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we don't need no steenkin' banks!

Discussion in 'Financial Cents' started by Tango3, Aug 19, 2009.

  1. Tango3

    Tango3 Aimless wanderer

    idestep the banks we can loan among ourselves...

    Don't just howl with rage. Try an idea that does away with banks altogether

    If our leaders won't curb bankers' megabucks, an old progressive scheme updated for the web era could bypass their greed

    Here's a figure to chew on, though you may find yourself choking. It comes from the US, but there are similar numbers in the UK, too. Remember those banks that were so close to collapse, so desperate and needy they held out the begging bowl and pleaded with the taxpayers for help? Well, it turns out that nine of those banks – who between them trousered $175bn of the American public's money in bailout funds – have fallen back into their old habits: last year they paid their top staff $32.6bn in bonuses.
    You read that right: the number is in billions, not millions. Institutions that were so broke the government had to raid the public piggybank to help them have rewarded their employees – the geniuses who drove the world economy off a cliff – with a $32.6bn shower of cash. That includes the truly incredible $98.9m paid to Citigroup's master of the universe, Andrew Hall, along with 5,000 lucky individuals who received more than $1m each.

  2. ghrit

    ghrit Ambulatory anachronism Administrator Founding Member

    "Neither a borrower nor a lender be."

    (As soon as you lend a dime, you become a bank.)
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