Cuomo and Waxman Go After Wall Street Bonuses

I am thrilled to hear this. These guys should find a way to shutdown this outrage. With an estimated $20 billion dollar payout scheduled for Wall Street this season, it is clear that these people have not learned their lesson.

What I want to know is where are Bush and Paulson on this issue? Where are the shareholders?

Merrill Lynch (which nearly went bankrupt and has had 5 straight quarterly losses) has got a 6.7 billion dollar bonus pool. This is rewarding failure. These companies are taking government money and “redistributing” it to the wealthy.

Oh, but what about the rank-and-file? I say, what about them? They earned their outsized bonuses when times were good, now they must suffer as times are bad. Don’t like it? Go find a job elsewhere. They all earn salaries, they all have health care. If you count on a bonus regardless of whether you succeed or fail, than you have no one to blame but yourself.

Furthermore, where is the outrage that these banks are all laying people off and still paying bonuses? Why not use that money to keep more people in their jobs?

The whole thing is sickening.

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One Response to Cuomo and Waxman Go After Wall Street Bonuses

  1. Alex says:

    I totally agree that people who were part of the problem should not receive any bonus – they shouldn’t even keep their jobs. But there are plenty of employees that had nothing to do with the problem, and in fact helped these firms earn legitimate profits (or avoid even greater losses). These are large firms that participate in many lines of business. It’s a mistake to paint everybody in a firm with the same broad brush.

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