Saturday, October 18, 2008

Nothing succeeds like total fucking failure.


Yeah, tell me again about the free market:

Wall Street banks in $70bn staff payout
Pay and bonus deals equivalent to 10% of US government bail-out package

Financial workers at Wall Street's top banks are to receive pay deals worth more than $70bn (£40bn), a substantial proportion of which is expected to be paid in discretionary bonuses, for their work so far this year - despite plunging the global financial system into its worst crisis since the 1929 stock market crash, the Guardian has learned.

Staff at six banks including Goldman Sachs and Citigroup are in line to pick up the payouts despite being the beneficiaries of a $700bn bail-out from the US government that has already prompted criticism.

In unrelated news, raising the minimum wage by a dollar an hour would be a terrible thing for the economy. Or so I've been told.

11 comments:

Boris said...

Historians noted that after the Crash of 2008, the staff at six major Wall Street banks, including Goldman Sachs and Citigroup were the first against the wall when the revolution came.

Mike said...

I'm gathering the ammo now Boris...not all of us free market anarchists are too impressed by this robber-baron behaviour.

sooey said...

Remember trickle down economics? That was funny.

Ti-Guy said...
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Ti-Guy said...

That's not the way this is supposed to work, people. The hysterical laughter is supposed to increase with every new outrage, to the point where we're all running down the street, tearing our clothes off and screaming "I am the Lizard Queen!"

No revolution is going to happen. Everyone is too busy blogging, their outrage, which suits the elites just fine.

Romantic Heretic said...

Damn me and my ethics.

I could be rich too if I just didn't give a damn who got hurt.

thwap said...

... he said in the comments section of a blog before realizing the irony of it all.

Chastened, he resolved to join the Liberal Party of Canada in order to bring on the much-needed revolution.

Southern Quebec said...

Ti-guy: You are so wrong. This is exactly how it was supposed to work. These CEO's ran their companies into the ground spectacularly taking unf**king believable risk. Then, because they would be taking out other companies (people and countries) their buddies in the GOP bailed them out so they could leave with a golden parachute.

This type of thing works just like the Terror Alert. You scream that it MUST BE DONE RIGHT AWAY OR WE DIE!!!! The rubes love it....

Ti-Guy said...
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Ti-Guy said...

Chastened, he resolved to join the Liberal Party of Canada in order to bring on the much-needed revolution.

I'm really talking about the US, here, comrade. When you observe the decades-long abandonment of social democracy (including plummeting unionisation rates, which remain surprisingly high in Canada even after the tyrannical reign of Liberalism) that has yet to produce any kind of real change, you have to ask yourself what these people have been doing.

But go ahead. Blame Canadian Liberals for Wall Street robber baron bonuses, if that helps.

sooey said...

Too late. Mark Steyn already blamed the blacks.