Monday, January 10, 2011

OBAMAnation: Foreclosures Up! Unemployment Up! Bankters' Profits Up! TWO MORE YEARS TO GO!

Oct 12, 2010
Wall St to give record payout

The payout, covering bonuses, premiums and stock options for the firm's executives and employees, is a four-per cent raise over the previous record $139 billion that was handed over in 2009. -- PHOTO: REUTERS
WASHINGTON - FINANCIAL institutions on Wall Street are preparing to pay a record US$144 billion (S$189 billion) in compensation and benefits, according to a study published on Tuesday in the Wall Street Journal.
The payout, covering bonuses, premiums and stock options for the firm's executives and employees, is a four-per cent raise over the previous record $139 billion that was handed over in 2009, said the financial daily.
The study, which covers 35 Wall Street firms - including banks, investment banks, hedge funds and money managing groups - found that 29 of the institutions were also expected to see revenue rise by three per cent, from $433 billion to $448 billion.
The 2010 profit for the firms of some $61 billion is still a 20 per cent decline on the $82 billion in 2006 - despite in that time compensation at the institutions soared 23 per cent, according to the Journal.
Wall Street banks and funds have already come under withering criticism for their actions during the 2008 financial crisis and faced the fury of the US public for paying out huge bonuses even though some were propped up by taxpayer funds to keep afloat.
In June US authorities announced guidelines aimed at countering pay and bonus practices blamed for the excessive risk taking that fueled the global financial crisis. -- AFP
*
*
*

*
“Wells Fargo, for instance, which has leeched $25 billion in bailout money, bought an inadvertently hilarious full-page ad in The Times to whine about the junkets to Las Vegas and elsewhere it was forced to cancel because of public outrage.” --- Maureen Dowd, NYTimes

*
US banks and corporations announce huge pay packages for 2009
Wells Fargo executives double their compensation
By Andre Damon
11 March 2010
US corporations are beginning to release figures on CEO pay for last year. Multi-million dollar packages are the norm in a year that saw the continued deterioration in the living conditions of the vast majority of the population.
Each of the top five executives at Wells Fargo at least doubled their compensation last year over 2008. The five men each received over $11 million in 2009, while Wells Fargo’s chief executive, John Stumpf, took home $21.3 million, far higher than his 2008 package of $8.8 million.
Mark Oman, the head of consumer business for Wells Fargo, nearly quadrupled his previous pay package to $13.5 million. Howard Atkins, the chief financial officer, received $11.6 million. The other Wells Fargo executives who received huge payouts were David Carroll, the head of the brokerage unit ($14.3 million), and David Hoyt, the head of wholesale banking ($13.5 million).
These latest reports come in the wake of Barack Obama’s statement last month that he does not “begrudge” the bonuses of Goldman Sachs CEO Lloyd Blankfein and JPMorgan Chase CEO Jamie Dimon. Blankfein got a $9 million bonus lat year, while Dimon received $16 million. (Their total packages have not yet been released).
“I’M NOT HERE TO PUNISH MY BANKSTER DONORS THAT DESTROYED THE LIFE SAVINGS OF MOST OF THIS NATION. I’M HERE TO SERVICE THEM FOR ANY AND ALL THEY WANT!” Barack Obama, the Bankster President (La Raza Party).
Obama defended the bonuses on the grounds that Blankfein and Dimon are “savvy businessmen.” This statement gave what amounted to official carte blanche for the multi-million-dollar bonuses paid to hundreds of other “savvy businessmen,” even as the government oversees a massive attack on the living conditions of the vast majority of the population.

No comments: