Meanwhile Obama & Dodd Scold the Bastards Who Helped Themselves to Massive Taxpayer-Funded Bonuses ("Shame!")

by Teh Nutroots | Meanwhile, Obama is "decrying" as "shameful" the huge bonuses for Wall Street CEO's.

"There will be time for them to make profits, and there will be time for them to get bonuses," the clearly irritated president said. "Now's not that time. And that's a message that I intend to send directly to them."

Yeah, do that! Send them a message!  The rest of us can point and jeer as they hang their heads in shame --- getting to keep all that money won't be any consolation at all. 

Meanwhile also, Chris Dodd is on hand with a SCARY THREAT.

Obama's comments came on the same day that the Democratic chairman of the Senate Banking Committee threatened to bring before his committee any Wall Street executives who take big bonuses after their firms are propped up with public money.

"Whether it was used directly or indirectly, this infuriates the American people and rightly so," said  Sen. Christopher J. Dodd (D-Conn.). "So I say to anyone else who does it: If you do it, I'm going to bring you before the committee." (WaPo; emphasis added)

What pisses me off is the qualifier:  "anyone else who does it." What about the ones who already did?  Why not go after them?  Why?

Because Obama at least wasn't wrong about this:

"The American people understand that we've got a big hole that we've got to dig ourselves out of," Obama said. "But they don't like that people are digging a bigger hole even as they are being asked to fill it up." (WaPo)

What most of us aren't too stupid to understand is that this isn't only just happening now; it has been going on for months and that a huge number of people are apparently going to get away with it.

So YEAH.   Also:  AND....??????

More at Memeorandum

RECENT BUCK NAKED POLITICS POSTINGS

Krugman Asks Why Obama is Not Following Through on Health Care & Progressive Stirling Newberry has an Answer Dems Aren't Going to Like

Intimations of Failure for a Timid Stimulus Package with Tax Cuts for Those Who Still Have Money; Meanwhile, the Richest Continue to Enjoy the Lowest Effective Tax Rate Ever

House Judiciary Subpoenas Rove, Kudos to Conyers for Staying Focused on Accountability

House Passes Stimulus Bill, No Republicans Voted for It, and Why That's No Surprise
Director of National Intelligence Resigns

Citigroup Caves to Pressure Over Luxury Jet but Should Cut Executive Pay to Save Company and Jobs

Obama Begins Chipping Away at Bush Administration's Environmental Policies

And the Walls of Mordor Come A-Tumbling Down: Vice President's Residence Reappears on Google Maps

Bush is Gone, But We'll Still Have Kristol to Kick Around: Kristol Moves On...to The Washington Post

Citigroup Execs Want to Buy Luxury Jet Instead of Saving Jobs

Comments

[Ron Russell]

I agree with most of the article, but not all. For Dodd to say anything about this is a complete joke---where are the documents on his loan he promised us months ago. Until then shut-up Mr. Dodd. And Obama, its ok to point out the large bonuses some got--thats fine, but to complain about the profit system thats igorant. Where does the government get all the pork money if not from taxing profits or borrowing or just plain printing dollars. Obama I know you are a socialist, but don't kill the goose that lays the golden egg or you'll be left with an empty basket.

[billkav]

Teh,

Right on.

It would be appropriate to see a couple of the masters of the universe sitting before the Senate explaining exactly how they earned their millions in bonus money while losing hundreds of billions of their shareholders' (and the taxpayers') cash.

Then let's nationalize some of these failing banks before we have to pay even more for their bonuses. (That's drive the commenter above really crazy!).

[Deb]

Ron,

Here's the trouble with your golden-egg argument:

First, bonuses do not get taxed as "profits" on the corporate; they are listed as expenses, calculated before profits, and therefore reduce a company's profits.

Second, given the tax law loopholes, many of the people looting the shareholder money pot (i.e., taking bonuses) don't pay income-tax rate on non-cash bonuses but instead pay the smaller capital-gains tax rates.

That said, I DO AGREE with you about Dodd's hypocrisy. He should be called a hypocrite for it!

On the other hand, I don't think that he should shut up, because us ordinary investors need big spotlights on the executive compensation issue if we are ever to see shareholder-friendly reforms.