Tuesday, February 9, 2010

Bloomberg calls for larger Wall Street bonuses

From the Village Voice:

Bonus awards on Wall Street are expected to be up almost 20% this year, and Mike Bloomberg thinks they should be higher. Mayor Mike announced Friday on his radio show that New York City workers should do something about that: "Our cops, firefighters, teachers -- all municipal workers -- should be down there screaming: 'Pay Wall Street people more.' That's where their salaries come from, not the reverse." Per the Post, he was being puckish.

Presumably he was also being puckish about this: according to Bloomberg, it's just not fair that everyone's picking on Wall Street, because the biggest bailouts last year were AIG (which, actually, is here in New York) and the auto industry. Payments to both, of course, were dwarved by the payments made to Wall Street, but they took place the year before.

22 comments:

Anonymous said...

Little troll should use his billions! Of course he wants them to get large bonuses that's one of the ways he makes his fortune.

Anonymous said...

As pointed by talk radio show host Thom Hartman, if the bailouts from Bush (borrowed from China and Saudi Arabia)and Obama were used for the States instead of AIG that amount of money would leave all states in debt, which are the majority in the U.S., in the clear with money for infrastructure improvement and only AIG or say Lehman Bros would be gone and the investors who gambled.

Put your money in local credit union banks and smaller local banks.

September 26, 2008 by CommonDreams.org
How Wall Street Can Bail Itself Out Without Destroying The Dollar

by Thom Hartmann

For Grover "Drown Government In The Bathtub" Norquist, this bailout deal will work out very well. At a proposed cost of $4,780 per taxpayer, it'll further the David Stockman strategy of so indebting us that the next president won't have the luxury of even thinking of new social spending (expanding health care, social security, education, infrastructure, etc.); taxes will even have to be raised just to pay for the bailout. It'll debase our currency, driving up commodity prices and interest rates, which will benefit the Investor Class while further impoverishing the pesky Middle Class, rendering them less prone to protest (because they're so busy working trying to pay off their debt). It'll create stagflation for at least the next half decade, which can be blamed on Democrats who currently control Congress and, should Obama be elected, be blamed on him.


http://www.commondreams.org/view/2008/09/26

NYC Educator said...

Why waste money on parks, libraries, or schools when we can lavish it on Wall Street? Thank heaven we have Mike Bloomberg to set priorities.

primadonna said...

Who ever voted for this deranged midget should be ashamed of themselves.

Anonymous said...

He is right. This city lives and dies on Wall Street. Did you see lawmakers in Detriot speaking out agains the auto industry? Northern California politicians speaking out against tech companies. Finance is New york's industry. The hacks in washington have forgoten that and are willing to cut off our nose to spite our face.

Pay the bonuses. Not only does it end up in city coffers via taxes, it also trickles down through the rest of the local economy when they are spent in stores.

NYC Educator, don't be stupid. The city is not paying these bonuses - private companies are. The city has wasted eoungh money on school. I bet you are in the unions that are bankrupting the city. What have you personally contributed to NYC finances?

Anonymous said...

Wall Street pays for New York-- city and state. If it goes away, exactly where will the tax base come from? From our diverse manufacturing and exports? They ain't making Bulova watches in Queens anymore folks. Wake up.

Anonymous said...

Who says we want it to go away? But why give them bailout money so they can then around and give huge bonuses to their guys at the top? If the city wants to stimulate "trickle down" then give everyone here a tax cut and urge them to spend it in the stores.

Oh - and "finance" has been continually exported to other states for more than a decade. So we better find another cash cow because this one is leaving the farm.

Anonymous said...

Trickle down, ROFLMAO i've been hearing that for over 8 years now, I've lost 20lbs waiting for it to trickle down. It's not a trickle its a freaking s l o w drip. C'mon people wake up money goes where money is, the only thing the middle class are good for is votes (only when needed) they we are forgotten, and taxes of course. Bloomberg is so corrupt maybe someday someone will have the Ba**s to investigate him.

Anonymous said...

AIG and the auto industry have not paid back the money. The banks by in large have already paid back the bailout money - with interest. Close to $25B worth of interest. The goverment made a tidy sum on the bank bailouts, but that never gets reported in the media. Where is that $25B now? What was done with it? Where is the investigation of that?

