Tuesday, January 24, 2012

Fat Cat Payday

Yesterday's Marketwatch.com has a piece on huge comp packages for executives at some of the largest companies receiving the bailout dollars. Gee, what a surprise. And what an outrage.

The rationale, and I use the term loosely, is that executives who were not paid well would not stay at the institutions to shepherd them through the payback phase. So, it seems that Patricia Geoghegan, who represented the Office of the Special Master (of the Special Inspector General for the Troubled Asset Relief Program), was pressured by the US Treasury, no less, into granting these fat cats' wishes.

49 different individuals received pay packages of $5 Million or more. During the worst economic downturn since the Great Depression, when real rates of unemployment are from 15% to 19%, depending upon whom you believe, it is astounding that the fear that top executives would quit drove such an egregious decision. Who are they kidding? Where would they go? Even now, most people with jobs are terrified of losing them. And a myriad others would be happy to work for a fraction of what these guys got.

It's easy to understand the OWS movement - who's watching out for the little guys?

1 comment:

  1. It seems to me that no one is really looking out for us. The level of frustration and disgust from those of us that are considered "middle class" is fueling anger, fear and horror at what lies ahead for us. Never did I think that I would be chronically unemployed or able to meet my monthly bills. If you make any money in this country that is above the so-called poverty level (approximately $22,000 per year for a family of 4), you are screwed! There is no government assistance for us for food, housing, heat, medical etc. So the rich really do get richer and the poor are taken care of with government assistance, but the middle class are ignored.

    I truly do not trust anyone in government today and the really "good guys" who are honest and moderate will not run! The machine is very broken and it will take an army of angry citizens to fix it. I wish I could believe that help is on the way, but I fear it is not. Money talks ... period ... and people are truly only out for themselves. Unfortunately, greed and power are very real and unless there really is a "second coming" I don't see that changing.