THESE EXECS NEED TO BE SHOT
THE FINANCIAL COLLAPSE & HAS HAPPENED. THE WORLD DEPRESSION & WHO CAUSED IT
FINANCIAL COLLAPSE HAD TO HAPPEN THE BANKS & EXECS GOT TOO GREEDY:
USA President Obama:
thepage.time.com — “These executives crossed the line to boost their bottom line. We should be reprimanding them, not rewarding them. Rewarding their bad behavior just encourages others to pursue the same kinds of irresponsible practices that led us into this financial mess in the first place."
FEB 2009 & US President Barack Obama has announced a $500,000 (£355,000) limit on executive pay at US firms that need substantial fresh government aid.
The move follows widespread public anger over the levels of pay on Wall Street, but is not expected to be applied retrospectively.President Obama said it was "shameful" that top bankers had awarded themselves giant bonuses last year.He added that taxpayers should not be "subsidizing excessive compensation".
In addition to the limit on basic pay, Mr Obama said if affected executives receive any bonuses, it "will come in the form of stock that can't be paid up until taxpayers are paid back for their assistance".Firms will also have to publicly disclose "all the perks and luxuries bestowed upon senior executives, and provide an explanation to taxpayers and to shareholders as to why these expenses are justified"."We're asking these firms to take responsibility, to recognize the nature of this crisis and their role in it," said the president.Analysts said the plan could raise the likelihood of senior executives moving from firms who need government aid to those that don't."There is certainly a possiblity of talent flight from the big firms to the smaller investment banks," said Lauren Smith, analyst at Keefe, Bruyette & Woods.
'Take responsibility' "We all need to take responsibility," said President Obama."And this includes executives at major financial firms who turned to the American people, hat in hand, when they were in trouble, even as they paid themselves their customary lavish bonuses."According to the available figures, US banking bosses received bonuses of more than $18.4bn last year.Some, such as those at Citigroup, also tried to continue to spend on executive luxuries despite receiving government aid. Citigroup was criticised for attempting to buy a new $50m executive jet after receiving $45bn in taxpayer bail-out cash under the Treasury's Troubled Assets Relief Program (TARP) $700bn financial bailout fund. Republicans have supported the move to limit the pay of executives at firms that secure fresh government money.
Central banks & Banks & their execs are the ones responsible for creating this system thanks to their "fiat currency system" ( the fiat currency system that we have now is based on trust, trust in terms of paper money, trust in the government who really never can tell a situation will happen.
We believe in them as we have no choice so now you can see whats happening ). Since the introduction of the Euro, monetary inflation has been exceeded 10% per year. A lot of people don't know it, but monetary inflation is the real, true inflation so think about your future. Monetary inflation is printing money & thats why we are talking about bilions now not millions. Credit expansion is based on the promise to pay money back. The Central Banks give money to Banks and Financial houses on credit. These Banks lend money to people hoping that it gets paid back because those banks are obliged to pay back the central bank. The central bank approves the credit that the banks lend to individuals and companies. If people are no longer able to pay it back because they've gotten so deep into debt, then the banking sector can't meet its obligations to the central bank either. But in this case Banks were ending 100% with no equity. That results in bankruptcy. And what we're now seeing - the first signs of this with the credit crisis - is that a few banks have already gone bankrupt. Bear Stearns & now Lehmans & then Insurance Companies like privately owned AIG with many more to come. The US Govt should not bail out the likes of AIG but they have & now you have one man dictating the terms of a Central Banking system & perhaps the collapse of the monetary system -- thats right Paulson! However the bailoput happened and the people are the losers. The winners are the bank execs who are taking home huge bonus payments eg Lehmans.The market crash has stalled the once on-course retirement plans of hundreds of thousands of investors & the losers are the borrowers --people who now cannot pay back the banks. But the situation is the world will get worse and people need to not just use one bank but spread their money around. Just watch other countries??? and you will then realize take your money oput of the banks and invest in gold.
