Black People : Rewarding white supremacists, with Black dollars

Discussion in 'Black People Open Forum' started by Putney Swope, Sep 4, 2009.

  1. Putney Swope

    Putney Swope Well-Known Member MEMBER

    Jun 27, 2009
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    +139 / -0
    The top heads and CEOs , hocho and advisors, to the top 20 financial management and investment firms, natioaly and globaly, can be presumed to be white supremacists, with not much need for verification, and now the taxes that those of African descent pay in taxes will be filtered and laundered to pay for the debouchery of these economic, thugs and gangstas!!!!
    Published on Thursday, September 3, 2009 by The Nation
    Big Bucks for Bailout Barons
    by Katrina vanden Heuvel

    One year after the global banking system collapsed the Institute for Policy Studies (IPS) 16th Annual Executive Excess report -- "America's Bailout Barons" -- shows that the perverse system of executive compensation which contributed to the financial meltdown is still thriving for top bailout recipients.

    President Obama had it right in April when he delivered his "economic Sermon on the Mount " and said, "We cannot rebuild this economy on the same pile of sand. We must build our house upon a rock." And, as the IPS report notes, even earlier in the year Obama spoke out against excessive executive compensation, saying, "In order to restore our financial system, we've got to restore trust. And in order to restore trust, we've got to make certain that taxpayer funds are not subsidizing excessive compensation packages on Wall Street."

    But the fact is we haven't learned -- or haven't acted on -- the lessons we must heed if we're going to build a more just, sustainable economy that works for the real economy rather than the Wall Street. The IPS report focuses on the twenty banks that have received the most bailout money from the federal government and shows that the banks and bankers are still acting and being rewarded as if they are Masters of the universe -- abetted by a government that is failing to take on the status quo.

    Sure, some steps have been taken to rein in compensation for TARP recipients -- but they are timid ones. And IPS's valuable report makes clear, "Lobbying armies from corporate and financial trade associations are energetically doing battle behind the scenes to keep even modest changes in pay rules off the legislative table."

    As a result historic inequality in pay is still prevalent and the neo-Gilded Age tycoons are raking it in. According to the report, a generation ago top execs rarely earned more than thirty to forty times the pay of the average American worker. But now top execs make an average of 319 times more than the typical worker. For the top twenty financial industry execs the divide is even greater -- 436 times more than the average worker in 2008. In the past three years, the top five execs at the twenty US financial firms receiving the most Bailout Bucks took home pay packages worth a staggering $3.2 billion -- an average of $32 million each. In 2008 those cats averaged nearly $14 million each--even though their twenty firms laid off more than 160,000 people since January of that year.

    full article;