Banks Allocate 86% ($108B) Of Bailout Towards Compensation And Bonuses!

9 11 2008

Amazingly my ongoing outrage at the Republican party has been outdone by my new found rage towards the heads of the banking industry.  I just read a letter the honorable Henry Waxman sent to the CEO of Wells Fargo where he chastises him and eight other banks for putting $108 billion of the currently allocated $125 billion tax payer bailout dollars towards compensation and bonuses.

This is so reprehensible as to defy credulity.  If there were calls for regulation and oversight before I think it is clear that there should now be calls for the seizure of all personal assets, arrests, and imprisonment for these cowards and honorless thieves.

All of Al Qaeda’s attempts to wound this country combined pale in comparison to the damage the US has suffered at the hands of these craven traitors.  I would stop short of the death penalty only because I want these tender pampered racketeers to spend the rest of their lives in Guantanamo getting the best Dick Cheney has to offer because they are domestic terrorists of the highest order and deserve no less.

(hat tip to Driftglass for the initial point to the Waxman letter)

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4 responses

9 11 2008
Bryan

holy hell

10 11 2008
Chase

Or they allocate the funds to new bank acquisitions … so much for the money going towards loan generation.

Lame

10 11 2008
culturepress

Truly disgusting… as if the GOP wasn’t shameless enough as it is. They just get more and more greedy and gratuitous, don’t they?

10 11 2008
Barbara

The change to Section 382 of the tax code — a provision that limited a kind of tax shelter arising in corporate mergers — came after a two-decade effort by conservative economists and Republican administration officials to eliminate or overhaul the law, which is so little-known that even influential tax experts sometimes draw a blank at its mention. Until the financial meltdown, its opponents thought it would be nearly impossible to revamp the section because this would look like a corporate giveaway, according to lobbyists.

http://www.washingtonpost.com/wp-dyn/content/article/2008/11/09/AR2008110902155.html?hpid=topnews

and the rape continues………..

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