Wall Street Bailout Should Get Main Street Support
To all you "Main Streeters" who protested the federal bailout plan for its lack of accountability and socialization of losses, I have a message for you: I feel your pain, I share your pain, but things are only going to get worse if Americans don't come together and tell their members of Congress to vote for it.
Every hard-working American has a right to be furious about CEO golden parachutes in which corporate titans were able to strip companies of all their value and walk away with large fortunes for their great (er, I mean, horrendous) work. Clearly, Congress and the White House must rein in, even ban, huge payouts for self-promoting profiteers who buy Lear jets and McMansions while the rest of us see our life savings dwindle to nothing.
The list of profiteers is disgusting. According to the New York Daily News, the plan the U.S. House turned down on Monday would have allowed, "Washington Mutual Chief Executive Alan Fishman, who had been on the job for just three weeks when the bank went bust...walk away with more than $18 million in salary, bonuses, and severance. Robert Willumstad, former chief executive officer of insurance giant AIG, could have gotten a $22 million exit package—after just three months at his post. Willumstad turned down the package." (As well he should! My gosh, one of them has a conscience!!!)
The list continues: "If failed CEO Richard Fuld were to leave Lehman Brothers as it struggles to sell off its assets, he could rake in about $65 million in salary and bonuses, a top Wall Street analyst said. That's on top of the estimated $446 million he was paid between 1993 and 2007."
Tags: Wall Street | government intervention
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Reader Comments
Senate Bailout Pork is Bull
It's clear the Senate nor House has a clue!! It's time to vote all of these Incumbutts out of office and start over. Give the next group of "Geni-not-for-us" a chance to come up with a new plan. I'm not in the market for this much PORK. Obama said it. You can dress a PIG up and put lipstick on it, but it's still a Pig--and this Rescue Plan (HA! HA! didn't know NASCAR needed rescuing) is one FAT PIG and I'm not buying it!
How about My Street?
95% of us don't live on either Wall or Main street.
Wall Street Bailout Should Get Main Street Support
I am not concerned with the "Golden Parachutes" at all. The money going there pales when compared to the $700,000,000,000 going to buy the worthless paper from the thieves.
The plan has been sold as "Take the Plan" or "Take Armageddon", with nothing in between. Outrageous.
It's time to "VOTE THEM OUT".
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