Thursday, December 16, 2010

Lets talk bonuses. More than 70 percent of Americans say big bonuses should be banned this year at Wall Street firms that took tax-payer bailouts, a Bloomberg National Poll shows. I wonder if that 70 percent were eligible foe bonuses would vote against it. I doubt it. This life is all about money and the pursuit of it is the American dream.

An additional poll stated that one in six favors slapping a 50 percent tax on bonuses exceeding $400,000. Only 7 percent of U.S. adults say bonuses are an appropriate incentive reflecting Wall Street’s return to financial health. I agree. We need to get some from the fat cats who manipulate the market with their hefty hedge funds and sophisticated large share marketing tools to reap great profits for them leaving the average small investor for scrap shares left after the large swings in a stock reap big profits for them. The average small investor does not have privy to investing profits.
A large majority also want to tax Wall Street profits to reduce the federal budget deficit. With U.S. unemployment at 9.8 percent, resentment of bonuses and banking profits unites Americans across political, gender, age and income groups. JPMorgan Chase & Co. Chairman and Chief Executive Officer Jamie Dimon got a bonus package for 2009 valued at $17 million. That’s a bonus for one guy. We have officially enterd the middle ages when the rich were in the castles and the very poor lurked in poverty around the massive structures.
The American people bailed these large firms out and immediately they paid their employees very large bonuses. I blame this atrocity on the current administration for not at least creating a congressional committee to oversee the distribution of our bail out money. Cash bonuses to securities industry employees in New York City grew 17 percent to $20.3 billion, for work in 2009. U.S. Sen. Jim Webb, D-Va., this year proposed a 50 percent tax on bonuses of more than $400,000, though it failed to win backing from Congress or the Obama administration. Screw you taxpayers the fat cats in Congress and our savior Obama just turned their backs on you . Happy New Year. Not.

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