Bankers defend use of bailout cash

The Executives may not have received bonuses or pay increases…..because what they do is call it “retention incentive”, “market adjustments” or anything that won’t sound like bonus or pay increase. It’s like when you ask a criminal who has a good lawyer, “have you ever been convicted of a crime, “convicted? never.
If someone was to do their home work they would find this out, Executives of public and private companies do that all the time as the workers take pay cuts and get lay offs.

I do not think these banks deserved the bailout especially Bank of America. All they have done since receiving the funds has been to cut 30,000 non-executive positions to save money and charge outrageous overdraft fee's to their clients who are already not faring well in this economy or they wouldn't be overdrafting to begin with. They make it possible for the average joe to catch up when their charging $35 a pop for overdraft fee's even if the overdraft was for 25 cents. They have sneaky business practices and post things to accounts whenever they feel like it and especially when they'll get the fee for it. How many people are going to be out of heat this month because the bank takes all their money? And whats the solution? Give them our tax money too?!? They will never learn until they are run into the ground by the greedy corporate executives who have sacrificed nothing in this recession except a cut of up to 80% of their bonus this year. What a joke.. how about if your getting my tax money, you not be given a bonus at all.. in fact you should be taking drastic paycuts. Not laying off more people who are "less important" appartently to save their own butts.

I am disgusted but why am I laughing? something must seem funny. Well, the funny thing is people are ticked off at these CEOs because they signed contracts they were offered. Who wouldn't sign such contracts for millions of dollars in salary, bonuses, and incentives?

While these CEOs should be held accountable for their companies, let's not forget the morons at these banks who offered the CEOs contracts in the first place! They are just as stupid!

I equate this to professional sports. If I'm Mark Texiera and I'm offered a $180 million contract, why wouldn't I sign it? Am I going to say, "No, no. That's too much money.?" Signing the $180 million contract makes him RESPONSIBLE for results; offering him the $180 million contract makes the owners morons!

As far as banks go, if they take bailout money, the government should be allowed to step in and take control of the company and clean house! If the government says everyone who works for the bank must wear diapers, it's Depends time boys and girls!

It's time for a revolution in how the banks are run folks. Heads need to roll and be placed atop stakes in front of the banks' headquarters. Maybe this will scare the sh*t out of the financial services industry and the other industries in this country and make them get their sh*t together. Maybe a little socialism is a good idea.

Morgan Stanley chief executive John Mack, asked whether the bankers should apologize to the American public, responded, "As an industry clearly we made mistakes...I'm especially sorry for what has happened to shareholders."

Really? You're sorry especially to shareholders? How about to the taxpayers who have bailed out the &*^% shareholders by shoveling money into a bankrupt industry?

I'm glad the CEO's names are becoming more prominent to the public. People need to know who they are.

When ever one recieves money from the gov't, there is usually a clause involved, to be able to recieve it. A condition , so to speak. If banks accept that cash, they need to follow the conditions that apply.
However, in the 1st round, the gov't forgot to add in " no buying new jets with tax payers money" condition. WTF??!!!
If I took a GSL, and had a mega party with it, I believe the lenders may want it back sooner than later. Imagine explaining that ,here in the real world! but these crooks explain ( with a straight face,....how?..I'll never know) how they gave out bonuses!!
What am I missing here???

Earth

Good for Mike Capuano. He's my Congressman and he is right. The only reason there haven't been indictments of bankers is because they have been regulated by folks that aspire to be bankers. Their boards are rubber stamps. We will never get our country back to work unless we create a system of oversight with transparency and teeth to watch these folks.

Rich Rogers Greater Boston Labor Council

What a joke! Scum bag bankers and scum bag legislators! What's the old saying "honor among thieves" only there is no honor with this bunch. Barney Frank is the big piggy of all of them. Hey Barney got any male hookers in your DC apartment? Oh that's right you didn't know about it - what else don'y you know about ... finances?

First step in resolving this problem - Barney Frank, John Kerry, Ted (vehicular homocide) Kennedy and Nancy Pelosi should all resign and refuse to accept any government pensions

With all of the money that the Banks took from the American public (not the government) why do mortgages keep going up. Can we cancel the Bail Out or get a cheaper mortgage rate which would help the little guy?

Statestreet got $2 billion but they are in the process of laying off 1800 people. Tell me how that makes sense.

My company had a small credit line with one of these large banks. This helped support over 30 jobs in the local area. I was infomed that the line of credit is being pulled and that they are calling the $500K at the end of March. They have refused to give me an extension so that I could have more time to find a new banker.

So, they get 2 billion and TARP money...and pull my line of credit. They basically admitted that they are sitting on the cash and are not lending. Amazing.

the ceo;'s are crooks and should give money back. barney frank should resign for he did not do his job. he is as bad as the ceo's

When you take a high level job worth more than $200,000, you don't just show up and start getting pay checks and punch a clock. You sign a contract.
Usually several.
The contracts say you will be paid X, Y, and Z. Some of which are bonuses based on acheivement. Congress getting upitty about people being paid bonus money that they were OBLIGATED to be paid by CONTRACT is just grandstanding and demonizing for political gain.

They're an easy target because the bankers screwed up, a lot, and it distracts away from all of congress's failures to oversee things by, you know, seeing that existing laws were getting enforced.

Boston Globe wrote "An angry Congress ripped into the executives of eight banks, including State Street Bank of Boston, for their use of the bailout funds. "

Tell me if you've heard this one before:
1. Democrats in congress create another horrific bill
2. The Democrats block efforts to pinpoint spending targets and instead want a use for any purpose solution
3. Banks use the funds for any purpose
4. Democrats in congresses are SHOCKED and outraged !!!!

If congress was a corporation, which congressman would still have their job today? Any of them?

The Bankers or CEOs don't seem to "get" it: they are now getting paid with public money and they should be grateful. They didn't 'earn' it and they would be out of a job if they weren't bailed out.

Paul Mc wrote "The Bankers or CEOs don't seem to "get" it: they are now getting paid with public money and they should be grateful. They didn't 'earn' it and they would be out of a job if they weren't bailed out." (by the press)

Replace "Bankers or CEOs" with "Democrats" and read it out loud.