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Friday, January 30, 2009

Shameful Bankers: Bonuses Down ALL THE WAY to a Level Not Seen Since.... 2004?

I was ready to rant, but I saw President Obama already took care of it on my behalf:

When I saw an article today indicating that Wall Street bankers had given themselves $20 billion worth of bonuses -- the same amount of bonuses as they gave themselves in 2004 -- at a time when most of these institutions were teetering on collapse and they are asking for taxpayers to help sustain them, and when taxpayers find themselves in the difficult position that, if they don't provide help, that the entire system could come down on top of our heads," the president said, "that is the height of irresponsibility. It is shameful.

To me this is more than shameful. I'd go with outright criminal to those determining and approving bonuses of this level, in this environment, and with taxpayer money. Lets hope (make that pray) that Christopher Dodd makes good on his promise:
"I’m going to be urging — in fact not urging, demanding — that the Treasury Department figures out some way to get the money back. This is unacceptable."
Because apparently, the Investment Banking Bonus Matrix we detailed back in November is all too accurate: