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Gold/Mining/Energy : Big Dog's Boom Boom Room

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To: Kayaker who wrote (112207)	10/19/2008 1:40:54 PM
From: gparker940	of 206181

Kayaker...here is more on the "bailout" and King Paulson. Never mind that the bailout plan isn't working. Credit markets are still locked up, because the recipients of the bailout aren't doing what they are supposed to with the money - lending it out. No, instead, they are holding on to it, which is sort of the same as saying the plan never would have worked given the character of those involved. It was extremely urgent that Congress immediately allocate this money...yeh, right. But what are they doing with all the taxpayer money they are holding onto? These bank payouts are for the excellent work these bank employees have done "so far this year". Does that mean they get more later this year? Beyond belief. See below from the UK's Guardian: guardian.co.uk Wall Street banks in $70bn staff payout Pay and bonus deals equivalent to 10% of US government bail-out package Morgan Stanley $10.7bn Goldman Sachs $11.4bn, Morgan Stanley $10.73bn, JP Morgan $6.53bn Merrill Lynch $11.7bn. Financial workers at Wall Street's top banks are to receive pay deals worth more than $70bn (£40bn), a substantial proportion of which is expected to be paid in discretionary bonuses, for their work so far this year - despite plunging the global financial system into its worst crisis since the 1929 stock market crash, the Guardian has learned. Staff at six banks including Goldman Sachs and Citigroup are in line to pick up the payouts despite being the beneficiaries of a $700bn bail-out from the US government that has already prompted criticism. The government's cash has been poured in on the condition that excessive executive pay would be curbed.

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