Re: DIFFERENT MONEY -- INDEED -- $1.6B went to bailed-out bank execs FIRE THE BUMS

[David Farber <dave () farber net>]

Begin forwarded message:

From: bobr () bobrosenberg phoenix az us
Date: December 22, 2008 7:07:07 PM EST
To: "David Farber" <dave () farber net>
Subject: Re:   DIFFERENT MONEY -- INDEED -- $1.6B went to bailed-out  
bank  execs  FIRE THE BUMS

Dave

"Although, in 'fairness', the banks claim that they are using  
'different money'."

My late father was a banker - on the boards of six banks & President  
of three of those.

One of the many lessons he taught me is that money is fungible.  Put  
another way -
money is money.

http://en.wikipedia.org/wiki/Fungibility
http://dictionary.reference.com/browse/fungible

Arguing that the money came out of a different pocket is - at best -  
prima facie
specious.

Happy Holidaze!
Bob

--
Bob Rosenberg
P.O. Box 33023
Phoenix, AZ  85067-3023
Mobile:  602-206-2856
LandLine:  602-274-3012
bob () bobrosenberg phoenix az us

**************

"Once a government is committed to the principle of silencing the  
voice of
opposition, it has only one way to go, and that is down the path of  
increasingly
repressive measures, until it becomes a source of terror to all its  
citizens and
creates a country where everyone lives in fear."
-- President Harry S. Truman, message to Congress, August 8, 1950



> Begin forwarded message:
>
> From: "innovationfactory" <marvin () innovationfactory com>
> Date: December 22, 2008 8:44:39 AM EST
> To: <dave () farber net>
> Subject: RE: [IP] $1.6B went to bailed-out bank execs  FIRE THE BUMS
>
> Dave,
>
> According to ABC NEWS, the bonuses being paid at just selected banks
> could be far larger than the $1.6B cited below. Although, in
> 'fairness', the banks claim that they are using 'different money'.
>
> See http://abcnews.go.com/Business/Economy/story?id=6230878&page=1
>
>
> -----Original Message-----
> From: David Farber [mailto:dave () farber net]
> Sent: Monday, December 22, 2008 6:09 AM
> To: ip
> Subject: [IP] $1.6B went to bailed-out bank execs FIRE THE BUMS
>
>
>
> Begin forwarded message:
>
> From: dewayne () warpspeed com (Dewayne Hendricks)
> Date: December 21, 2008 8:49:27 PM EST
> To: Dewayne-Net Technology List <xyzzy () warpspeed com>
> Subject: [Dewayne-Net] AP: $1.6B went to bailed-out bank execs
>
> [Note:  This item comes from friend Ed DeWath.  This item is making a
> splash among the Netroots today.  Its been sent to me by several
> readers.  One reader commented, "Its starting to feel like we're all
> the pets and we should be content with the few scraps that we're
> thrown by our Masters."  DLH]
>
> From: Edward DeWath <dewath () prodigy net>
> Date: December 21, 2008 8:00:49 AM PST
> To: Dewayne Hendricks <dewayne () warpspeed com>
> Subject: AP: $1.6B went to bailed-out bank execs
>
> AP study finds $1.6B went to bailed-out bank execs
>
> <http://news.yahoo.com/s/ap/20081221/ap_on_bi_ge/executive_bailouts>
>
> Banks that are getting taxpayer bailouts awarded their top executives
> nearly $1.6 billion in salaries, bonuses, and other benefits last
> year, an Associated Press analysis reveals.
>
> The rewards came even at banks where poor results last year sent them
> to Washington for a government rescue. Some trimmed their executive
> compensation due to lagging bank performance, but still forked over
> multimillion-dollar executive pay packages.
>
> Benefits included cash bonuses, stock options, personal use of company
> jets and chauffeurs, home security, country club memberships and
> professional money management, the AP review of federal securities
> documents found.
>
> The total amount given would cover bailout costs for many of the 116
> banks that have so far accepted tax dollars to boost their bottom  
> lines.
>
> The banks have so far received $188 billion in taxpayer help. Among
> the findings:
>
> Goldman Sachs described its pay plan last spring as essential to
> retain and motivate executives "whose efforts and judgments are vital
> to our continued success, by setting their compensation at appropriate
> and competitive levels."
>
> Goldman Sachs' tab for leased cars and drivers ran as high as $233,000
> per executive. The firm told its shareholders this year that financial
> counseling and chauffeurs are important in giving executives more time
> to focus on their jobs. (emphasis added)
>
> ____________
>
> Editorial comment: what the f**k were they focused on before the  
> rescue?
> RSS Feed: <http://www.warpspeed.com/wordpress>
>
>
>
>
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