NO BONUS for anyone on Wall Street – failed firms CEOs return all bonuses

Since the taxpayer saved the system no bonus should and can be paid to anyone working in a bank except for administrative and support people who have usually small salaries. Best case for any bonus payments are stocks, only which have to be vested for 10 years minimum. The Bonus paid out to employees and executives involved into the mortgage and OTC derivative business has to be investigated and, if based on current losses, reclaimed for the last 5 years. It’s kind of easy to mark up today’s profit and hide losses In future positions – so if they just cooked profits – as Fuld seems to have done in some cases and I am sure others did as well – that has to be prosecuted and money paid out recollected.

Even not to Goldman, JP Morgan or other survivors – they only survived due to the taxpayer, otherwise they would be bust as well. Especially JP Morgan got huge presents sponsored by taxpayers – the whole Bear Stearns take over was sponsored by $30 bil. taxpayers risk.

Fuld, Schwartz, O’Neil to name just a few, have to return any bonuses ever received and need to be prosecuted if false information was given (which I believe was done).

The role of JPM triggering failures of LEH and almost MER needs to be investigated and the circumstance why the FED, SEC and Treasury were not aware or in control of those situations.

Some things do not make any sense and absolute clarity and transperancy is warranted by a full scale investigation only and is mandatory.


~ by behindthematrix on October 9, 2008.

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