Our Tax Dollars Are Still Going Into Exec’s Pockets

December 22, 2008

US (ChattahBox) – After continuing reports about the misuse of tax payer dollars in the current bailout, a new study has shown that at least $1.6 billion has gone directly to the executives of the failing companies, lining their pockets with holiday bonuses, and sending them on retreats. This news comes amongst massive layoffs that have been effecting all corners of US society, families taking to the streets as their homes are repossessed, and the economy plunging into further recession.

The total amount given in stocks, cash bonuses, country club fees, trips in company jets, and other frivolous spending of the billions given out would have been enough to save 53 of the failing US banks, and cover costs enough to keep a large number of employees from losing their jobs in the process.

These bonuses are on top of the already 7 and 8 figure salaries that they receive annually, and it was found that even as massive pay cuts were made within the responsible companies to the lower-tier employees, millions were spread among the top execs.

While it isn’t clear what will be done (or if anything will be done) to stop and punish the selfish executives who are using the bailout funds for their own gain, some are calling for increased government oversight. Rep. Brad Sherman, D-Cali., and member of the House Financial Services Committee, believes that the banks should be held at least to the same restrictions as the automakers, and be forced to go before Congress to spell out their spending plans.

”The tougher we are on the executives that come to Washington, the fewer will come for a bailout,” he said.

But if there is any justice in the world, it will go beyond that, and the execs responsible for taking tax payer’s dollars will be removed from their ivory towers and made to pay back the money they spent. I am sure we could find someone else willing to play by the all too limited rules of this sham of a bailout.


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