Today finds me unable to suppress anger and stay dispassionate and detactched. Reading an article from the New York times, my anger was roused when I read an article that bankers who receives TARP monies meant to jump start our economy are instead using them to pay off debts, offer dividends to shareholder, perform mergers and all the same rapacious conduct that got us into our current economic horrorshow. Here we are dealing with a crisis of global proportions and much little like they have in the past decade, bankers have turn this into some magic payday .
Bailout Is a Windfall to Banks, if Not to Borrowers
I mean( inserting rant now) business are collapsing, millions don't have health care, people are losing homes(and everything else), can't send their children to school, buy a cars or start a new business, activities necessary to health of our economy. And against the background of looming economic collapse, a bunch of greedy bankers in an effort to keep the systems going were given OUR TAXPAYER MONEY to help the provide credit and loans. Instead, they are HOARDING money and enriching themselves once again at OUR EXPENSE. Many of these bloated, self interested, self serving banks received these monies with the spirit of helping solve the problem of investor confidence that afflicts us all, but as usual, these ethically challenged, greedy people are busy stripping the copper pipes and fixtures out out of the metaphorical burning house. Henry M Paulson Jr and Bernard Bernanke should be locked in one of the empty vaults they plundered to ensure banks, who contributed in large part to this financial disaster, could go on yet another buying spree of the very institutions they've helped to destroy
To quote the Time article
"At the Palm Beach Ritz-Carlton last November, John C. Hope III, the chairman of Whitney National Bank in New Orleans, stood before a ballroom full of Wall Street analysts and explained how his bank intended to use its $300 million in federal bailout money."
“Make more loans?” Mr. Hope said. “We’re not going to change our business model or our credit policies to accommodate the needs of the public sector as they see it to have us make more loans.”
i.e were not going to stop pillaging and looting because the Treasury gave us a blank check.
It brings to mind the toad and scorpion analogy!
If these people are not going to use the money the way that The TAXPAYER, whom lent intended it to be used, IT SHOULD BE PAID BACK IMMEDIATELY, WITH INTEREST!