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Provenance
From the NY AG's Office, http://www.oag.state.ny.us/media_center/20…l%207.30.09.pdf

QUOTE
Two firms, Citigroup and Merrill Lynch suffered massive losses of more than $27 billion at each firm. Nevertheless, Citigroup paid out $5.33 billion in bonuses and Merrill paid $3.6 billion in bonuses. Together, they lost $54 billion, paid out nearly $9 billion in bonuses and then received TARP bailouts totaling $55 billion.

QUOTE
at Bank of America, compensation and benefit payments increased from more than $10 billion to more than $18 billion in between 2003 and 2006. Yet, in 2008, when Bank of America's net income fell from $14 billion to $4 billion, Bank of America's compensation payments remained at the $18 billion level.

QUOTE
3. Citigroup, Inc.
TARP: $45 billion ($25 billion on 10/28/08 underthe Capital Purchasing Program; $20 billion on 12/30/08 under the Targeted Investment Program) (11/23/08 Treasury and other goverrunent organizations agrees to backstop $306 billion in assets)

2008 Net Losses: $27.7 billion, or $5.59 per share.

2008 Total Bonuses: $5.33 billion in cash and equity ($4.6 billion of the mixed cash and equity bonuses were discretionary and $704 million of the mixed cash and equity bonuses were formulaic)

738 employees: at least $1 million
***
The Senior Leadership Committee (excluding members who are also executives) received a combined $126.26 million in cash, deferred cash, and equity.

The top four recipients received a combined $43.66 million.

The next four bonus recipients received a combined $37.47 million.

The next six bonus recipients received a combined $49.81 million.
Jaded Prole
The banks run the country. The Corporatist State will suck us dry and collapse from its own insatiable shortsighted greed. The corrupt scum that rises to the top cannot solve the problem they create.

The rest of us need to be building real community so we can continue post-collapse and rebuild something sane.
crosby
I'm sure you're seeing red when you think about the future.
pierreverte
here's the CliffsNotes for a new community:

http://www.cliffsnotes.com/WileyCDA/LitNot…ugged.id-7.html
Jaded Prole
I think that's Cros's Bible.

Looks like all but a few of us will be in the red for the foreseeable future.
Provenance
I've heard a lot of things said about Cros but never that he had a bible that didn't hold booze.
OCvertDe
I was already in the red for the foreseeable future.

Nothing going deeper in the red for some new absinthe won't take my mind off for awhile.
Donnie Darko
QUOTE(pierreverte @ Jul 31 2009, 05:15 AM) *

here's the CliffsNotes for a new community:

http://www.cliffsnotes.com/WileyCDA/LitNot…ugged.id-7.html


I noticed you didn't say "better" community, just "new" community.

While our current community sucks ass at checks and balances, as Provenance's statistics give evidence for, I don't see how manifesting a Randian fiction in reality would prevent such things from happening. Mr. Greenspan, the apostle of John Galt, sure as hell tried to do it, and what that got us was a replacement of regulation with faith in the idea that the financial world will always act in its own best interest. What we saw instead was egoism quickly evolve into cannibalism for the sake of short-term profit, all fueled by wishful thinking. Even Greenspan, who is a brilliant man, admitted his judgment was in error. Not sure why the Libertarian faith still has devotees.

Every kid should read that book though. Rand is quite personally inspiring, she's just not of much use when it comes to public policy, because she opposes public policy. I love her books though, masterfully written, powerfully resonant, and are most impressive in their ability to manipulate. I think even Mao would find Galt or Howard Roark inspiring. I think the best way to approach her is the best way to approach most things: take what works and discard what doesn't. Take the ethic of self-reliance but discard the tendency to condemn those who are less successful than you as not self-reliant. Reward success but don't use your success as a justification for the domination and exclusion of the less successful.

Maybe practice personal egoism along with public altruism? Is that possible?
Donnie Darko
QUOTE(crosby @ Jul 31 2009, 03:21 AM) *

I'm sure you're seeing red when you think about the future.


The future? The above sounds like a quote from 1947.
dakini_painter
QUOTE
the idea that the financial world will always act in its own best interest.


But they did exactly that. They made a bunch of money, lost a bunch of money, got bonuses, then bailed out, now they're back to making bunches of money again. All at our expense.

Remember, the corporation is your friend.
Shabba53
QUOTE(dakini_painter @ Jul 31 2009, 07:37 PM) *
Remember, the corporation is your friend.

As long as you own part of it. LARS!.gif
dakini_painter
Unless your corporation was GM or Chrysler…

btw, there was mention that one of the proposals for financing health care included a provision for raising the federal alcohol excise tax 229%. Not sure the status, at this stage it's too easy for proposals to be added and removed, but something to watch. I'll try to find out more.

Kirk
The federal tax on rolling tobacco went up 2200 percent, a 12 oz can of tobacco costs $60 now .
A 4% state sales tax is charged on that tax, is that not taxation upon taxation? How is it fair to pay a tax on taxes?
The tax on pipe tobacco went up 2 cents.
Visa is charging 3 % on all merchants card balances , the amount Visa charges on the tax on tobacco is more than a tobacco seller makes on the product.
Jaded Prole
QUOTE
one of the proposals for financing health care included a provision for raising the federal alcohol excise tax 229%.

Preposterous! At least sugar is still cheap.

It would make more sense to cut some of the unnecessary pork and to take some from the Pentagon budget. Heck, we could all have great health coverage for less than we squandered in Iraq.

Imagine using that money to save people instead of kill them. I know, it seems unamerican -- must be SOCIALISM (which must always be spelled in capitals while foaming at the mouth).
dakini_painter
What do you mean saving people instead of killing them? Are you crazy?

Pretty soon you'll say we should build schools and hospitals to help the poor. That's downright COMMIE.
Donnie Darko
All I know is I don't want no government taking none of my money to help nobody because the government don't know how to do nothing right. Or to summarize, "No". The word No is a complete sentence, after all.

Man, Libertarianism is easy. Just say no to any idea that involves taxes or "public" anything and assume that individual free will as manifested by "private" enterprise is guaranteed to do better just because it's self-evidently better (ignoring the fact that governments are assemblies of individuals representing the interests of diverse groups of individuals, most of whom elect to give up a portion of their income in exchange for services).
dakini_painter
You're such an idealist Donnie!

Some of the problems with the current government at the Federal and state level includes the excessive power lobbyists have over legislation, as well as entrenched government programs (especially the military and intelligence). In the old days, there was at least the pretense of helping the poor, widows and orphans, it was at least something that right minded people believed.

I sent this to some friends, and it seems appropriate now. It's about Ben Franklin. I'm sure he wasn't a perfect person, no one is, but he tried to help people.

http://kalman.blogs.nytimes.com/2009/07/30/can-do/

The other problem is that The People, the one's referred to as We, seem to not be willing to boot out an incumbent in the legislature or Congress. If we booted them out more often, they might actually listen.
OCvertDe
…pretty sure most of them have long forgotten they can.
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