Bail Out Money Goes to Bank Executives!

A close and reliable friend reads the Wall Street Journal. Last week the Wall Street Journal reported that the "Bail Out" money the US Government is providing to the country's top 10 banks, is going straight into the bank's executive pension funds.

It looks like the "Bail Out" purpose is to allow the banks to fund the multi-million dollar executive pension funds they are obligated to and didn't have the money for, due to their irresponsible, although highly profitable loans.

Any of the smaller banks don't get any "help" and if they fail have to be absorbed into the larger banks. It's really a win win situation for the top banks, as well as probably those in government that are in bed with them.

The public needs to speak out against this government mismanagement.

Georgio

Something is working.... http://money.cnn.com/2008/11/04/markets ... /index.htm

Awwww, Georgio, surprise, surprise, right?

And, Track, they covered their arses w/the money and are willing to share what's left w/the smaller banks. How generous of them. I'm impressed - NOT!

Georgio wrote:A close and reliable friend reads the Wall Street Journal. Last week the Wall Street Journal reported that the "Bail Out" money the US Government is providing to the country's top 10 banks, is going straight into the bank's executive pension funds.

It looks like the "Bail Out" purpose is to allow the banks to fund the multi-million dollar executive pension funds they are obligated to and didn't have the money for, due to their irresponsible, although highly profitable loans.

Any of the smaller banks don't get any "help" and if they fail have to be absorbed into the larger banks. It's really a win win situation for the top banks, as well as probably those in government that are in bed with them.

The public needs to speak out against this government mismanagement.

Georgio

Two thoughts.....
This shouldn't surprise ANYBODY.
And,
Who are you gonna complain to?.....(Your elected representatives?.....the ones that created the problem AND the "solution")


Den

Yeah, just look at the community reinvestment act.

I'm speaking out today! I'm voting against anyone who did vote for the bailout ... that means voting against both Obama and McCain among my incumbant senator!