Submitted by: Editor
A novel idea: Confiscate bank bonuses
Last spring, U.S. compensation czar Kenneth R. Feinberg demanded that AIG scale back the size of the bonuses they planned to pay employees. Due to overwhelming public furor, AIG grudgingly hammered out an agreement with its employees to return a total of $45 million by the end of 2009. Never mind that a government audit in late 2009 showed only $19 million had been repaid ... How much was the total bonus pool AIG had promised to pay its Financial Products Unit - the division of AIG at the heart of the "economic instability"?
$45 million doesn't seem so generous does it?
Here is a novel idea ...
- for every year since 2001
- the government should confiscate every dollar over and above what would be considered a fair, yearly, living wage based on national averages
- from every single CEO, executive, and employee who was paid a bonus
- from every single bank and financial institution that actively participated in the collapse of our economy
- and use the confiscated funds to repay our national debt
Are you irritated yet?
First, it is worth noting that bonus pools for most of the major banks were significantly higher during the years when no one was paying attention.
Secondly, it is worth noting that $120 billion in bonuses were handed out in 2009, the worst year on record since the big dust bowl (yes, that's one hundred and twenty billion dollars).
Thirdly, consider how much more money these crooks have made in interest, investments, and purchases from their bonuses
Finally, pour a little salt on the wound and ponder how many billions of dollars worth of federal taxes remain unpaid due to fact that these crooks sheltered their stolen fortunes in foreign tax havens.
If a decade's worth of these obscene Wall Street bonuses were confiscated, we could easily pay off our entire national debt tomorrow.