What will it take?
Serious question. What will it take?
Fannie and Freddie employees should not only not get bonuses, they shouldn't be able to get into their offices, because of the protesters outside.
And instead of bonuses, many of them should be investigated, jailed or fired, for knowingly enabling mortgage fraud.
Damn, American Idol must be really good this season.
Because in America, nobody cares.
Taking this one lying down.
Again.
Fannie, Freddie worker bonuses total $210M
WASHINGTON – Mortgage finance giants Fannie Mae and Freddie Mac plan to pay more than $210 million in bonuses through next year to give workers the incentive to stay in their jobs at the government-controlled companies.
The retention awards for more than 7,600 employees were disclosed in a letter from the companies' regulator released Friday by Sen. Charles Grassley of Iowa, the senior Republican on the Senate Finance Committee. The companies paid out nearly $51 million last year, are scheduled to make $146 million in payments this year and $13 million in 2010.
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45 comments:
Boy you really need to give those kind of bonuses when people are getting laid off right and left . Boy those workers just need a incentive to stay when people are living in tent cities . I wonder what these people will spend their bonus money on .Maybe the bonuses will stimulate the economy .
People ,when you look at events in front of your eyes and the events seem like a cartoon ,because they could not be true,than you know you are being reamed .
...because Americans are babies.
Seriously, think about it. You've got all these commando wannabes talking smack here about food, gold, and ammo. What really happens to these delicate flowers when they just can't take reality anymore? They go on a rampage at a mall or school, then do everyone a favor and shoot themselves in the head like they should have done years ago. They definitely don't organize like-minded people and attempt to do something about it. They just snap.
People have become soft and can't go from indignity to justified outrage to constructive protest to rioting to giving up and going psycho. It's indignity right to psycho with most of these adult children.
One of the greatest things I have figured out in life is to identify the weirdo in any group, then get away from the weirdo. A lot of posters here are the types I would identify as the weirdo. Komrade Keith is one of them.
"Fannie and Freddie employees should not only not get bonuses, they shouldn't be able to get into their offices, because of the protesters outside."
Hogwash. Protesting won't stop them from getting to their offices. Physical action is the only action that will prevent these theives from going wherever they want.
In the United States Post Office strike of 1970, back when men were men, my dad had to fight several of his coworkers to cross the picket line and go into work. He came home pretty beat up. Now when there are protests or strikes, there is a little police force on hand to make sure nobody has to show what they believe in with their fists.
Mark my words - there will be no change unless there is no violence. C-level execs and the government will continue to rape us until we are willing to die in exchange for a chance to take one or more of those pigs out.
Isn't it nice, living in a more "civilized" world? You don't have to take any physical risk; in exchange you get screwed. Reality - welcome to it.
Most Americans are on the global dole;
Even the petty bourgeois capitalist types like hardware store owners can only stay in business because their customers are on the dole.
So, no. No constituency for virtue exists here.
What about the bonuses at AIG?
Bank of America / Merill Lynch?
I got a $100.00 bonus last year at Christmas from my employer. I thought that was pretty nice.
I am probably not as big a deal as the Fannie/Freddie execs.
If the television would tell us to "rise up, go forth and demand action" then we would surely do it.
The TV is telling us to do nothing. Just be patient while the gov throws money at the problems. That is what everyone in America sees as the solution to EVERY problem. Throw money. And in America there is an endless supply of money, always. It has always been so.
We do what we are told (by the TV).
It's the TV's fault we are not demonstrating. Blame the TV.
Oooobaaaamy!
Gimme Cheese.
Hmm...
here's my take on the subject.
Let's pretend there are 100 people in the grand ol' US of A.
100 population
- 35 have no clue about anything
-------------------------
= 65 potential rioters
- 55 have no clue just how bad it is
-------------------------
= 10 potential rioters
- 6 have no clue TPTB are responsible
-------------------------
= 4 potential rioters
- 2 so old, they can't find the front door, not so good at rioting
-------------------------
= 2 potential rioters
- 1 just got back from the Middle East, and has no limbs
-------------------------
= 1 potential rioter
And the last potential rioter knows that inciting a riot will land him jail for the rest of his life, will ruin his family, etc, etc.
And he knows that if he just shows up, rioting ain't gonna do shit anyway.
That's why we have a big problem on our hands.
That's the fallout for letting this problem fester for decades.
Problem being Corruption at all levels, in every nook and cranny of our society. Starting in D.C.
