Go ahead and Lose a few Billion but still Cash in at Bonus Time - The Destruction of America
The Crash is Coming!
It just doesn’t matter how much you lose in America’s big banks. You lose Billions and you deserve a big bonus. That’s just how it is… if only every person could be a Banker. Those hard working folks who take from you for nothing, then charge you through the nose when you need to borrow. Bankers have created a system which takes a persons assets for nothing, then forces them to borrow just to live. And Bankers wonder why Americans are defaulting on loans?
NEW YORK: Citigroup Inc could pay commercial and investment banking bonuses for 2009 that are similar to 2008 levels, and may cap individual cash payouts at about $60,000, according to people that have been briefed on the plan.
Some details of the bonus plans are still being ironed out, and the payouts will vary across businesses and countries, the people said. But many employees have been briefed about the likely shape of their bonuses, which are set to be paid in coming weeks.
Nothing has changed in the Banking World. All that happened is diluted shares were issued creating less shareholder value and skewing the Balance Sheets of Big Banks further into the liability side with less Capitol. Nothing has been “Fixed”. The Government printed more money and sucked up the “Toxic Assets” which the American People get to absorb. Banks got a get out of jail card free. But the crash is still coming. Team Obama is all talk. Tax the Banks? And who will pay that tax? I can tell you who will NOT be paying the tax!
There is a difference between putting your finger in the damn to stop a leak, and recognizing the damn needs to be completely rebuilt.
One can not pay off debt with debt, and shares of stock are not money; they are perceived value in a company based on a promise to produce profit into the future. Did Americans not learn anything from GM? GM stock lost All it’s value, all $80 Billion dollars of it – poof!
One might think that “Ownership” of stock is a reflection of ownership in the company. Unfortunately just taking free money from the Government or issuing more shares doesn’t create real capital. Sure one could argue that cash is capital, but not when it is being used to do nothing more than cover the losses on existing balance sheets. It’s a false economy. Banks profits are not increasing, but loan defaults are and will continue to do so.
NEW YORK – Citigroup Inc. became the latest bank to take a cautious view of consumers' credit problems, reporting a $7.77 billion fourth-quarter loss due to failed loans and the costs of repaying government bailout money.
Apparently the behaviors on Wall Street fully condoned by the Obama Administration are just fine. Lose billions and payout billions in bonuses. Where does the money come from, and who is really going to pay for this behavior.
Goodbye American Dollar, hello Great Depression Part 2!
When you let Private Bankers control the monetary system of he country you get this kind of reckless behavior. If the average guy can not rise up and demand accountability and demand the Federal Reserve and the Criminals who hide behind it are brought to the light of day there is no hope.
Hello New World Oder. Hello more Government. 58% of Americans now rely on the Government for the majority of their income. The projected number is 67% by 2020. The United States of America – the new Socialist Regime!
The Federal Government has all but Nationalized the Automobile Industry. The Federal Government is trying to Nationalize the Health Care Industry. The Federal Government is taking huge ownership stakes in the Banking Industry.
Is this the land of the Free? 40,000 new laws hit the books this January 2010.
Soon the Government will tell you where you can live, what kind of car you can drive (if at all), what kind of appliances you can own, what you can eat, and yes likely how many children you can have.
America the land of weak, and the home of the slave. WAKE UP!