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Re: DIFFERENT MONEY -- INDEED -- $1.6B went to bailed-out bank execs FIRE THE BUMS
From: David Farber <dave () farber net>
Date: Mon, 22 Dec 2008 20:54:46 -0500
Begin forwarded message: From: bobr () bobrosenberg phoenix az us Date: December 22, 2008 7:07:07 PM EST To: "David Farber" <dave () farber net>Subject: Re: DIFFERENT MONEY -- INDEED -- $1.6B went to bailed-out bank execs FIRE THE BUMS
Dave"Although, in 'fairness', the banks claim that they are using 'different money'."
My late father was a banker - on the boards of six banks & President of three of those.
One of the many lessons he taught me is that money is fungible. Put another way -
money is money. http://en.wikipedia.org/wiki/Fungibility http://dictionary.reference.com/browse/fungibleArguing that the money came out of a different pocket is - at best - prima facie
specious. Happy Holidaze! Bob -- Bob Rosenberg P.O. Box 33023 Phoenix, AZ 85067-3023 Mobile: 602-206-2856 LandLine: 602-274-3012 bob () bobrosenberg phoenix az us **************"Once a government is committed to the principle of silencing the voice of opposition, it has only one way to go, and that is down the path of increasingly repressive measures, until it becomes a source of terror to all its citizens and
creates a country where everyone lives in fear." -- President Harry S. Truman, message to Congress, August 8, 1950
Begin forwarded message: From: "innovationfactory" <marvin () innovationfactory com> Date: December 22, 2008 8:44:39 AM EST To: <dave () farber net> Subject: RE: [IP] $1.6B went to bailed-out bank execs FIRE THE BUMS Dave, According to ABC NEWS, the bonuses being paid at just selected banks could be far larger than the $1.6B cited below. Although, in 'fairness', the banks claim that they are using 'different money'. See http://abcnews.go.com/Business/Economy/story?id=6230878&page=1 -----Original Message----- From: David Farber [mailto:dave () farber net] Sent: Monday, December 22, 2008 6:09 AM To: ip Subject: [IP] $1.6B went to bailed-out bank execs FIRE THE BUMS Begin forwarded message: From: dewayne () warpspeed com (Dewayne Hendricks) Date: December 21, 2008 8:49:27 PM EST To: Dewayne-Net Technology List <xyzzy () warpspeed com> Subject: [Dewayne-Net] AP: $1.6B went to bailed-out bank execs [Note: This item comes from friend Ed DeWath. This item is making a splash among the Netroots today. Its been sent to me by several readers. One reader commented, "Its starting to feel like we're all the pets and we should be content with the few scraps that we're thrown by our Masters." DLH] From: Edward DeWath <dewath () prodigy net> Date: December 21, 2008 8:00:49 AM PST To: Dewayne Hendricks <dewayne () warpspeed com> Subject: AP: $1.6B went to bailed-out bank execs AP study finds $1.6B went to bailed-out bank execs <http://news.yahoo.com/s/ap/20081221/ap_on_bi_ge/executive_bailouts> Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an Associated Press analysis reveals. The rewards came even at banks where poor results last year sent them to Washington for a government rescue. Some trimmed their executive compensation due to lagging bank performance, but still forked over multimillion-dollar executive pay packages. Benefits included cash bonuses, stock options, personal use of company jets and chauffeurs, home security, country club memberships and professional money management, the AP review of federal securities documents found. The total amount given would cover bailout costs for many of the 116banks that have so far accepted tax dollars to boost their bottom lines.The banks have so far received $188 billion in taxpayer help. Among the findings: Goldman Sachs described its pay plan last spring as essential to retain and motivate executives "whose efforts and judgments are vital to our continued success, by setting their compensation at appropriate and competitive levels." Goldman Sachs' tab for leased cars and drivers ran as high as $233,000 per executive. The firm told its shareholders this year that financial counseling and chauffeurs are important in giving executives more time to focus on their jobs. (emphasis added) ____________Editorial comment: what the f**k were they focused on before the rescue?RSS Feed: <http://www.warpspeed.com/wordpress> ------------------------------------------- Archives: https://www.listbox.com/member/archive/247/=now RSS Feed: https://www.listbox.com/member/archive/rss/247/ Powered by Listbox: http://www.listbox.com
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- Re: DIFFERENT MONEY -- INDEED -- $1.6B went to bailed-out bank execs FIRE THE BUMS David Farber (Dec 22)