Monday, October 13, 2008

Why Are These Guys so Happy?

Why does Jamie Dimon (center), the chief of JP Morgan Chase look so happy after meeting with Treasury Secretary Henry M. Paulson Jr?

The largest recipients of the bailout are:
B of A: $25 billion
Citigroup $25 billion
Wells Fargo $25 billion
JPMorgan Chase $25 billion

Oh, now I get it.


My Prostate's in a Mason Jar by the Door said...

That giant sucking sound is your hard-earned pay disappearing from your wallet.

What a bunch of crooks. The CEO's of these companies were paid millions of dollars to make bad, terribly risky decisions that resulted in corporate losses. Now, we taxpayers get to foot the bill for their luxurious lifestyles.

I, for one, am truly pissed off about it all. And, the very sad part of all of this is that NO lessons will be learned from it. This financial disaster was driven by greed and the greedy have not been punished.

Get ready folks. It will all happen again.

Rich said...

I can't seem to wrap my head around this whole thing or anything else that seems to be going on lately. Is it me or does anyone else feel the same way?

Jonathan said...

Economic actors make decisions within the legal and political framework in which they operate. For a look at a portion of the government’s role in creating the framework in which executives made their financial decisions see Taking Hard New Look at a Greenspan Legacy in The New York Times . (To read this article you have to sign up for a free account if you don’t already have one). Today’s turmoil is a complex problem that, in all fairness, cannot be laid solely at the feet of one group.

Yes, and for the record, I think executive compensation is way out of whack.

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Horace said...

It won't work in actual fact, that is what I suppose.
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