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Originally Posted by aceventura3
Why wasn't it bullshit when they wrote the legislation? Obama and the Democrats are supposed to be "smart", right?
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I always thought the TARP came out of the Bush Admin. back in Sept. or Oct. '08 and was written by (mostly) Treasury Secretary Henry Paulson and Fed Chair Ben Bernanke.
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Originally Posted by aceventura3
If you want to play. Here is one of note JP Morgan Chase. They would be considered a "Wall St." firm they made a profit in the fourth quarter of 08 and during the fiscal year 08. they did not do as well as in 07, but I would think the people at JPM may deserve a bonus.
No doubt you won't respect any source I give, but here is an excert from their earnings press release, you can do you own homework to verify.
JPMorgan Chase Reports Full-Year 2008 Net Income of $5.6 Billion, or $1.37 Per Share, on Revenue of $67.3 Billion; Fourth-Quarter 2008 Net Income of $702 Million, or $0.07 Per Share - WSJ.com
Now what is your next objection? Let's play! We can do this til the cows come home.
-----Added 2/2/2009 at 05 : 30 : 16-----
Why can't you folks understand the difference between failing companies (GM, Fannie Mae, Country Wide, etc.,) and companies doing well given the recession? Most of the firms on "Wall St." are going to make it through this financial crisis just fine. Washington could have let the weak and failing companies fail. Failed companies don't pay bonuses, because a bankruptcy court judge wont allow it unless all other obligations have been met.
Just admit that the folks in Washington don't know what they are doing. |
I don't think the people in DC know what they're doing. I don't think anyone knows the solution to this deep hole we've dug ourselves into.
Plus I've repeatedly said my objection is not to companies making money and giving bonuses. My objection and my understanding of the POTUS objection is aimed at companies that took TARP funds because they were not profitable and used a portion of that money to pay bonuses.
I've never had a problem with profitable companies paying people whatever they want. Which is why I said-
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When you pay back the tax payers and your company goes back to making money then you can write yourself large checks with lots of zeros on them all you want.
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And my home work shows JP Morgan took 25B in Tarp funs-
So, they did better after taking 25B in TARP in '08 then they did in '07 when they didn't get an extra 25B, right?