WHAT THE EXEC GOT FOR THEMSELVES: THESE ARE THE CULPRITS
Some banks trimmed their executive compensation due to lagging bank performance, but still forked over multimillion-dollar executive pay packages.Benefits included cash bonuses, stock options, personal use of company jets and chauffeurs, home security, country club memberships and professional money management
Merrill Lynch CEO John Thain topped the salary list at $83 million dollars in 2008 as several bank CEOs received salaries in the millions despite taking bailout funds to stay afloat. Why authoirized this and why did ML go down the tube--guess. He earned $57,692 in salary, a $15 million signing bonus and an additional $68 million in stock options. Like Goldman, Merrill got $10 billion from taxpayers on Oct. 28. John Thain, had requested a $10m (£6.7m) bonus. In a scathing letter, Cuomo said awarding a multi-million dollar bonus package to Merrill executives was unacceptable in the same year that the bank has posted net losses of $11.67bn. "Current reports that the board is considering giving Merrill's chief executive officer a $10 million bonus are nothing less than shocking. Utilizing Merrill's own criteria, a bonus of this size appears unjustified," he said. Cuomo added that Merrill had avoided the same fate as its bankrupt competitor Lehman Brothers by agreeing to a takeover by Bank of America, which had in turn been helped by a $15bn payout from the taxpayer-funded $700bn Troubled Asset Relief Programme.
"Paying executives at Merrill millions each in 'performance' bonuses in this context would be oxymoronic to say the least and certainly a thumb in the eye to taxpayers. Enough is enough," said Cuomo. Source: http://www.guardian.co.uk
Richard D. Fairbank, the chairman of Capital One Financial Corp., took a $1 million hit in compensation after his company had a disappointing year, but still got $17 million in stock options. The McLean, Va.-based company received $3.56 billion in bailout money on Nov. 14.
Wells Fargo of San Francisco, which took $25 billion in taxpayer bailout money, gave its top executives up to $20,000 each to pay personal financial planners.
Bank of New York Mellon Corp., chief executive Robert P. Kelly's stipend for financial planning services came to $66,748, on top of his $975,000 salary and $7.5 million bonus. His car and driver cost $178,879. Kelly also received $846,000 in relocation expenses, including help selling his home in Pittsburgh and purchasing one in Manhattan.
Lloyd Blankfein, president and chief executive officer of Goldman Sachs, took home nearly $54 million in compensation last year. The company’s top five executives received a total of $242 million.
Countrywide CEO Angelo Mozilo to recieve $10M in stock, company president David Sambol will get $9 million plus an additional $28 million retention fee.Mozilo, Sambol and Prince made headlines in the past year for their lofty compensation after their companies lost billions in the U.S. housing market. Between 2002 and the close of 2006, the three executives were paid $460 million, according to a report issued by the House committee in March.Mozilo, who grew Countrywide from its modest beginnings into the nation's largest mortgage lender, reportedly stood to collect a windfall of $115 million after his firm agreed to a yet-to-be-completed sale to Bank of America. After facing heavy criticism from lawmakers, Mozilo forfeited $37.5 million in payments tied to the deal.
National City Corp.'s top 14 executives will get as much as $49.5 million in payouts under the bank's merger with PNC Financial Services Group Inc.,Other executives who apparently will get payouts are retail banking chief Daniel Frate and Executive Vice President Jon Gorney. Frate could get $4.02 million after taxes and Gorney $3.96 million
Ben Jenkins, head of Wachovia's general bank, would receive $13.3 million in severance payments and a pro-rated bonus of $3.7 million. Steve Cummings, head of corporate and investment banking, would get $12.8 million in severance and a bonus of $3.75 million. And David Carroll, head of capital management, would get $10.3 million in severance and a $2.75 million bonus. The government assisted in the deal. As for CEO Robert Steel, we applauded his move in July to use his own money to buy $16 million worth of Wachovia stock (in the $15 to $17 a share range).
Goldman Sachs, which shared a record $18.8bn bonus pool last year, has taken steps to head off a PR furore over pay this year after receiving $10bn from the TARP. Its top executives, braced for bleak fourth-quarter earnings, have asked the bank's compensation committee to scrap their bonuses for this year.
CEO of Citigroup on November 4 2007, when the bank announced fourth-quarter write-downs of mortgage investment of at least $8-billion. Prince reigned over a period of huge risk and huge losses at Citigroup. The damage of the subprime collapse had huge implications for Citigroup, its employees and its shareholders. Prince danced as he left Citigroup because he took home about $40-million when he retired from the company. His retirement payout was only a quarter of the payout of $161,5-million received by Merrill Lynch's former CEO, Stan O'Neal's, who was also forced to retire after Merrill Lynch announced huge write-downs related to subprime mortgage investments.Many of the staff were booted?
