art: Your Guide to Art Costs and Buying

By Vanessa Brunner

We paint you a picture of what affects an artwork's price — plus a little-known way to take home what you love when it's beyond your budget

FALL AND THANKSGIVING 10 Ways to Shower Your Home With Gratitude

By Laura Gaskill

Give your home some love with these thoughtful ideas and watch it return the favor

REMODELING GUIDES 5 Ways to Protect Yourself When Buying a Fixer-Upper

By Christine Tusher

Hidden hazards can derail your dream of scoring a great deal. Before you plunk down any cash, sit down with this

Sponsored