President Obama has lashed out at Wall Street for taking huge bonuses totalling over US$18 billion last year while their firms were being bailed out by taxpayers.
That is the height of irresponsibility. It is shameful, and part of what we are going to need is for the folks on Wall Street who are asking for help to show some restraint and show some discipline and show some sense of responsibility.
Citigroup has abandoned plans to buy a luxurious US$50 million corporate jet from France using bailout money – after Obama warned them to “fix it”, reports ABC.
Meanwhile, AP reports that one of the biggest ironies is that:
the banking executives now managing billions in taxpayer money are the same ones who oversaw the industry’s near collapse. At banks receiving federal bailout money, nearly nine of every 10 of the most senior executives from 2006 are still on the job…
What, no Domestic Inquiry for them? That will be the day… But let a lowly cashier siphon funds from a cash till, and all hell will break loose! Blatant double standards.
What the AP report omitted to mention is that these are the same execs who received hefty bonuses after ruining the livelihoods of millions of workers and other citizens.
Greed has no limits for some people. But then this is unbridled capitalism we are talking about; so should we be surprised? It’s a system built on greed with lavish rewards for a select few – often at the expense of ordinary workers.
“Privatisation of profits, socialisation of losses” – and, might I add, lavish rewards for the elite, come what may.