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75% of Latest BofA bailout used to pay executive bonuses

J

jefa

Member
cnn

Aren't you glad these bank bailouts were approved? Most of the recent $20 BILLION of taxpayer money went to executives as million dollar bonuses?? :disgust: Meanwhile people lose their homes, and home buyers get denied loans. Oh, and stockholders have lost almost everything. Stock price is now $5. Can Bank of America, the largest financial services company in the world, fail?

What are your thoughts on BAC stock?
 
Since these banks refuse to lend what should be done then? Have the government act as the lender then, through the Federal Reserve (which needs to be nationalized). Unfortunately "free" market fanatics can't get this through their thick skulls.
 
they certainly aren't making it easy for themselves by doing things like this. The environment could become hostile towards them really fast. It's almost like they can't help themselves. They are so greedy they have to take.
 
Originally posted by: jefa
Originally posted by: JS80
I saw on CNBC this morning John Thain bought a $35k toilet for his new office.
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Thain quit though.
Click to expand...

He quit like a few hours ago. Actually more like he got fired, aka forced to resign.

Thain spends $1.2 million to refurbish his office

According to documents reviewed by The Daily Beast, Thain spent $1.22 million of company money to refurbish his office at Merrill Lynch headquarters in lower Manhattan. The biggest piece of the spending spree: $800,000 to hire famed celebrity designer Michael Smith, who is currently redesigning the White House for the Obama family for just $100,000.

The other big ticket items Thain purchased include: $87,000 for an area rug in Thain's conference room and another area rug for $44,000; a "mahogany pedestal table" for $25,000; a "19th Century Credenza" in Thain's office for $68,000; a sofa for $15,000; four pairs curtains for $28,000; a pair of guest chairs for $87,000; a "George IV Desk" for $18,000; 6 wall sconces for $2,700; six chairs in his private dining room for $37,000; a mirror in his private dining room for $5,000; a chandelier in the private dining room for $13,000; fabric for a "Roman Shade" for $11,000; a "custom coffee table" for $16,000; something called a "commode on legs" for $35,000; a "Regency Chairs" for $24,000; "40 yards of farbric for wall panels," for $5,000 and a "parchment waste can" for $1,400.
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lol commode on legs
 
Originally posted by: JS80
Originally posted by: jefa
Originally posted by: JS80
I saw on CNBC this morning John Thain bought a $35k toilet for his new office.
Click to expand...

Thain quit though.
Click to expand...

He quit like a few hours ago. Actually more like he got fired, aka forced to resign.
Click to expand...

true, what do you get in a $35k toilet - made of gold?
 
Originally posted by: jefa
Originally posted by: JS80
Originally posted by: jefa
Originally posted by: JS80
I saw on CNBC this morning John Thain bought a $35k toilet for his new office.
Click to expand...

Thain quit though.
Click to expand...

He quit like a few hours ago. Actually more like he got fired, aka forced to resign.
Click to expand...

true, what do you get in a $35k toilet - made of gold?
Click to expand...

maybe it cleans his butthole by giving him a rimjob
 
Originally posted by: JS80
Originally posted by: jefa
Originally posted by: JS80
I saw on CNBC this morning John Thain bought a $35k toilet for his new office.
Click to expand...

Thain quit though.
Click to expand...

He quit like a few hours ago. Actually more like he got fired, aka forced to resign.

Thain spends $1.2 million to refurbish his office

According to documents reviewed by The Daily Beast, Thain spent $1.22 million of company money to refurbish his office at Merrill Lynch headquarters in lower Manhattan. The biggest piece of the spending spree: $800,000 to hire famed celebrity designer Michael Smith, who is currently redesigning the White House for the Obama family for just $100,000.

The other big ticket items Thain purchased include: $87,000 for an area rug in Thain's conference room and another area rug for $44,000; a "mahogany pedestal table" for $25,000; a "19th Century Credenza" in Thain's office for $68,000; a sofa for $15,000; four pairs curtains for $28,000; a pair of guest chairs for $87,000; a "George IV Desk" for $18,000; 6 wall sconces for $2,700; six chairs in his private dining room for $37,000; a mirror in his private dining room for $5,000; a chandelier in the private dining room for $13,000; fabric for a "Roman Shade" for $11,000; a "custom coffee table" for $16,000; something called a "commode on legs" for $35,000; a "Regency Chairs" for $24,000; "40 yards of farbric for wall panels," for $5,000 and a "parchment waste can" for $1,400.
Click to expand...

lol commode on legs
Click to expand...
This person quit.

But does he have to give his bonuses back?

$5000 for a trash can!?!? fuckin A.
 
In related news:

NEW YORK, Jan. 22 /PRNewswire/ -- Susman Godfrey L.L.P. has filed a class action lawsuit in the United States District Court for the Southern District of New York on behalf of those holders of Bank of America (NYSE: BAC) common stock and series B preferred shares as of October 10, 2008 (the "Class"). The case number is 09-CIV-00606.

The complaint claims Bank of America and Merrill Lynch and their respective officers and directors made false and misleading statements in the proxy materials for the December 5, 2008 vote regarding Bank of America?s acquisition of Merrill Lynch. The complaint alleges that the true nature of Merrill Lynch?s financial condition was not revealed even though Merrill Lynch and Bank of America knew or should have known of the large losses at Merrill Lynch.
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This is how our government fails us. This really marginalizes the tax payer / citizen. I mean what is the average joe supposed to do? Call our INEPT government and tell them they dont even know how to give away tax payer money?

This is ridiculous on so many levels. This makes the Madoff scheme look small. I used to think that evading taxes was wrong, but maybe its not if my money is going to some rich guy's pockets anyway that work for a defunct company that does not care about how it performs as long as the top execs get top dollar.
 
Originally posted by: BoberFett
Eventually people are going to tire of this and vigilante justice is going to take over.
Click to expand...

Or jungle warfare.

Frankly I think people in this country are too pussy to do anything. How many people over the last decade have deserved to be taken out but haven't been? Hell, haven't two people taken themselves out after being swindled by Madoff but didn't bother to take a shot at him first? I'm not necessarily advocating vigilantism but statistically at least one of these crooked exec/scammer types should have caught a bullet by now in any normal society.
 
Originally posted by: Dissipate
Originally posted by: LegendKiller
His driver also got paid $230K/yr.

Who the fuck is his driver? Jason Statham?
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Look who is criticizing the bank execs now.... interesting.
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LOL. This is why you guys continually fail. You think that people are black or white in their opinions, not rational. That's because you project your own irrationality on people.
 
Does FAIL sum this up enough or not even begin?

From the getgo the bail out was under-managed and cronied to the fvcking wazoo, and this is what you get.
 
Originally posted by: Gonad the Barbarian
Originally posted by: BoberFett
Eventually people are going to tire of this and vigilante justice is going to take over.
Click to expand...

Or jungle warfare.

Frankly I think people in this country are too pussy to do anything. How many people over the last decade have deserved to be taken out but haven't been? Hell, haven't two people taken themselves out after being swindled by Madoff but didn't bother to take a shot at him first? I'm not necessarily advocating vigilantism but statistically at least one of these crooked exec/scammer types should have caught a bullet by now in any normal society.
Click to expand...
Madoff is holed up in his 6 million dollar mansion or he probably would have caught a bullet by now.
 
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