Here is another item that caught my eye. Lately I have been livid at the behavior of some people and institutions on Wall Street and the fact that they were getting away with it while the poor ole’ taxpayer is being taken for a ride.
But just as I was aghast at the woman having octuplets on top of the six she already had, I was also dumb struck by incredible stories about our financial institutions.
John Thain, CEO of Merry Lynch was watching the company die but while it was drowning, he remodeled his office for 3.5 million dollars. I have never imagined that an area rug under my desk could cost $100,000 or that a garbage can that I throw my garbage in could cost thousands. The question here is WHAT WAS THAT MAN THINKING?
His company was going bankrupt and he is remodeling his office. He also approved millions if not billions in bonus money to be paid before the year is out and before the company was acquired by Bank of America. He said he needed to pay the bonuses to keep good people at the firm. Many people do not buy that logic since it is these “good” people that drove the company into the ground and who would want to hire such people?
Actually, many of these people have a loyal client herd that follows them and so they are paid big bonuses to keep their clients at a specific company. Anyway, the timing of the bonuses as well as the remodeling could not have been worst!
The same could be said of CITIGROUP buying a $50 million private jet while accepting billions from the taxpayers to prop it up.
President Obama even made a point of scolding Wall Street and banks for the above actions as irresponsible behavior that cannot be condoned. I am happy that some prosecutors are starting to look into possible illegalities surrounding this irresponsible financial behavior.
A social side note on this stuff is the new song written and recorded by JOHN RICH called ‘SHUTTIN’ DETROIT DOWN”. Music has always reflected the “times” and there are many protest songs from our history.
This particular song is about what I just wrote about. The millions in bonuses given out while the working man suffers. It is very creative and I think will become some type of rallying song for people getting madder and madder at the shenanigans happening on Wall Street, in our finance system and in our government.
“My daddy taught me in this country everyone’s the same
You work hard for your dollar and you never pass the blame
When it don’t go your way
Now I see all those big shots crying on my evening news
‘Bout how they are losing billions
And it’s up to me and you
To come runnin’ to the rescue!
Well, pardon me if I don’t shed a tear
They’re selling make-believe and we don’t buy that here
Cuz in the real world they’re shuttin’ Dee-troit down
While the boss-man takes his bonus pay and jets on out of town
D.C’s bailing out them bankers
As the farmers auction ground
Yeah, while they’re living it up on Wall Street in that New York City town
Here in the real world they’re shuttin’ Dee-troit down
Here in the real world they’re shuttin’ Dee-troit down
Well my granddaddy worked hard in that plant most of his life
Now his pension plan’s been cut in half and he can’t afford to die
It’s such a cryin’ shame cuz he ain’t the one to blame
And when I look down and see his callused hands
Well let me tell you friend, it gets me fightin’ mad
Cuz in the real world… "
You know my views on capitalism, socialism, unionism and the like but I tell you now, working people have something to be pissed off about because they were pissed on and I think people should start demanding something to be done about the people and institutions that put us in this very precarious position, endangering us and our families and making our futures very uncertain - STAND UP AND TELL TEM YOU WILL NOT TAKE THIS ANYMORE!
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