Friday, January 30, 2009

Stop the bailout to banks

Note to President Obama: don’t just talk tough. Get tough.

Specifically, get tough on those bankers who had the temerity to pay themselves more than $18 billion bonus money – after taking trillions in taxpayer assistance checks from the U.S. Government.

Already lawyers are saying the money is gone and there’s precious little can be done to recoup the swindle. There is no law, they say, against making bad decisions. Furthermore, the corporate lawyers wrote compensation plans that are legally binding.

Screw the lawyers. Pass a new law. And don’t give the banks one more penny of bailout money until they pony up the ill-begotten bonus money. Give it back.

“Shameful.”

“Outrageous.”

“The height of irresponsibility.”

Sounds good. But not nearly as good as the sound of a cell door clanging shut.

4 comments:

Ken Martin said...

Sic 'em George. You're on the right track.

Somehow this reminds me of the novel "Forever" by Pete Hamill. It's not only a great story well told, it's also in some respects a mini-history of New York City, in which he notes how the earliest water system the city contracted for turned out to be a mess. Why? Because the contractors were allowed to keep any money in excess of the cost of the system. So they built a shoddy system to increase their profits. Somehow I don't think our congressional leaders are any smarter than the New York City government that doled out the water contract.

Bottom line: The scammers will always figure out a way to game the system. Why can't our elected representatives figure this out?

The South Plainsman said...

I say "sic'em" too. Except stop the bailouts completely.

Bush really screwed up when he put the perps in charge of their own bailout, and it is still continuing.

A new twist on the Golden Rule. The golden bankers are making the rules and the ordinary citizen is getting the shaft.

It will be interesting to see which side Obama will take. Almost all of his team has close connections to the big banks, and Geithner was even one of the perpetrators of all of this.

JohnSBoles said...

I hope we aren't experiencing Change We Can Relive In.

Anonymous said...

For this perfect comment that it is change that "I" can believe in, please consider that you and the "Mystery Woman" will be treated to dinner and WINE Tuesday February 17th in Austin at 7pm at the Stephen F. Austin Hotel. See you then!! You know the routine. Love
JR

National Politics

News on Aging

Geriatric Medicine News

Senior Health Insurance News

Social Security & Medicare News

Posts From Other Geezer Blogs