"Clawback": The Fraudulent Transfer of Billions by Those Who Led the Nation to the Poorhouse
Raymond J. Learsy
HuffPost
It's in the air and it won't easily go away. Especially now that billions and billions more of federal (taxpayers) monies will be needed to stabilize sinking banking institutions. One needs only one quote from President Obama's address to Congress, "So I know how unpopular it is to be seen helping banks right now, especially when everyone is suffering in part from their bad decisions. I promise you-I get it."
As the New York Times' Joe Nocera reported, "How can it be, people fume, that companies that brought themselves down with poor decision making and short term greed and very nearly brought down the country's financial system to its knees-how can the employees of these companies still feel entitled to multimillion dollar bonuses? How can they be so callous, so tone deaf, so arrogant?"
As Senator Chris Dodd was quoted as saying, "Whenever I'm trying to explain to my constituents why we are doing this stuff to help the financial system, they just want to talk about the bonuses...I would like to see one of these Wall Street guys go to a Caterpillar factory where 20,000 people have lost their jobs and explain why they need their bonuses."
As the staggering job losses continue to grow, as the damage to the economy deepens, as past ''earnings" on which compensation was calculated have proven to be nothing more than smoke and mirrors, as taxpayers are marched to the cleaners again and again, the cry for "clawback" is growing from a hesitant murmur to a crescendo throughout the land.
(Continued here.)
HuffPost
It's in the air and it won't easily go away. Especially now that billions and billions more of federal (taxpayers) monies will be needed to stabilize sinking banking institutions. One needs only one quote from President Obama's address to Congress, "So I know how unpopular it is to be seen helping banks right now, especially when everyone is suffering in part from their bad decisions. I promise you-I get it."
As the New York Times' Joe Nocera reported, "How can it be, people fume, that companies that brought themselves down with poor decision making and short term greed and very nearly brought down the country's financial system to its knees-how can the employees of these companies still feel entitled to multimillion dollar bonuses? How can they be so callous, so tone deaf, so arrogant?"
As Senator Chris Dodd was quoted as saying, "Whenever I'm trying to explain to my constituents why we are doing this stuff to help the financial system, they just want to talk about the bonuses...I would like to see one of these Wall Street guys go to a Caterpillar factory where 20,000 people have lost their jobs and explain why they need their bonuses."
As the staggering job losses continue to grow, as the damage to the economy deepens, as past ''earnings" on which compensation was calculated have proven to be nothing more than smoke and mirrors, as taxpayers are marched to the cleaners again and again, the cry for "clawback" is growing from a hesitant murmur to a crescendo throughout the land.
(Continued here.)
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