Don't know about rioting, but I've restructured my federal taxes such that I should owe money next year – money that I plan to withhold in a state escrow account (with any and all interest donated to local law enforcement) pending resolution of 10th amendment violations by our national government. I suspect I won't be alone here should the feds toss the 4th amendment out the window as a result.
Perhaps we need to revisit the definition of bonus, as in beyond what was expected, to contextualize paying additional monies to employees who's firm has gone bankrupt and been placed in receivership. Exactly what course of events would have nullified these payments?
Keefer,
Here is the problem;
Us Americans are very confused about your contradictions and hypocrisy.
On the one hand you are all gung ho on the Obamy/ UN approach when it comes to dealing with the worlds most murderous dictators and ideas, here you are preaching pacifism and ‘dialogue’ and bending over backwards to appease the lowest form of life on our planet.
On the other hand you are asking for the heads of Americans who have worked hard to achieve a bit of financial success, you are assuming them guilty without any due process.
You have not articulated any proof of intentional crime; this goes for your main squeeze Orangezillo as well.
In my mind some of the posters on here are hateful angry people who have most likely already committed higher crimes then most of the wooo ‘Bankers’.
Are you hearing yourself?
You are instigating ‘general rage’ that will cause more harm to innocent bystanders and innocent property then any of the achievers you are whining about.
And above all:
Intelligent people are brave would stand up and risk physical harm to fight for a great goal.
However, the rage you want here is based on revenge and negative emotions.
Most of us have a good idea of what the aftermath of your venting and destruction will look like.
Way worse then things are today.
Disclosure:
I am not the one writing this, I am a puppet of some gigantic imaginary master.
Anon said:
'That's why we have a big problem on our hands.
That's the fallout for letting this problem fester for decades.'
Oh really, what planet are you from?
Whatever the f@ck was going on in the past decades created theee best times for human kind ever, by far a hundred times over.
Al-Queefer,
Do you pay taxes in the US?
if not shut up!
>> Serious question. What will it take?
Empty grocery store shelves.
When?
Later this year.
You want a serious answer? Dead bodies. That's what it will take. And not these low IQed tards that take out some police officers or all of their children (WTF is that?). I mean a determined, intelligent "Black Swan" that the elite don't count on, getting past their security and sending them to the big repo man in the sky.
you need to grab the bag of cheetos from their fat stubby mits and give them a swift one to the jellysac mid-section before you get a reaction. 90% of the ignoramous lard sticks with legs don't know wtf fannie and freddie do.
There are plenty of hardworking people who are now unemployed thanks to the incompetence at Fannie/Freddie. Why do they have to "incentivize" people to stay? Get rid of them and give their jobs to the laid off. ANYONE could do a better job.
Me
50% of US population is in the labor force. The lower earning 50% of the labor force contribute 4% of income tax revenue. So, 25% of the US population contribute 96% of income tax revenue. 75% of the population have a small 4% stake in the money that the government malinvests. Many Americans have government benefits and jobs while contributing a fractionally small amount to the government coffers. The upper 1% of earners contribute 33% of the tax revenue while earning 17% of total US income. Technically, the lion's share of the money being used to prop up these bankers/insurers is coming from a small fraction of present/future US taxpayers and foreign and domestic purchasers of US Treasury debt. Ethically, the bankers/insurers have no legs to stand on, but it is interesting to look at the money flows.
Kieth if you riot out here in the US and are the key figure in the riot, you and your cohorts cause $$$$$$ in damages you have 3 choices
A. Pay back the damages by working for the man at a discount, your homes, cars, material possessions will be sold at fire sale prices
B. If you cannot pay back the damages you will go to prison where you will have roomates that are murders, thieves, rapists, scum and vile of the earth
C. You will end up in an underground prison, (yes they do exist) you will truly understand what "no rights" means, and you will be wishing at that point you never
A. had this blog
B. never went after mozillio or any other bastard that had done you or your friends wrong
C. You had choices A or B
as you are getting poked and prodded by scientists and maybe un godly creatures ? as they are trying to figure out what makes you tick
and that Keith is why we never riot out here, our govt will not tolerate it and they can and most likely will quietly sell off the rioters for human experimentation for the benefit of mankind
btw some guys tried to hold up a casino in vegas not long ago
they were caught, they were giving a form of acid that peeled off the bottoms of their feet, they were in such excruciating pain that they were begging the sheriffs to put a bullet in their heads
now if they do that in vegas, what do you think they will do in other states, cities ?
you are not on their radar yet, you are one of the many of thousands that blog away, but keep it up and you may get an unwelcome surprise at your doorstep,
just like what happened to a guy recently in phoenix AZ, the cops showed up and took him to jail, just like that
just sayin
JaneZ:
Good point. So far the TV has told me that Obama says we should follow his example, which is to get over it. He says we should look forward, not behind.
