Wednesday, February 25, 2009

Banks Gone Wild

I've had it. Maybe it's my inner Republican coming out in full force but this whole bailout business is getting to me.

Yesterday, the NYTimes reported that AIG is still sucking wind and needs, oh, another 60 billion or so. Not to mention the US will end up owning about 40% of Citibank- not sure that's such a good investment.

The good news? It seems the death penalty is too costly, and many states are considering an end to it.

But reading just now about how Northern Trust, a bank who received 1.6 billion, and laying off 450 employees, had a party.

Sorry, they had a PARTY. As reported by TMZ, Gift bags from Tiffany's, sponsorship of a PGA gold tournament, fancy hotels, Sheryl Crow live for a private concert along with the band Chicago (I guess that was a tip of the hat to the recession)- millions spent.

I'm sure all the out of work employees enjoy chewing on that irony.

I have to wonder- why isn't this on the front page of the NYTimes? If they can report on Kansas giving up the death penalty based on cost, why aren't they working on the incredible bullshit going on with the bailout money given to banks?

I don't know about you all but I think handing over billions means there has to be some serious accountability. I want to know where every damn dollar is going. I want to read a business plan that shows they are capable of making change and if they are not? Boot them all. Hire new people.

Companies fail when they are poorly run. Handing money over to poorly run companies is not going to make them better. It will only prolong the pain.

Like I said, it's probably just my inner republican jumping out, but I am sick of reading about these abuses.

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Anonymous Anonymous said...

My SO is supposed to be taking photos at the EU summit in Brussels this coming Sunday. Only but - no group photo. Why, you ask? Because the EU Commissioners cannot be seen to be eating. Why, you ask? Because we might be appalled at the champagne and caviar factor...

It's not just the banks, sweetheart. It's at every level of every organization. Except maybe in NGOs...

12:26 PM  
Blogger Sue J said...

Good to have you back!

1:01 PM  
Blogger Sara said...

thanks for the tip, sue!

2:49 PM  
Blogger Ulla said...

"Companies fail when they are poorly run. Handing money over to poorly run companies is not going to make them better. It will only prolong the pain."

I suites you. Maybe having money in the family kept the liberalism slightly in check, eh? :-)

6:51 AM  
Blogger Sara said...

450 people lost their jobs while the big wigs went and partied all night long.

that's bad management.

it's not as if the people earning the least are still keeping their jobs. they've already been fired.

but yes, having money in the family certainly taints my view. no question.

7:41 AM  
Blogger Rev. Bob said...

I'm thinking the bank stuff is to keep us from going down the hole until we turn from an economy based on derivatives and derivatives of derivatives to an economy that makes stuff - and everybody starts expecting the kind of ROI you get from people making stuff, not the kind of ROI you get from a roulette wheel.

5:29 PM  
Anonymous Anonymous said...

And ... let's top all of that debauchery off with CUTTING OUT STUDENT LOANS!!! WTH??? How are people supposed to go to college without Sallie Mae?

2:42 PM  
Blogger Rev. Bob said...

Anon, forget the student loans. Those kids just spend it all on beer bongs and College Republican dues.

9:19 AM  

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