Democracy Has Prevailed.

March 23, 2009

Song for JPMorgan & AIG

From ABC News:
Embattled bank JPMorgan Chase, the recipient of $25 billion in TARP funds, is going ahead with a $138 million plan to buy two new luxury corporate jets and build "the premiere corporate aircraft hangar on the eastern seaboard" to house them, ABC News has learned.
From Reuters:
Documents turned over to the Connecticut attorney general show that American International Group Inc paid out over $218 million in bonuses, more than the previously disclosed $165 million, published reports said on Saturday.


The documents show that bonuses of at least $1 million were paid to 73 people, and five received more than $4 million



Joshua said...

Um, let them eat cake?

Conservative Mountaineer said...

BFD on both... class envy at it's worst.

First, I have NO problem with the use of corporate jets for at least two reasons:
1. An executive's time is very valuable. You cannot expect them to languish in airports and/or be beholden to inefficient flight schedules.
2. Many locations for many of the large multi-national operations are not readily accessible by commercial flights; use of private aircraft is the ONLY cost-effective alternative.

As for the bonuses, many of the rabble-rousers simply are playing calss warfare because they don't understand (or care to understand) how compensation is structured in the finance industry.

Let me ask one question -- Are you ANY better off if someone gets 'screwed' through, say, a 90%tax?

The answer is NO. You will still lead a miserable life worrying about others. Me, I've been really close to getting the rewards of working hard (I'm in the financial services industry) and I WANT to make more money than I can spend. I have gone well beyond normal college education and worked ungodly hours to fulfill my desires and ambition. I make NO apologies.

Joshua said...
This comment has been removed by the author.
Joshua said...

CM, you sound like this clip:

Maria said...


1) Let me highlight for you: " corporate jets and build "the premiere corporate aircraft hangar on the eastern seaboard" to house them."

2) I lived in Manhattan for many years and had friends and acquaintances who worked on Wall Street. I understand that instead of receiving a fixed annual salary many get the majority of their annual income in a lump-sum payment (bonus).

However, that bonus usually is in some part based on individual performance, company profits, etc. Do I need to remind you that the profits did not really exist and that these are the same people who are having a SORRY, MOM, I WRECKED THE ECONOMY moment?

How is it that Conservatives who are supposed to be all about accountability suddenly don't care to hold those who BROKE THE ECONOMY accountable?

And, now they are trying to weasel around this by calling them retention bonuses? Who wants to retain these clowns? Who's gonna hire them if they take their ball and leave?

And, waaaaaaaaaaaa, waaaaaaaaaaaa, waaaaaaaaaaa. Lots of people work lots of hours. I'm thinking of a couple million homemakers with kids that work practically round the clock that according to your logic must be owed billions.

You talk 'class envy.' Call it for what it is. It's been class warfare for years. But it's been the masters of the universe who have held all the weapons. And, I'm paying for these clowns to wage war on unions with their anti card check campaigns.

I'm paying the bonuses of these clowns who FUCKED UP THE WORLD ECONOMY.

Still, despite the fact that there are plenty of targeted taxes and retroactive taxes, I'm not for the 90% tax on these bonuses -- seems too political.

But it doesn't mean that I won't call them out on their luxury private jets and premiere corporate aircraft hangars and their lying about how much was paid out in bonuses that we mere peons are paying for.

That is a BFD to me.