TAX UPCOMING BANK BONUSES, PROJECTED AT A HALF MILLION, REWARDS FOR ECONOMIC DECIMATION

Written by Jim McGrath Tuesday, 12 January 2010 17:23

PDF | Print | E-mail

Representative Kucinich(D- Ohio) has introduced a bill to tax the upcoming big banks' bonuses. The tax is a good idea, as are clawbacks. The MOVE YOUR MONEY CAMPAIGN, helping the American people transfer their deposits from these despots to community banks unreliant on bailouts, and any steep bonus tax, should be the first moves to restore sanity and reason to finance.

WE HAVE EVERY REASON TO TAKE THESE STEPS. WHY?  Talking Points Memo article by M. J. Rosenberg (see link below) notes that THE AVERAGE GOLDMAN SACHS EMPLOYEE BONUS IS PROJECTED AT MORE THAN A COOL HALF MILLION.  THIS KIND OF LARGESS IS DUE TO OUR TAX DOLLARS, not virtuoso performance.

MUCH WORSE, and to add insult to injury, WHEN ALL IS SAID AND DONE, when we stop allowing them accounting practices that hide their losses (I believe they can currently keep toxic assets and other losses off their book), VIRTUALLY ALL THEIR PERFORMANCE WILL PROVE FAILURE, MUCH LESS WORTHY OF BONUSES!

THEIR ONLY POWER OVER US: THe THREAT THEIR FAILURE WILL BRING US ALL DOWN.  THAT IS HOLDING THE AMERICAN PEOPLE AND THE WORLD HOSTAGE TO THEIR PURSUIT OF PROFIT AT GREAT PAIN TO EVERYONE ELSE.  BUT ULTIMATELY, we should break them up in an orderly manner, so as not to bring the whole system down.

Everyone knows by now that, very insidiously, they have intertwoven their CDOs and other explosive debt instruments all around the world, in ways that it may be virtually impossible to unravel. One reporter noted that it took three hours for the fastest computers available to slice and dice one CDO for distribution. 

Difficult yes, but we must do it, lest we be captive for the rest of our lifetimes to a few large banks.  Click to see more details from The Talking Points Memo, at: http://tpmcafe.talkingpointsmemo.com/2010/01/10/democrats_should_tax_the_hell_out_of_the_upcoming/index.php