Some info on what Wall Street Firms are doing with their Jets...
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From: USA
Some info on what Wall Street Firms are doing with their Jets...
http://news.yahoo.com/s/ap/20081222/...corporate_jets
Only thing worth quoting...
Only thing worth quoting...
So why were Wall Street executives spared from the corporate-jet backlash? One reason is that they didn't have to go before Congress to request bailout money, so no one asked how they traveled to Washington.
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From: Toronto, ON Canada
Thanks for starting this thread! I was just about to create one when I noticed yours. Here are some numbers...
$1.6 Billion of the bailout money went to executive pay.
Some details:
I would like to hear everyone rage about this. Yes, all of you who raged about Detroit execs flying in private jets. Something tells me it won't happen...
edit: corrected "Trillion" to "Billion".
$1.6 Billion of the bailout money went to executive pay.
Some details:
Goldman Sachs' tab for leased cars and drivers ran as high as $233,000 per executive. The firm told its shareholders this year that financial counseling and chauffeurs are important in giving executives more time to focus on their jobs.
JPMorgan Chase chairman James Dimon ran up a $211,182 private jet travel tab last year when his family lived in Chicago and he was commuting to New York. The company got $25 billion in bailout funds.
At Bank of New York Mellon Corp., chief executive Robert P. Kelly's stipend for financial planning services came to $66,748, on top of his $975,000 salary and $7.5 million bonus. His car and driver cost $178,879. Kelly also received $846,000 in relocation expenses, including help selling his home in Pittsburgh and purchasing one in Manhattan, the company said.
edit: corrected "Trillion" to "Billion".
Last edited by muckz; Dec 22, 2008 at 09:42 AM.
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From: Melbourne, Australia
And people ask me (wrongly) why I have socialist views when I critique such elitist acts of showmanship.
Too funny! Now if the Detroit CEOs had have just used the same line I'm sure Congress would have been more understanding! 
The firm told its shareholders this year that financial counseling and chauffeurs are important in giving executives more time to focus on their jobs.
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From: Toronto, ON Canada
And one more quote from the same article:
You think this is going to happen?
(Rep. Brad Sherman, D-Calif.) wants them to come before Congress, like the automakers did, and spell out their spending plans for bailout funds.
''The tougher we are on the executives that come to Washington, the fewer will come for a bailout,'' he said.
''The tougher we are on the executives that come to Washington, the fewer will come for a bailout,'' he said.
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Joined: Mar 2004
Posts: 3,577
From: Sandy VJJville
Thanks for starting this thread! I was just about to create one when I noticed yours. Here are some numbers...
$1.6 Trillion of the bailout money went to executive pay.
Some details:
I would like to hear everyone rage about this. Yes, all of you who raged about Detroit execs flying in private jets. Something tells me it won't happen...
$1.6 Trillion of the bailout money went to executive pay.
Some details:
At Bank of New York Mellon Corp., chief executive Robert P. Kelly's stipend for financial planning services came to $66,748, on top of his $975,000 salary and $7.5 million bonus. His car and driver cost $178,879. Kelly also received $846,000 in relocation expenses, including help selling his home in Pittsburgh and purchasing one in Manhattan, the company said.
I would like to hear everyone rage about this. Yes, all of you who raged about Detroit execs flying in private jets. Something tells me it won't happen...
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Joined: Apr 2005
Posts: 824
From: North of Cincy
They should take that money back from those f*****s and put them in jail. Bonuses are made to show that you did a good job or went above and beyond your duties. If you are a CEO or someone in Upper managment and the company is failing, how the hell do you get anything?
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Posts: 1,022
From: Newhall, CA USA
They should take that money back from those f*****s and put them in jail. Bonuses are made to show that you did a good job or went above and beyond your duties. If you are a CEO or someone in Upper managment and the company is failing, how the hell do you get anything?
