Money has been handed out and no oversight panel and no report.
Now… congress is normally all over something like this, especially when it was birthed by the Bush administration and administered by the Fed.
Why are they (congress) not speaking?
Because people who live in glass houses don’t throw stones.
There is a huge amount of money that is being spent in Stealth Mode – to the tune of trillions of money that is not well publicized.
Who would remain quiet? People who are culpable – the Banking and Finance Committees – people who have everything to gain. To be sure, that Fed lending was not approved by congress, but neither has it been fought tooth and nail.
Take it with a grain or two of salt… Nat’l Expositor.
This whole bailout thing is the equivalent of realizing that you and your party of survivors will all have to eat portions of yourselves to survive – and pigging out.
Tired, lack of sleep (again), and crankier than a snake with shingles. Take my gripes less than wholly seriously.
UPDATE: Obviously THIS is much more important than mere oversight. Bush must be brought down.
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UK Sperm Bank May Need Bailout.
What? With a massive infusion of gallons and gallons of gov’t sperm? EW!
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The study’s co-author told HealthDay news that the findings point to a “self-esteem” movement that may have gone too far.
“These kids didn’t raise themselves, they got these ideas from somewhere,” said Jean Twenge, an associate professor of psychology at San Diego State University.
Because modern day parents hand out endless praise, kids readily believe they are somehow superior, she said.
Yep! Because little Johnny and Suzie now know that there are no losers, that everyone is equally important, that endless do-overs are the answer, and that self-esteem is far more important than competence.
Far better to just *know* you are a superior specimen, like I do. Erm.
Arrogance has to be earned. Tell me what you did to earn yours. – House
Arrogance?
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And nobody stopped this lady and said “You’re making yourself look hideous”???
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Really… how stupid do you think I am?
Jon Campbell, regional banking president for Wells Fargo & Co., told the committee his company doesn’t need the government’s investment to pay for bonuses or compensation and will not use it for that.
Ok, so they were going to pay bonuses from somewhere, right? And if they had a cash shortage where they could not scrape it up they’d have to decide to pay bonuses or not, right? The money all comes from the same pot.
A) Owe X amount of money (or need it)
B) I have Y amount of money which is insufficient
C) I either pay my execs an obscene amount of pay or use that money for the needs in (A)
D) Now, if I both don’t pay my execs an obscene amount of money AND I don’t take gov’t money, THEN I can claim what Campbell is claiming. Otherwise, the money I have in my hands to pay the execs should have gone to (A).
It doesn’t matter whether you use Fed money or your own money, the execs should not be paid – you should meet your financial obligations on your own and only take such money as is required to fulfill those if you are short. (Assuming we want to live in a Marxist state) Exec pay should be the very least of your concerns.
Re: Wells Fargo – Compensation & Bonuses
Isn’t accounting wonderful? To be fair, they really do see that the money budgeted in accounts for salaries and bonuses as being completely separate from the operational credits and debits in other accounts. IIRC, it would actually be a big accounting no-no to take funds from the employee salary and compensation account to cover debits in other ones. Just because the bank’s investments in one particular sector did extremely poorly does not mean these people didn’t show up every day to do their job, right?
Hey Enas… My take on it is that if a company is doing so bad that they end up crying for the gov’t to step in (which is the lowest level you can sink in a supposedly capitalist system) then you should be willing to free up funds across the board during that process – including bonuses, incentives, COLA, and yes, even pay cuts.
I’d be willing to take a pay cut if it meant viability of my company and continued employment vs. unemployed in this current economy. (remember, Michigan’s economy has sucked more and longer than most of the rest of the country – several years, in fact)
It’s a pragmatic thing – just because the stomach doesn’t have cancer doesn’t mean that it along with the rest of the body isn’t going to be pretty sick while the chemo does it’s job.
I’m not saying anyone shouldn’t be paid at all, but I am saying that if you are going to offer one iota more than a standard salary then that amount should come directly out of whatever handout/assistance/loan you ask from your now one-step-closer-to-socialist country/gov’t.