google-site-verification: google1ebcbd3f9084755c.html Eclectic writing: The Bail out rip off and World voting (if they could)

Sunday, November 2, 2008

The Bail out rip off and World voting (if they could)

How is YOUR bailout TAX dollars being handled?

You would hope that it has been done in a responsible manner, with care and concern and much appreciation for your hard earned money.

Hope springs eternal, but the cold facts are that people feel "entitled" to continue living their lifestyle on your dime.

Here is an excerpt from

Five straight quarters of losses and a 70 percent slide in its stock this year haven't stopped Merrill Lynch & Co. from allocating about $6.7 billion to pay bonuses.
Goldman Sachs Group Inc. and Morgan Stanley, both still on track for profitable years, have set aside about $13 billion for bonuses after three quarters, down 28 percent from a year ago. Even some employees at Lehman Brothers Holdings Inc., which declared the biggest bankruptcy in U.S. history last month, will get the same bonus they received a year ago.
The worst financial crisis since the Great Depression, a $700 billion taxpayer bailout, public outcry over excessive pay and the demise of three of the biggest securities firms won't deter Wall Street from offering year-end rewards to employees on top of their salaries, compensation experts say.
``Critical producers and critical managers will be retained with the same bonus they had last year,'' said
Robert Sloan, head of U.S. financial-services recruiting at Egon Zehnder International, a New York-based executive-search firm. ``The others will see sharp cuts.''
Goldman, the biggest and most profitable Wall Street firm until it opted to become a bank holding company last month, has set aside about $6.85 billion for bonuses, or an average of $210,300 for each employee, down 32 percent from $339,400 a year ago.
Morgan Stanley, the second-biggest securities firm until it also converted to a bank, has $6.44 billion for bonuses, or $138,700 per person, down 20 percent from last year. Both firms accrue a fixed percentage of their revenue for compensation, so the decline in bonus pools matches the drop in revenue.
Merrill's Compensation
The money Merrill has set aside for bonuses equates to an average $110,000 for each of its 60,900 people, up from $108,000 a year ago because more than 3,000 jobs have been cut.
The bonus figures are based on estimates that about 60 percent of the compensation and benefits expenses reported by the companies will be paid in year-end bonuses, as occurred in past years. Average bonuses aren't an indication of how much any employee will receive, since payments range widely from assistants to top traders. Bonuses aren't paid until the end of the fiscal year, so firms could choose to reallocate the funds.
``We are in the process of determining appropriate levels of year-end compensation, and no decisions have been made,'' said
Mark Lake, a spokesman at Morgan Stanley. Ed Canaday, a spokesman for Goldman in New York, declined to comment.
Merrill spokeswoman
Jessica Oppenheim said the firm's accrued bonuses aren't down as much as those at Goldman and Morgan Stanley because the firm reduced expenses last year, when it also had a loss. Compensation costs are down 18 percent this year, compared with the first nine months of 2006, Merrill's last profitable year.

You can read the rest of the article here:


... Are not exempt for the lust of greed and reckless abandon with which they pamper themselves with your money.

Below is an excerpt from the article and the full article can be found here:

Goldman Sachs is on course to pay its top City bankers multimillion-pound bonuses - despite asking the U.S. government for an emergency bail-out.
The struggling Wall Street bank has set aside £7billion for salaries and 2008 year-end bonuses, it emerged yesterday.
Each of the firm's 443 partners is on course to pocket an average Christmas bonus of more than £3million.
The size of the pay pool comfortably dwarfs the £6.1billion lifeline which the U.S. government is throwing to Goldman as part of its £430billion bail-out.
As Washington pours money into the bank, the cash will ...


A guy in Iceland put up a website to get votes from all over the world on our Presidential election. The list is in alphabetical order and it is amazing how many people have not only voted but are following what happens in our country. Check it out, just having all those international flags on one page makes it worthwile.

If the world could vote:

PEACE to us all.

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