President Obama thinks $18.4 billion bank executives got in 2008 bonuses was “the height of irresponsibility” and “shameful.” VP Biden would like to throw some of those guys “in the brig.”
I think Biden’s on the right track.
The banks have tried to justify their squandering by saying their executives needed millions in rewards or they might quit.
Let me get this straight. The banks are worried about losing the very bozos whose bad judgment sent them to Congress begging? And in gratitude for getting handouts, they shoveled taxpayers’ money into the pockets of those who needed or deserved it least?
Bank execs have shown incompetence and short-sightedness on a grand scale. If no one has the guts to fire or prosecute them, then perhaps their motivator should be the same line they hand the rank-and-file employees:
“No raises this year. Bonuses? Fuggeddaboudit. Don’t you know times are tough? You should feel lucky you still have a job.”
Shame on Congress for naively stroking checks without strings, like, “You will tell us how you spend it,” and, “Not a penny goes to anyone who helped run you into the ditch.”
Bankers are probably stunned by Obama and Biden’s sudden disgust, since the banks have been stealing and lying for years. Charging fees on deposits, which the banks invest to make even more profit. Charging fees on automated transactions and claiming they’re more expensive than human tellers.
To make a buck, banks basically force customers to buy can openers when all the cat food comes in pouches.
Overpaid bank executives are just crooks in expensive suits. Their massive bonuses came largely from money they got in their $700 billion heist on Congress. So when is someone going to get it back or put them behind bars?