Wall Street Bankers Plunder U.S. Treasury, Get Record Bonuses As Housing Wipeout Continues! – Wall Street Underground

By Nick Guarino | January 17, 2010

Make no mistake: The bankers are now running the country.

They literally own the politicians and the bought-and-paid-for media. They are writing themselves blank checks direct from the U.S. Treasury. You, the taxpayer, must pay for those checks.

You probably heard how the Obama administration is supposedly limiting pay for executives at government-owned Bank America, Citigroup and AIG. Supposedly making the bankers pay for their losses? Not rewarding them for wiping out the modern financial system and sending our nation back to the dark ages?

Pardon me while I vomit.

The truth is that Wall Street bonuses are setting new records. Bankrupt AIG paid its executives $165 million in bonuses – after government gave it over $100 billion in bailouts – and even as it was lining up for massive amounts of bailout cash from taxpayers. Goldman Sachs allocated $16.9 billion for executive pay and bonuses in the first nine months of 2010.

According to the Wall Street Journal, the top 38 firms on Wall Street will pay their top executives a record $145 billion total for 2009, up 18% over the previous year. And this is after they have wiped out the financial system.

Don’t kid yourself. These bastards know what they are doing. They are plundering the U.S. Treasury while they still have time.

They know they can’t win at the derivatives game they created. But that doesn’t matter. They don’t have to win. They’re not betting with their own money! So they don’t care as long as they get theirs.

They are betting YOUR money. They are betting the trillions of your tax dollars government keeps handing to them…and the trillions more Americans have trusted them with, for their savings, retirements and investments. They can become rich as Midas just by skimming cash right off the top in bonuses.

If you think I’m exaggerating, look at Citigroup. Government (i.e. you), gave Citi hundreds of billions of dollars in bailouts. At that exact same time — as their losses mounted ever higher -– Citi paid its top executives $9 million each in bonuses last year. A total of over $5 billion.

Fannie Mae CEO Michael Williams and Freddie Mac CEO Charles Haldeman Jr. will receive bonus compensation of $6 million each for 2009. That is for the wonderful job they have done bankrupting these companies — and wiping out the housing market in the process.

Also, 10 other executives at the two companies will receive a collective $30 million in compensation (bonuses). An average of $3 million each.

In the meantime, the housing wipeout they created is reducing millions of Americans to abject poverty.

Last year, on average, over ten thousand people defaulted on their mortgages each and every day. In 2010, that number is expected to soar, to 30,000 people a day.

Ten million new foreclosures this year. Ten million MORE personal tragedies. Ten million more losses Wall Street has to try and sweep under the derivatives carpet. It can’t be done.

Those plunging real estate prices you’ve seen so far? They are nothing. A little speck of dust, compared to what is coming. Get ready for an avalanche of new losses, that will be taken in bricks and mortar across the board. Residential, multi-family and commercial real estate.


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