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The $700 Billion dollars rescue package for Wall Street is meeting fierce opposition from thousands of ordinary Americans as the slog “Jail them don’t bail them” catches on with the American public.
A report today on News.com details the staggering riches paid to the CEO’s of the firms that presided over the coporate greed that has plunged the worlds finacial markets into chaos.
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“The five biggest – Goldman, Morgan Stanley, Merrill, Lehman Brothers and Bear Stearns paid their 185,687 employees $US66 billion in 2007, as problems with subprime mortgages mounted, including about $US39 billion in bonuses.”
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In what was the largest US brokerage house Merril Lynch paid its CEO Stanley O’Neal a total of $US172 million from 2003-2007.
Bears Stern CEO James Cayne was paid $US161 million before it collapse and was sold to JP Morgan Chase in June.
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Americans are sickened at watching the titans of finance walk away from Wall Street disasters not only unscathed, but enriched.
“The wealthiest people, those … in the best position to pay, are being asked for no sacrifice at all,” read a petition to Mr Paulson, which by yesterday, after three days, had 32,600 signatures.
Mr Paulson, the former Goldman Sachs Group chief executive officer, who received about $US111 million between 2003 and 2006, said in testimony to Congress this week that he would accept such limits as part of the plan, after initially opposing them.
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We are watching the collapse of unregulated “free market” capitalism.
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Tags: Economic Crisis, USA, Wall Street
