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Thought of the Day The conservatives have branded Geithner as Mr. Tax Cheat. This thought by no means condones him for cheating the IRS with $112,000 in federal taxes. But let's think about his predecessor for a minute, Mr. Paulson. Mr. Paulson sold more than $300 million in Goldman Sachs stock at peak and all the capital gains were waived, since he was joining the Bush Administration. The treasury lost 100 million dollars. $100 thousand vs. $100 million. So, who is the BIGGER TAX CHEAT? Now, let's do something more positive and material... Can the Goldman Bonus of 2009 (more than $10 billion dollars) be pulled back and taxed at 100%? Let's push the local Congressman / Senator to initiate a bill to this effect today --- Just as UK and France are taxing bank bonus at 50%, let's tax our bank crooks at 100%. And let's make it retroactive, with effect from 2007. I.e, let's pull that Goldman bonus for 2007, 2008, and 2009 back into the US Treasury. Yeah, that will be real God's work...Let's do it man... December 23 - DEEP INDEED Response from a FRANCONOMICS.COM Podcast Listener: I believe that we (the mortals) are being quickly and deeply robbed by our elected officials. Honorable Secretary Geithner recently defended ex-Goldman CEOs / employees working for the US Treasury as deeply honorable men. Do you have a good response / comment to one of our podcasts? Do you have a general comment regarding the current financial crisis? Please use our CONTACT form to send in your response. We reserve the right not to publish all responses. Thank you. Would You Like Milk With That? How can you help the homeless? First of all, don't give them any money. They will immediately invest it in alcohol, a wasting asset in more ways than one. As per one body of research, an average homeless man consumes sixteen drinks a day; and if you put him in a shelter, he still drinks, but only eleven drinks per day! So, how can you help the homeless? Well, give them cookies (and if you can be brave, ask them: Would You Like Milk With That?) or fruits. If for some reason you are afraid of approaching the homeless, or if you have always avoided them all your life, here is how you can have impact. Keep some cookies or fruits in your car. When you see a homeless man asking for money on the streets, pass him on the cookies or a fruit. So, why should you help the homeless? This economy will get worse before it gets better. With foreclosures mounting and jobs shrinking, more people are joining the ranks of the homeless everyday. With bank bailouts taxing the taxpayers' purse-strings, who will help the homeless? Not the US Treasury, and not the Federal Reserve! So, help a homeless today. Have some impact on the society you live and breathe in! Do something good. Feel something real. Stop being Toxy-Morons Look Beyond Greed May 4, 2009 --- Monday If Goldman Sachs pays the same millions of dollars in bonus in 2009 as it did in 2008, 2007, 2006, 2005, and 2004; we can all be assured that managers can bankrupt a business, yet pay themselves a fat bonus while firing powerless juniors in the name of capitalism, free markets, and greed. April 1, 2009 --- Financial Fools Day The meritocracy of banks has failed its customers, and the American taxpayer. AIG has been paid almost $200 billion in bailout money; in turn AIG paid $12.8 billion to Goldman and $6.8 billion to Merrill Lynch. Why should multi-million dollar bonus payments to executives at Goldman and Merrill not be pulled back, for it is taxpayers' money recycled into fat bank accounts as meritocratic bonus payments? After all, these greedy pigs we call meritocratic bankers are to be blamed for the tough economic plight that the unemployed, foreclosed, forlorn American finds himself / herself in today! March 21, 2009 Wall Street Bankers teach how to LOOT the Gullible American TWICE: Let's make good money by slicing the MBSs (mortgage backed securities) and re-selling them (as Derivatives) and pocketing big bonuses in 2006 and 2007. Then, let's make the government bail out the firm which insured these Derivatives (read AIG) and pocket $12.9 billion from the bailout money (if we are the Goldman bankers) or $11.8 billion (if we are the greatest bankers at Deutsche Bank) or $6.8 billion (if we are with Merill Lynch), and let's pay nice bonuses again to our top performers in 2008. And while the gullible American makes a hue and cry over the piddling $165 million which loser AIG employees received, let's think hard how to pay us nice bonuses this year --- for Capitalism needs to keep on keeping on. HEE HAA. March 14, 2009 "We cannot attract and retain the best and brightest talent to lead and staff the AIG businesses -- which are now being operated principally on behalf of the American taxpayers -- if employees believe that their compensation is subject to continued and arbitrary adjustment by the U.S. treasury," AIG Chairman Liddy wrote, in response to Treasury's questioning of the $9.6 million bonus payment to its top 50 employees, and a total bonus dole-out to the tune of $165 million! Well, if you are operating your businesses on our (American Taxpayers) behalf, we don't want you to pay any bonus to your favorite managers. Your "talented" management got us into this mess, in the first place. Fire them lock, stock, and barrel. 10% of America is unemployed. There are thousands of Ph.D.s drawing unemployment! You want us to believe you that you can't find talent in this economy outside of your "smart" management pool? Please stop raping the American consumer in the name of capitalism. Please! We have given you $170 billion already in bailouts. No bonus this year to your favorites. OK? Feb 27, 2009 When asked if the CEO of Goldman Sachs should not be sacked for pocketing more that $100 million in yearly compensation, sacking 10% of the company work-force, and later taking $10 billion from the stimulus package, Secretary Geithner said: "It is for the board of Goldman Sachs to decide." . . . Hello Mr. Secretary, put in some stronger terms into those term-sheets, will you? In case you don't know how to negotiate well, let us remind you that these fat cat bankers will have nothing to eat and their banks would go belly up without these billion dollar stimuli; so generously funded from the average American taxpayer whose house is being foreclosed and who might soon be collecting unemployment. Feb 19, 2009 What is so wrong with the OBAMA housing plan? Why should only the Bob Nardelis and the John Thains of the world be bailed out? Why not the poor Americans who are losing their homes? |
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