Brig’s Too Good for Greedy Bankers

By Fred

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?

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8 Responses to Brig’s Too Good for Greedy Bankers

  1. envisionhope says:

    I think the brig sounds like a reasonable course of action….When I got my latest car insurance bill for the next 6 months, I found that they were now charging $2.00 per automatic withdrawal from my bank, making my bill another $12.00 per 6 months.

    I called and complained, and was told that this is standard now. When I signed up for automatic withdrawal I was told it was free because it is paperless.

    Needless-to-say I was not happy knowing that this is just one more way to dig the citizens struggling to live with any kind of paycheck at all.

  2. catsworking says:

    Envisionhope, funny you should mention car insurance. Karen recently switched companies to one that was a good $300+ cheaper per year than the company she’d been a faithful customer with for 15 years with NO claims.

    After the first 6-month term, the new insurer tacked on a $1/month “automatic bank draft fee.” When it renewed a second time, they tacked on ANOTHER $1/month for the same reason. So in one year’s time, the policy jumped $24 for giving THEM the convenience of automatic draft that only had to be set up ONCE.

    It’s robbery, pure and simple. Banks and insurance companies are the worst perps.

  3. OMG, I could go on and on about this. But your post was very well said and covered everything I would want to rant about. Greed + Incompetence should not = bonus. And employees are STILL being told they are LUCKY to have jobs where they are overworked and their lending decisions are overridden by management. Nothing has changed at all.

  4. catsworking says:

    I haven’t seen a CEO yet who was worth 150 times the salary of the average employee.

    Sen. Claire McCaskill has introduced a bill to limit CEO compensation to what the president makes. $400K. I’m good with that. The buck has to stop somewhere, and I don’t think any of these banks would suffer if their top guys did a few years of hard jail time. They’re usually so far removed from operations that they’re clueless anyway.

    http://www.huffingtonpost.com/2009/01/30/mccaskill-lays-down-law-o_n_162662.html

  5. I agree they belong in jail and certainly don’t deserve the wealth they have obtained at the expense of the rest of us.

  6. I keep thinking there must be something that “We The People” can do about these unbelievable greedy people. I do not want the banks to get another $350 billion dollars from us. Why does our government think they should make this decision without us “We The People”. I feel deeply about finding a way to stop these executives from getting away with all our money, they are careless, have no conscience and only care about themselves. I say let them all go under, I’d like them to try to live on my salary of $55,000.00 dollars/year. “We The People” must act, but how?

  7. catsworking says:

    Brent, you are 100% right. I’m a cat, so they’re not getting any of my money (if I had any), and this situation outrages ME.

    It doesn’t seem like there’s any way to stop Congress from throwing more good money after bad in this case, but with letters and phone calls (and sarcastic blog posts) to your representatives, maybe they can be convinced to hold the bankers accountable. At first, the banks were taking the money and running. When the AP asked what they were doing with it, they basically said, “None of your business. Go pound kitty litter.”

    I don’t think jail time would be amiss for some of these guys. They take taxpayer money and pay themselves with it. That’s called stealing. I think there are laws against that already on the books. It’s time they were enforced. You’d think guys who wear suits and ties are immune from prosecution. Look at Bernie Madoff, “incarcerated” in a penthouse.

  8. This whole bailout is absolute garbage. Why did Bank of America have to go out and spend 10 Million of Tax payers dollars on a Super Bowl Party?

    There are options for those looking to say your piece. There are Tea Parties sprouting up all over the country slated for April 1st and the 15th. Just look up ”
    American tea party”

    Please speak up, the opportunity is what makes us Americans.

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