Monday, October 20, 2008

Bail Out Capital Is Going to Bank Bonuses First Before Trickling Down

While locally we're still waiting to see when and if the federal government's $700 billion bail out will trickle down to help us, it's frustrating to find out that the banks initially receiving the money are earmarking $70 billion of it for bonuses for their employees. This amounts to a windfall to bankers who helped sink the economy into the worst financial quagmire in a nearly a century, and yet they are getting tax dollars they haven't earned to turn the economy around. How can they award themselves bonuses under those conditions? If you drove your business to the brink of disaster because of your own greed or ineptitude and then saved it with a hand-out that someone else gave you should you expect to receive a bonus, let alone to keep your job?

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