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Why not? The Supreme Court allowed the fat cats to pay good money to get their Republicans elected. This is not the first time a Speaker of the House didn’t like him.
The RNC got the incumbent - Greg Laughlin of his current seat to switch parties and put their full weight behind him against Ron Paul - the Republican challenger during 1996 primary. The then current Speaker of the House - Newt Gingrich and the Texas Governor - George W. Bush backed their new incumbent who lost in the primary. Ron Paul used Newt’s own harsh criticisms of Laughlin voting record as ammo.
These 3000-4000 Wall street fat cats will pay out them self's 140 billion in bonuses this year from a industry that produces NOTHING and do all things below:
1. Get a tax break on it. Let the national deficit grow.
2. Buy off Republican party so they can privatize Social Security. Gamble with its assets and our future. If the things get really bad they are too big to fail anyway so American tax payers will bail them out.
3. Locate it in offshore bank accounts. American economy probably will never see that money again.
4. Invest it in China. Yeah screw the American working class and economy.
5. Buy a box of most expensive cigars from Cuba and best French Cognac and enjoy its day.
JPMorgan Chase kicked off the earnings season on Friday with news that it turned a strong $17.4 billion profit in 2010, up 48 percent from $11.7 billion the year before, as the consumer lending environment improved and commercial banking notched record results
Amid the glowing results, JP Morgan also revealed a $28.1bn bill for total staff pay and bonuses in 2010, with $6.6bn set aside for total staff compensation in the fourth quarter alone, up 29pc on last year.
This figure includes a 2010 full-year pay and bonus packet of $9.7bn for JP Morgan's investment bankers, a 4pc increase on last year.
Can't wait for "Citigroup, Goldman Sachs, Morgan Stanley and Bank of America, which all report next week" to release their figures. Let's see how much money they made in the Big Casino (Wall Street). What bothers me so much about this is that all that capital is just spinning around inside Wall Street but hardly any of it is like venture capital which creates jobs, pays for goods and services, and drives new technologies. Most of this money is made from exotic financial instruments, such as securities and derivatives, which do next to nothing to stimulate the economy.
It's a good thing we gave the top earners a HUGE tax break by extending the Bush tax cuts. It's obvious they really needed the money, because they're just barely making it.
I thought the conservative narrative was that Obama is bad for business and that's why there aren't any jobs. But banks and corporations are doing extremely well. Seems like the top earners are doing just fine with free trade and globalization. The average American worker, not so much.
Hedge-fund manager John Paulson personally netted more than $5 billion in profits in 2010—likely the largest one-year haul in investing history, trumping the nearly $4 billion he made with his "short" bets against subprime mortgages in 2007.
Mr. Paulson's take, described by investors and people close to investment firm Paulson & Co., shows how profits continue to pile up for elite hedge-fund managers. Appaloosa Management founder David Tepper and Bridgewater Associates chief Ray Dalio each personally made between $2 billion and $3 billion last year, according to investors and people familiar with the situation. James Simons, founder of Renaissance Technologies LLC, also produced profits in that range, say investors in his firm.
Wow, there's no recession on Wall Street - $5 Billion in personal profit. It's sick considering that most people are having a tuff time making it these days.