Triumphrat

Tbirdnz

Lots of criticism of the UK government taxing the rapacious bonuses that bankers paid themselves, particularly those that had to be bailed out. It's nice to see the US government too not getting sucked in again by these same banks and corporates.


"If the big financial firms can afford massive bonuses, they can afford to pay back the American people." - Obama.



NZ Herald story

dogtired

The suits couldn't give a fat rats clacker, they will still get their multi million dollar bonuses, all that this extra tax will do is is hurt the average consumer. The banks will just pass it on in increased banking fees and sustain their exorbinant lifestyles and obscene profit margins.

I hate the fact that pollies treat us as morons, their spin doctors will use any opportunity to shove a new tax on us, and paint it in the rosiest colours.

Same as any carbon trading scheme, it wont hurt the rich, it will only hurt the average taxpayer, who the hell do you think is going to end up paying for all this crap and new taxes, it certainly won't be the rich.



It is the same the world over, the rich get richer, and the poor get children.





Now I have had my say, time to sit back and watch the **** fly over this one. Pass me the popcorn please.

__________________
Can a storm be officially designated as a tornado without touching down at a trailer park?

tba-golfer

This might be rambling and inconsistent...
When I started as a stock broker, 32 years ago, the 10 highest compensated employees in my firm were commissioned sales people, earning substatially more than the CEO, who was the son of the founder of the firm. The brokers brought in the money, and the profits to the firm, increasing share holder value, and stock price, and benefitting all of the firm's employees, who had much of their retirement funds tied to the firm's stock. I would estimate the highest paid employee ratio to the lowest paid employee was maybe 25-1.
These days the ratio is well into the 100's to 1.
The risk we faced as employees at my firm was that the unseen bus would hit us, and the bulk of our retirement money would vanish. The reward, and substantial motivating incentive, for all employees, both revenue generating and support people, was that if we all pulled oars together, we could all greatly benefit. This notion of pushing support staff to enable revenue generators was generally embraced. And in my firm's case, successful. I find a lack of that in most businesses today, where non-revenue generators are deemed loss centers, and subject to draconian cuts and administrative whippings.
I don't have a problem with those employees of financial firms, or any business, receiving large bonus money for exceeding stated goals- they're the engines of commerce, generating sales and profits
and share holder requirements. Maybe obtusely, all employees need to participate and be rewarded when their corporation exceeds its objectives.
Rewarding entrenched mgmt. and employees of failed/bailed out/govt. supported firms is anathema to me. There IS a snide, sneering, we can't be bothered about Main Street view from Wall Street that is abhorent. I'm not sure if it can be stiffled or not...

__________________
"And early though the laurel grows
It withers quicker than the rose."
A. E. Housman

HiDesert

If it's stifled by the government, I'll bet the cure will be worse than the disease.
By taxing all the banks. When does regulation end and management by taxation begin?

__________________
I won't stop riding because you tell me about someone who died in an accident, just as I won't stop eating because someone died of e.coli.

HiDesert's ride photos

Tbirdnz

Well of course under President McCain there wouldn't have been any bail-outs and we wouldn't be in this situation of recovering the economy and tax payers money, we'd all be in soup queues along with the fat cats !


--------------
Ride on !

La Mitch

Huh? How do you interpret Obama's statement to mean taxing all the banks? Is that true? It's not how I read it, but if I am missing something let me know. Otherwise, i see no problem in taxing the large banks that just borrowed billions from us for a quick fix and now give it back just in time to hand out massive bonuses.

If the large banks that got the bailouts pass down the taxes to us then f' em, take your money to a bank that is not run by Vegas strip junkies .

I say screw the big banks, let's break em down so they're not too big to fail - so we wont ever have to be in a situation where we choose between bailing them out or roll the dice on whether a failure to bail them out will end up all mad max as credit ceases to exist.

Break them up, but how? Reinstall the regulation that separated consumer banks, investment banks, and insurance companies silly! Cuz it's a funny thing about that free market theory, that deregulation allowed the banks to get this big, so big that in 10 years it nearly destroyed the global economy. Holy sh*t that's a bad theory!

Even the strongest proponents of free markets are now realizing the benefits of regulation of concentrated wealth and the insufficiency of the "free hand" of self regulation. They're all keynesian now, except the die-hards who are too invested in the theory to consider nasty little buggers like facts.

Nickwiz

I'm with Billy Bragg. Unfortunately the Govt take my taxes before I get my Cheque. Otherwise I'd do the same. I think his comment about not knowing what else to do is very true if sad that our democracy has got to this state.

http://www.youtube.com/watch?v=6SyiZC_wGzU

Cockney Ryming Slang? Investment Bankers? W*****s!

Lee

I only hope that Obama will continue to endorse the Dems coming of for reelection.....he is the kiss of death for their carreers....

__________________


Four Iron Butt Rides Todate....Will Be Working On Longer Ones In The Upcoming Year...Jersey Born and Raised........Texas run 1000 in 24 hours in April 2012

Tonybaloney

Unless the stress of dealing with the mess his predecessor passed on killed him and then the snow machine queen would ascend to the throne to save us all from government by running that into the ground, too.

Tonybaloney

When does regulation begin? The whole mess began with lack of oversight and Republican gutting of agencies. The SEC suffered the same fate as FEMA-staffing and management by incompetants and cronies with similar results. The cure can't possibly be worse than the disease if the disease is fatal without a cure.