endthebailouts.com/2008/11/07/86-of-bailout-money-used-for-executive-bonuses
Main When confronted about these numbers, the executives will always claim that the bonuses are paid out of other funds and company earnings. This completely ignores the fact that without the taxpayers' bailout money, there would be no earnings! If there was anyone left who still felt like the bailout was a good idea (besides the executives who directly benefit), this should be the final nail in the coffin that we were just robbed blindly while the politicians patted themselves on the back. The election results pretty much confirmed the extent to which Main Street is rightly livid about the Wall Street mentality that led to our financial crisis. During his historic victory speech, President-elect Barack Obama told supporters, and the rest of the world, "If this financial crisis taught us anything, it's that we cannot have a thriving Wall Street while Main Street suffers."
Paying Wall Street bonuses was not supposed to be part of the plan. At least that's how Federal Reserve Chairman Ben Bernanke and Treasury Secretary Hank Paulson explained it to Congress and the American people. Which is why it's particularly offensive that the no-strings-attached money is going to line the pockets of Wall Street execs. Two of those firms, Bear Stearns and Lehman Brothers, went bankrupt this year. Shares in the remaining two, Morgan Stanley and Goldman Sachs, took a 60 percent nosedive this year. Yet, that didn't stop their campaign contribution money from spewing out. Goldman was Obama's largest corporate campaign contributor, with $874,207. Also in his top 20 were three other recipients of bailout capital: JP Morgan/Chase, Citigroup and Morgan Stanley.
When confronted about these numbers, the executives will always claim that the bonuses are paid out of other funds and company earnings. This completely ignores the fact that without the taxpayers' bailout money, there would be no earnings! If there was anyone left who still felt like the bailout was a good idea (besides the executives who directly benefit), this should be the final nail in the coffin that we were just robbed blindly while the politicians patted themselves on the back.
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