Lehman Brothers board signed off on more than $100m (£59m) in payouts to five top executives just three days before the bank went bankrupt leaving thousands of employees out of work in London.The payoffs, approved on September 12 by the Wall Street giant’s compensation committee, included over $24m in severance packages to the collapsed firm’s top three London executives.In the two years prior to Lehman’s collapse, the executives were generously remunerated while overseeing forays into risky commercial real-estate investments that helped to bring the company down.Savoret was paid $30m between 2006 and 2007, Morton pocketed $26.5m and Isaacs received $43m. Dick Fuld, Lehman’s combative chief executive known as “the Gorilla” who has shouldered much of the blame for the company’s collapse, responded to a colleague in a separate e-mail.“Don’t worry – they are only people who think about their own pockets.”Fuld was last week forced to testify in front of Congress, where he was lambasted for overseeing the largest corporate failure in history.He said he took “full responsibility for the decisions I made and for the actions I took”, but spent most of the time explaining the external factors that pushed the bank over the edge. Lehman's also left many hard-up students who worked for them through the summer unpaid. PWC (receivers) paid at least some of those still working, those whose contracts had finished and were owed pay were left devastated
Bear Stearns traders Ralph Cioffi and Matthew Tannin lost roughly $1.6 billion while allegedly misleading investors
Obama's current annual salary is $400,000.
"We have a bunch of idiots on Wall Street that are kicking sand in the face of the American taxpayer," an enraged McCaskill said on the floor of the Senate. "They don't get it. These people are idiots. You can't use taxpayer money to pay out $18 billion in bonuses."
FEBRUARY 2009: The Treasury Department overpaid for the assets it purchased as part of the $700 billion financial sector bailout, according to testimony of a bailout oversight official before Congress on Thursday. At a Senate Banking Committee hearing, Elizabeth Warren, head of the Congressional Oversight Panel, testified that the more than $254 billion in assets that the government purchased in 2008 are worth just $176 billion - $78 billion less than what Treasury paid for them. Congressional Budget Office estimated that the Treasury has lost $64 billion on its investments in the Troubled Asset Relief Program.
UPDATE JANUARY 2009
Unemployment set to get worse in USA by 2m jobs this year and more in every country as the situation gets worse. General Motors has opened negotiations with the United Auto Workers to determine what concessions unionized workers will have to make to keep America's largest automaker from bankruptcy. The company has now received the first $4 billion of $9.4 billion in federal bailout funds, but has only until March 31 to submit a plan to the White House outlining the steps it will take to return to profitability. If federal officials are not convinced by the plan, they can recall the loan - forcing the company into bankruptcy. UAW resistance to wage cuts, according to some negotiators, was what killed an earlier auto bailout plan proposed in Congress in November
Our motto buy gold& silver while its low & maintain assets you have. Most of all don't borrow & keep control of your funds???
Source: Pier Stern / Khun Tam & http://www.deepjournal.com
George Soros, the hedge fund legend and billionaire philanthropist, said on the 9th April 2008 the subprime mortgage crisis is likely to cause global losses of over $US1 trillion, characterizing the situation as the most severe since the Great Depression. It is now Sept and AIG, Lehmans, Bears & Stern, Washington Mutual Inc, Icelandic bank, California-based IndyMac Bank etc have collapsed and many more to follow. Analysts project another 150 banks could collapse.
We have yet to see subprime hit Thailand --- it will as the banks are saying nothing yet hiding behind a charade & the politicians are more concerned about getting ministries & fill their pockets more. Condos in Bangkok are plentiful and Property Investors are saying there is not enough condos here but they normally say this so people will invest. If you borrow you are in for a shock. If you have excess funds to play with OK but stay away from fund managers & hold on to your money --- better still listen to us and buy condos only not 30 year leases in Thailand under Estate managements and just buy what you need. But check out the condo and Company first if they have mortgages? The rest invest in gold & silver is our fix . [ Read more about Fund Managers ]
If you are unsure of a gem shop in Bangkok contact the Tourism Assistance Center, Tourism Authority of Thailand, Le Concorde Building, 202 Ratchadapiser Road, Bangkok 10310. Tel: 694-1222, ext. 1090-1094, or the Thai Gem and Jewelery Traders Association, 942/152 Charn Issara Tower, 15F, Rama 4 Road, Bangkok 10500. www.tgjta.com , email firstname.lastname@example.org or telephone 267-5233-6.
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