That's because if we look back we'd see the truth. And Obama doesn't want that.
Listen Keith, no matter how often you try to rile up Americans to riot, it won't happen. Most Americans are brainwashed into thinking that this is such a great country, we are not very corrupt, we have it so good, etc... Thus they won't do anything and the pigs will get away with bloody murder.
Fannie and Freddie (Franron) are sacred cows to the D.C. whores, especially the Democrats, including Keith's hero, Obomba. Only violence will derail Franron.
What will it take?
Well, for a start people can attend one of the Tea Parties on April 15th.
Every Sasher should attend one of these. There are something like 200 taking place on tax day throughout the U.S.
http://teapartyrevolution.com/
"Don't Tread on Me!"
GOP rag WorldNetDaily soft on terror, quoting MotherJones, and wailing about intrusive government.
Christ; I thought I stumbled into Democratic Underground.
WorldNetDaily Exclusive:
How banks were bullied
into making bad loans
"...a national goal of at least 5.5 million new minority homeowners before the end of the decade...
...As an initial response to President Bush’s challenge, a number of national organizations involved in homeownership have agreed to commit specific resources...
...at least $440 billion in the financial commitment made by the government-sponsored enterprises involved in the secondary mortgage market, specifically targeted toward the minority market;
Twenty-five different local initiatives to be undertaken across the nation, geared toward eliminating the specific homeownership barriers faced by minority families in those communities..."
Imagine HOW MUCH WORSE it could have been, had the GOP not vigorously opposed this.
"...Accountability and results will be expected and measured..."
Were the bonuses intended to be a substitute for moral integrity?
Is this the only way they can retain the best and the brightest fraudsters?
This culture of greed and the rewarding of criminal behavior must be eradicated!
The financial services industry has become the epitome of corrupt business practices - let's dismantle it and start over...
There will be no real change unless there is no violence !
No Obama, no leader's meeting, no bailouts, no foreclosure-stop programs, no debt-forgivness, no fucking nothing will bring real change. Only violence. Why ?! Because we became lethargic. We need action. Stand up America ! .. and Mozillo is still free and happy :)
Why riot? And who cares if bankers are making $1,000,000 dollars a year.
Printing money is the solution, not the problem.
The faster the dollar plunges, the sooner American workers won't have to compete with Chinese making $10 a day.
$$$ PRINT PRINT PRINT
The faster the better!
Dolphin - the US is the only nation on earth that taxes your worldwide income, so even if you leave, and don't use any services, you pay.
Pretty nice scam they got going there, eh?
The assumption is that people think the this whole financial thing is s scam, that people care, and people will do the right thing.
Really King George III was never this bad.
Keith -- not entirely correct on U.S. taxes on expats. The U.S. exempts a certain amount of your overseas salary (I think that's up to U.S. $84,000 this year, so I don't pay Uncle anything on my local salary.) Only ABOVE that would I have to pay American taxes on Australian wages -- the price of citizenship, I suppose.
Uncle Kevin gets enough from me here. And assuming I made profits from investments overseas (which, of course, I have none of!) the Aussie government would want a cut of that, even though I'm a non-citizen and none of that money (which does not exist) never saw Australian soil.
So the U.S. government is no more venal than other governments. Face it, governments are governments. They all want a piece.
Bonuses are "intended to keep them at their jobs"?!?!
In this kind of work environment, they don't need "incentive" to stay. Everyone knows they can't find jobs anywhere else, because they are the bottom of the barrel, and this industry is no more. Jobs are hard to kind anywhere.
These crooks at Fannie and Freddie need pay payout for bonus, but instead, reduce pay and benefits and no profit sharing on taxpayer dollar!
The bonus issue is a distraction from the real theft of hundreds of billions and even trillions. Don't be distracted.
This kind of news is like rubbing salt into a wound. It shows how low the American slave has gone. The elite don't even care about putting up a facade any more. They commit their outrageous actions openly.
A bully will continue to take lunch money from weaklings until they decide to stand up for themselves.
Letters and phone calls to congress are pointless. The democratic system doesn't work.
There is no question that violence and rioting is the only way to stop this madness.
What we lack is a leader who is willing to put everyhting on the line for a cause. A leader willing to use violence to get our point across.
Is there an online petition we can all sign against that, to raise a few hairs on the collective necks of Washington, and F&F?
Grandma PKK
For a lot of people unemployment is beginning to run out. That's when the riots starts.
