A report from the Associated Press today discloses that nine out of ten banks that got bailout funds have kept their senior management in place. In other words: "The same executives who were at the controls as the banking system nearly collapsed are the ones the government is counting on to help save it."
The regular employees of these banks have not been so lucky. The same report details how there have been about 100,000 job cuts in the banking industry since the failures began. Unfortunately, the job cuts are coming from the ranks, not from the top.
The taxpayers, too, are not getting a fair deal for the billions they are handing over to the failed banks. We will have no say or right to questions decisions by the same executives who misguided their corporations to bankruptcy.
In another report, the high-flying execs at Citibank caved under pressure from President Obama and decided today to abandon plans for a luxurious new $50 million corporate jet from France. The decision came 24 hours after the banking giant, which was rescued by a $45 billion taxpayer bailout, defended buying the state-of-the-art Dassault Falcon 7-X U.S. skies -- as a smart business deal.
To see the pictures of the Falcom 7-X and read the balance of the blog, click here.
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