Thursday, July 30, 2009

12.1 Billion of TARP money for bonuses?

Dear Federal Government,

I'm writing to you to inquire about the completely obscene bonuses that you're letting companies who borrowed massive amounts of public money pay out. Between Bank of America, Citibank and Merill Lynch they're paying out 12.1 billion dollars in bonuses. I know that many of the people at these firms are hard working Americans who probably desire a little extra in the paycheck, but this seems just a little steep. I don't know about what business classes you were forced to take in college, but at least the marginal one I was forced to sit through gave me enough of an idea of how a business should work that if you're not making money, you probably shouldn't be paying bonuses.

I'm wondering if you see the insane hypocrisy of companies who helped drive our national economy into the ground using money borrowed from the Federal Reserve to keep operating now blowing it all on bonuses. I guess I was delusional as an American that this money would be used for things like fixing the economy and that it would have the same sort of strings attached that food stamps might have, you can buy food so you won't starve, but no booze or smokes!

Now that we're all part owners of these companies I wonder if you will do the right thing and step in take this money away from these nitwits. Obviously if they've got the money to pay people one million dollar bonuses, they don't need ours.

I guess I could ask why you decided to save all these companies in the first place. Honestly, I think that talk about being too big to fail was just to make sure you didn't look stupid since all your deregulation bullshit had finally come full circle to bit us all in the ass. I'm beginning to think all the deregulation stuff is just a misleading name for letting companies run amok without any accountability.

It's been my observation, however myopic it may be that people in Wall Street are interested in one thing only, making money. They don't care who it hurts or the long term consequences of their actions. IF they did, do you really think we'd be in this situation?

Now I know that as far as this whole bonus situation is concerned, since congress is completely bought and paid for their won't be any resolution. The American people will continue to take it up the ass while our hard earned money is given to these weasels.

Your loyal citizen.

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