Riot? Remember Kent State?
les said....
Bingo!! We have a winner!!!
Well said Les!!
Les said...
Letters and phone calls to congress are pointless. The democratic system doesn't work. There is no question that violence and rioting is the only way to stop this madness.
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Shame on you Les. You didn't mail in your little teabag did you?
Dear Jane Z: Do you have children?
Do you live in a neighborhood which is already marginal as to services nearby? What is your mode of transport? There are neighborhoods in the US where there are very few stores, and no large supermarkets.
Those neighborhoods already suffer.
When people suggest rioting, do you think about the human toll? The poorer people get, the harder the effect. Lose your car, lose your job, lose your access to basics like food because you run out of bus fare/
Peaceful demonstrations. Flood congress with mail, literal mail.
Pick a symbol of something to send, and flood the post office. They need the business. Fifty cents worth of envelope and a stamp. Send an ad for an overpriced house with F&F, the word bonus, and a x through it, or something like that.
Even in the companies which did the wrong things, the majority of employees are probably just computer data people, secretaries, office cafeteria workers, janitors. What's the matter with you guys out there so hot to damage stuff. Have you ever lived with real violence? Are you nuts, or just whiny and spoiled? I'm as indignant as the next person, but you will not catch me espousing violence. It's no joke. There is no way to control crowds, and innocents always get hurt, just as now. But picketing. I'm up for that.
Grandma PKK
IF it gets bad enough to come to rioting, I am sure I don't want to be anywhere near it.
"A person is smart. People are dumb, dangerous, panicky animals."
- Agent K
"Careful what you wish for..."
Dear Jane Z: Do you have children?
Do you live in a neighborhood which is already marginal as to services nearby? What is your mode of transport? There are neighborhoods in the US where there are very few stores, and no large supermarkets.
Those neighborhoods already suffer.
---------------------------------
I managed low income Section 8 housing for 15 years. I have watched drug deals in the parking lot outside. I have had gunfire through the front window of my office. I have watched drug dealers move in with the tenants and start beating the daylights out of the kids. I have watched juvenile delinquents beat up elderly people and kick them on the ground. I got really tired of it. Yup, I know all about marginal services Grandma.
I have a son 30 years old who moved to Toronto. He prefers to watch the piranhas eat the minnows from outside The Fishbowl looking in. My daughter has 2 years of college left studying hard for a job that won't be there when she graduates.
I hope your kinder, gentler Depression happens, really I do, but to sit back resigned and pretend that all will be well if we just learn to make our own soap and candles doesn't work for me. I hope it works for you. I don't judge you for that.
You are making assumptions about my character and you have no idea about me, other than the posts I do here once in a while.
Mish is the only one I know that actually made a difference with his robofax, email, phone campaign. Were you a part of that? I did my part for over a week, everyday. He actually got their attention and they hesitated. But, here we are trillions later down the drain. So lets try teabags? That will show them!!!!! Let's picket and sing songs like "We will overcome". Oh yea that will scare em!!!!
You are making the assumption that all your fellow citizens are just all really good folks at heart and the Depression coming is just what the doctor ordered to bring out the best in all of us.
Like I said, I ran Section 8 housing for 15 years. You may be really surprised how this turns out.
Who knows, I could be totally wrong and this will be our National Cumbaya moment.
Bukko,
Actually the 2008 Foreign tax exclusion is $87K USD. However you have to be a bona fide resident for the full calendar year or pass the criteria that you have to be outside the US for more than 330 days per calendar year.
Anything over 87K then you have to pay taxes on that. Not true with any other country in the free (and non-free) world. For sure your Aussie and Brit friends don't even have to file when they are abroad.
Also the psycho US requires you fill in a TD 90 every year stating any overseas bank account where you had more than $10K US for any day of the calendar year. Failure to do so will incur penalties. How fucking crazy is that?!
-Mike
One problem is, both parties are corrupt. How do we deal with that?
Third parties get nowhere and as someone said, they only seem to warp things - they never win (no money - not part of the lobbyist scene) - results in an unwanted outcome, a "winner" with very little consensus behind them. Say 40 percent of the vote.
I don't think violence will work. But there might be a way that a local underground economy will. i.e. don't do business with these fraudsters in any small way possible. Cut off their money supply. It might actually be happening now.
Oh just realized, if we do that, we will see the development of a separate culture (the "hood" but on a wide scale) for our survival, and to avoid the invasion of our lives and the risk of breaking laws too numerous to count, IMHO.
Wonder what will happen then.
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