Its time to stop villianizing the banks and focus on what is truely killing the US - runaway spending and deficits.

Klink Cannoli said...

Bloomberg is not stupid and neither are the Financiers.

Financial industries provide about 40% of NY's revenue base. We've already seen revenue eroded due to presidential and public outcries of retribution for lavish Wall Street bonuses. In response, bonus payments have been offered as non-taxable stock options, etc. In the end, the entire State loses.

Let's not bite the hand that feeds us and stop crying over the spilled milk.

Babs said...

"Pay the bonuses. Not only does it end up in city coffers via taxes, it also trickles down through the rest of the local economy when they are spent in stores."

Fk Wall Street - the only industry where failure is rewarded.

Anonymous said...

Wall Street - the only industry where failure is rewarded.
----
What failure? The investment banks had record profits this year. When did making money become evil?

Anonymous said...

Klink Cannoli is one of the stupid people who voted for Bloomberg. Darwin rules fails. the stupid people are killing us as well.

Klink Cannoli said...

I must be stupid because you said so, brave Anon.

See a psychotherapist for that anxiety induced neuroses and detachment from reality. Your medical insurance will cover it.

Adolf Bloomhitler said...

Not to worry. Everyzing iz going az planned.

Babs said...

Anonymous said - "What failure?"

Which wise monkey are you? See no evil, hear no evil or speak no evil?

Anonymous said...

Babs,
Investment firms produced record profits last year. I don't have the current figures but Wall Street firms produced $49.7 billion in profits in the first nine months of this year, a huge turnaround from the previous two years. The industry lost $42.6 billion in 2008 and $11.3 billion in 2007. So what failure are you talking about? Your failure to get a piece of the action?

Babs said...

Banks and brokers have sold deceptive mortgages for more than a decade. Financial wizards made billions by packaging and repackaging those loans into securities - federal regulators played the role of lookout at a bank robbery, holding back anyone who tried to stop the massive looting from middle-class families. When they weren't selling deceptive mortgages, Wall Street invented new credit card tricks and clever overdraft fees.

bottomline - they've LOST the public's trust -

Anonymous said...

Let's not revise history. Just because you were stupid and paid too much for a house that you could not afford to begin with or ran up thousands in credit card debt buying vacations and cars that you couldn't afford doesn't mean that you were robbed. I never paid a credit card fee or interest on a credit card in my life. You know why? I live by a simple rule. If i don't have the money to pay for it I don't buy it. I budget and save for my retirement and for a rainy day.
Personal accountability goes a long way. Irresponsibility is what got us into this mess. and its not just the bankers. It takes two to tango.

Anonymous said...

Looks like some Wall St goons are posting. Well you folks know when your ripping people off so you certain company who wants to be lawless should go away and not be bailed out when the majority of that money has not been paid back then you want to hand out bonuses. Who cares if one Lehman bros goes away?
Little robber barons have been pulling this deregulation\no rules business for 200 years in NYC. You folks drown with your own money you exploited from people.

The working class middle class in NYC and the boroughs is still the majority so head on over to some of those LIC broker real estate blogs instead cause Im not buying and it doesnt sound like others are either.

Anonymous said...

The banks have already paid back the bailout money plus interest of $25 billion. What more do you want from them? Go after AIG and the auto companies if you want the rest of the bailout money back. They have not paid back and they probably will not. It's not on Wall street. Now that it's been paid back it none of your concern what these folks get paid.

Anonymous said...

Anonymous said...

The banks have already paid back the bailout money plus interest of $25 billion. What more do you want from them? Go after AIG and the auto companies if you want the rest of the bailout money back. They have not paid back and they probably will not. It's not on Wall street. Now that it's been paid back it none of your concern what these folks get paid.

Wednesday, February 10, 2010

It has not been paid back, thats why people are upset about bonuses and the White House gave lip service to that too. We care what you make cause you shady Wall St folks will ask for money from the tax payers again without a doubt. With some regulation you little crooks will be making a very modest income, but still more that the middle class and more than you deserve.

Remember what happened to the CEO of World Com? You guys can consult with Larry Levine of Wall St. Prison Consultants for your future.