Bonuses Were Substantially Greater Than The Banks' Net Income

NY AG: Banks Paid Bonuses That Were Substantially Greater Than The Banks' Net Income

The report says that combined, these three firms earned $9.6 billion, paid bonuses of nearly $18 billion, and received TARP taxpayer funds worth $45 billion. Why did this happen? Because, according to Cuomo, when times were good the bankers rewarded themselves based on performance. When the economy started to sour - they decoupled the bonus structure from reality and kept rewarding themselves.

http://snipurl.com/olyxg



Trader on Bloomberg says markets are manipulated and volumes 'ficticious'

Video

Joe Saluzzi talks on Bloomberg and explains how machine trading is distorting the financial markets.

http://www.youtube.com/watch?v=V4cRYI2x60Q



Prolonged aid to unemployed is running out

1.5 million could lose benefits by end of year, according to group's research.

http://www.msnbc.msn.com/id/32254520/ns/us_news-the_new_york_times/



Pay attention to your pension because you may lose it

The drive to dismantle the welfare state has a new target. Governments have already gutted unemployment insurance and social assistance. Out-of-date labour laws make it tough to organize unions in the new, decentralized, service-based economy. Now, thanks in large part to the dynamics of the recession, pensions are under attack.

http://thespec.com/News/BreakingNews/article/610946



Shuttered factories, shattered lives in US rust belt: Long lines at the unemployment offices

Empty shelves at the food banks. Boarded up businesses. Homes lost to foreclosure, their contents strewn on the street.

http://rawstory.com/news/afp/Shuttered_factories_shattered_lives_08022009.html


From Information Clearing House

--------

ROBERT SCHEER

Banking Bandits Get Their Reward

thenation.com - By now everybody must know that the top banking executives responsible for our economic meltdown have no shame. Otherwise they would not have dared give themselves such hefty bonuses as a deeply perverse reward for actions that caused millions of Americans to lose their jobs and homes. But that also speaks volumes about the inefficiency of a system of rewards that has nothing to do with performance.

http://caf.democracyinaction.org/dia/track.jsp?v=2&c=AcJesZi%2BdUWtDzMhu6olNIi5a08LD%2B1v



http://freepage.twoday.net/search?q=economic+meltdown
http://freepage.twoday.net/search?q=bonus
http://freepage.twoday.net/search?q=financial+market
http://freepage.twoday.net/search?q=recession
http://freepage.twoday.net/search?q=TARP
http://freepage.twoday.net/search?q=taxpayer
http://freepage.twoday.net/search?q=unemploy
http://freepage.twoday.net/search?q=foreclosure
http://freepage.twoday.net/search?q=food+bank
http://freepage.twoday.net/search?q=Robert+Scheer

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