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Letters to the Editor

Give it back

January 24, 2010

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To the editor:

The big financial banks that were bailed out can now pay Third World GDP to their employees! Why weren’t those billions of dollars returned to individual retirees and retirement fund shareholders who lost the capital saved through their working lives? Many true Christians have repaid their debts after taking bankruptcy relief.

So what god is Goldman Sachs CEO claiming to be working for? Isn’t his primary job to produce profit for the shareholders and not to transfer that profit to himself and the employees? The banks don’t own the capital they threw away.

Comments

Richard Heckler 4 years, 11 months ago

Yes think of it this way. All of those billions of tax dollars were provided for lending purposes to stimulate the economy. That is not being done.

As some "experts" noted on C-Span Friday night all of those billions of tax dollars that went on a bonus frenzy makes less available to the economy and less money available for small business loans.

It was also noted that all of those billions in bonus money would have easily covered millions of troubled mortgages. Thus benefiting a much broader spectrum of the population instead of going only to a few that will not put that money into the economy.

Substantial and very strict regulation needs to be brought back and toss deregulation in the trash can.

Products of deregulation:

The republican party are masters at putting millions upon millions upon millions of people out of work. AND stealing taxpayers retirement plans along the way.

Repubs do with a remarkable degree of consistency is wreck the economy,initiate huge movements of shipping jobs abroad aka the Reagan-Bush Global Economy and try to wreck social security and medicare.

Is there a definite pattern? Absolutely!

  1. The Reagan/ Bush Home Loan Scandal http://rationalrevolution0.tripod.com/war/bush_family_and_the_s.htm

  2. The Bush/Cheney Home Loan Scandal http://www.dollarsandsense.org/archives/2009/0709macewan.html

  3. What did Bush and Henry Paulson do with the bail out money? http://www.democracynow.org/2009/9/10/good_billions_after_bad_one_year

Brent Garner 4 years, 11 months ago

  1. The bonuses, particularly in this economic environment, are offensive.
  2. The bailouts should never have occurred.
  3. That said, most of these bonuses are being paid as per contracts with the individuals to whom they are being paid. In other words, the bonuses are legally due to the individuals. While this may bother you what would you have these companies do? Break the law? Or, do you want to grant the federal government the authority to re-write all contracts anywhere at anytime based on whatever whim of judgement comes out of the White House? We would have a name for that. Its called dictatorship.

goodcitizen 4 years, 11 months ago

Aren't employee retirement and/or retiree healthcare plans that were promised by corporations for a lifetime of service (labor) also contractual in nature? What about union contracts? But when those entities go "out of business" and reincorporate with a new name and the same plutocratic idiots in charge those contracts are voided. Why didn't we just let those big banking corporations fail and void the fat cat gold plated contracts? Oh yeah, they are "too big to fail" right...kind of convenient isn't it?

Flap Doodle 4 years, 11 months ago

Woo hoo, another repetition of the same outdated meaningless links by merrill! If there was a thread about wheatweaving, merrill would post something from democracynow on it.

Mixolydian 4 years, 11 months ago

What specific regulation was in place before 2000 that Bush repealed causing thie current economic difficulties?

Anyone?

jafs 4 years, 11 months ago

bg,

How about this? If the government is asked to step in and "rescue" large banks and other corporations, then it has the right to re-evaluate and change existing contracts as part of any agreement to do so?

commuter 4 years, 11 months ago

jafs- would you agree that this would also apply to the Auto Makers as well??? Do you really you think Obama and his buddies want to hurt the Union?? I do not but their contracts are assist in hurting the company.

Leslie Swearingen 4 years, 11 months ago

There is no rule against copying and pasting.

Many true Christians have repaid their debts after taking bankruptcy relief.

So what god is Goldman Sachs CEO claiming to be working for?

So, Sarah, are you saying that non-Christians do not repay their debts? What faith does Goldman Sachs CEO belong to? Shall we guess? I never heard them claim that they were working for any god.

commuter 4 years, 11 months ago

Sarah - do you receive a bonus from your employer?? If so, are you willing to give it back?? Anyone else??

Most of the time bonuses are part of an overall compensation package and sometimes they are given in company stock. I know for most readers on the board they will never understand or have the opportunity to get a stock bonus from their employer based on results but just because you don't get one, don't demand that anyone who does should give it back.

Also, think of the federal taxes that have to be paid on the bonus.

I would like the government ot go in and redo the union contracts for the automakers as well and make their health care plan be included in the current health care reform bill but the Dems have to reward their votes.

Flap Doodle 4 years, 11 months ago

Can we get to 400 copies of the same set of links before the end of the month, merrill?

jafs 4 years, 11 months ago

commuter,

Yes, I would support the government's influence on all companies it is asked to "bail out".

However, union wages and benefits only account for about 10% of overall costs, and the unions were making concessions to management already.

I suspect the other 90% should be looked at.

commuter 4 years, 10 months ago

Jafs - I disagree. A larger part of the problem is the health care for retirees that the compnaies have to pay as a part of their contract. If you expect these bonuses to be paid back even if tehy are part of a contract, I would expect the unions to have to feel the bite too.

notajayhawk 4 years, 10 months ago

jafs (Anonymous) says…

"How about this? If the government is asked to step in and “rescue” large banks and other corporations, then it has the right to re-evaluate and change existing contracts as part of any agreement to do so?"

How about if that had been decided before the bailout was agreed to?

"the unions were making concessions to management already."

How much of GM and Chrysler does the UAW own now, jafs? WHO made the concessions? How about all the bond holders that were told by Uncle Sam 'too bad, the unions get their share first'?

jafs 4 years, 10 months ago

commuter,

I assume that the 10% figure of wages and benefits includes health care for retired employees. Aren't you curious what's in the other 90%?

nota,

That would have been my preference - to arrange that as the initial terms of the bailout.

I can't answer your question, but I saw some Congressional hearings involving both management and union representatives where it was acknowledged by management that the unions were making significant concessions in order to help auto companies stay in business.

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