I particularly like how, even with, say, a $250,000 SBA loan, the government has the power to not only do a forensic audit of your accounts, but to review and adjust your own compensation levels--but this assnuts are allowed to run amok.
There is an ugly day coming.
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The # is actually 1.6 BILLION, not Trillion. Still completely obscene, and I just finished reading an article on Yahoo about how the banks are nearly ALL REFUSING to provide info on where all these billions of taxpayer dollars went. Here's the link, but be warned...this will ABSOLUTELY **** you off
http://news.yahoo.com/s/ap/20081222/...ltdown_secrets
http://news.yahoo.com/s/ap/20081222/...ltdown_secrets
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Joined: Oct 2000
Posts: 2,402
From: Toronto, ON Canada
Thanks for catching, I corrected it.
Yeah, that is incredible. Banks are choosing willfully not to disclose that information. And some say they can't track where the money went. Can you believe that?
Where will GM be if it had a proposal like this? Where is Congress to step in and question banking execs about this? Where is Congress to block the rest of the aid to flow to these institutions which clearly violate the terms of TARPA?
And people still think we're living in a democracy? Keep dreaming...
Still completely obscene, and I just finished reading an article on Yahoo about how the banks are nearly ALL REFUSING to provide info on where all these billions of taxpayer dollars went. Here's the link, but be warned...this will ABSOLUTELY **** you off
http://news.yahoo.com/s/ap/20081222/...ltdown_secrets
http://news.yahoo.com/s/ap/20081222/...ltdown_secrets
Where will GM be if it had a proposal like this? Where is Congress to step in and question banking execs about this? Where is Congress to block the rest of the aid to flow to these institutions which clearly violate the terms of TARPA?
And people still think we're living in a democracy? Keep dreaming...
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Joined: Aug 2001
Posts: 2,400
From: Michigan's left coast
Bad behavior like this from the banks is exactly why Congress was so reluctant to provide funding to the auto industry without the restrictions and penalties that were put into place.
One thing to remember about the banks and their lack of travel to Washington is that the Fed and Treasury Dept. have offices in New York. When it's time for Paulson to meet with the bankers, they just hop into limos for a quick ride across Manhattan, some food is catered in, and everyone sits down to hash things out. It's a completely different relationship than the government has with most other industries, and it should show everyone how much power the banks wield by virtue of having (insolvent) trillion-dollar balance sheets and the most powerful members of Congress in their pockets.
Scary stuff, indeed, but we the people enable this behavior through our borrowing and voting.
One thing to remember about the banks and their lack of travel to Washington is that the Fed and Treasury Dept. have offices in New York. When it's time for Paulson to meet with the bankers, they just hop into limos for a quick ride across Manhattan, some food is catered in, and everyone sits down to hash things out. It's a completely different relationship than the government has with most other industries, and it should show everyone how much power the banks wield by virtue of having (insolvent) trillion-dollar balance sheets and the most powerful members of Congress in their pockets.
Scary stuff, indeed, but we the people enable this behavior through our borrowing and voting.
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Posts: 2,402
From: Toronto, ON Canada
It started quite a long time ago, people should have been vigilant to say no when the system was taking root. Actually, people have been saying no for decades even centuries, but they kept coming back until they tired the people out or caught them in the most unsuspecting situation. For example, the Federal Reserve act was passed in 1913 during holiday season.
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Posts: 3,123
From: Melbourne, Australia
Don't forget, banks operate in unregulated environments. Covert handling of money is not unusual for financial institutions.
Also, remember Ron Paul's comments re the Federal Reserve... nobody even knows if the Reserve Bank has gold stocks despite its reports.
The Finance sector is still a relatively unknown/understood sector by Congress.
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Posts: 3,123
From: Melbourne, Australia
A few banks described company-specific programs, such as JPMorgan Chase's plan to lend $5 billion to nonprofit and health care companies next year.
Is it any wonder how banks have been able to keep politicians quiet over the years? Their bribes/donations seem to produce the necessary results.
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