Thursday, March 12, 2009

While I'm At It...'s another sickening story about the economy.

The Obama administration is trying to curtail some of the excesses of the banks and businesses that the TARP money and stimulus money has gone to. As you must be aware, nothing upsets the taxpayers more than having their money bailout a bank only to have them pay out billions of dollars in bonuses to the officers who created the deficits in the first place. Well, the bankers are having none of that!

From the New York Times...

Financial institutions that are getting government bailout funds have been told to put off evictions and modify mortgages for distressed homeowners. They must let shareholders vote on executive pay packages. They must slash dividends, cancel employee training and morale-building exercises, and withdraw job offers to foreign citizens.

As public outrage swells over the rapidly growing cost of bailing out financial institutions, the Obama administration and lawmakers are attaching more and more strings to rescue funds.

The conditions are necessary to prevent Wall Street executives from paying lavish bonuses and buying corporate jets, some experts say, but others say the conditions go beyond protecting taxpayers and border on social engineering.

Some bankers say the conditions have become so onerous that they want to return the bailout money. The list includes small banks like the TCF Financial Corporation of Wayzata, Minn., and Iberia Bank of Lafayette, La., as well as giants like Goldman Sachs and Wells Fargo.
Hmph. I guess they didn't need the money all that badly after all. I hope they give it back quickly - plus interest.

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