Wednesday, November 12, 2008

Bailout? What Bailout? No Wall Street Woes For Investment Bankers

I've been worrying day and night about this...
Drudge just linked to a report from CBS news online today which reported that in spite of the uncertain economy, Investment Bankers from Goldman Sachs, Morgan Stanley and other Wall Street firms are still going to get their hefty bonuses! Thank God!
And I'm sure that none of this money could possibly come from the taxpayer funded Bailout Bucks.

The bailout package specifies that the top five executives of a company cannot get a golden parachute, but doesn't limit compensation for any other employees. Some observers, such as financial expert and reporter Stephen Gandel, say bonuses are expected to be down, but not as much as they might have been without the bailout.

According to a report from financial news agency Bloomberg, Goldman Sachs, for example, has set aside $6.8 billion for bonuses, and Morgan Stanley, $6.4 billion.

One woman in New York's financial district remarked to David, "You have people losing their houses, people on the street, they can't feed themselves, while these people are just banking on (their bonuses)."

Overall, David says, there's secrecy around how the hundreds of billions of bailout dollars are being used. The Federal Reserve Board has refused to say which banks are getting how much of the pie. And now Bloomberg is actually suing the Fed to get that information.

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