Yep here we go again. Let me just name a few of the decadent profligate recipients of the golden parachutes.
Stanley O’Neal of Merril Lynch, 161.5 mil, Angelo Mozilo of Countrywide, 121 mil, Charles Prince of Citigroup, 68 mil, Richard Fuld of Lehman Brothers, 22 mil, Kerry Killinger of Washington Mutual, 22 mil, Alan Fishman of Washington Mutual, 22 mil, after only three weeks, Jimmy Cayne of Bear Sterns, 61 mil, I’m getting tired of this, there are more, but I’m getting nauseated and don’t want to puke on my keyboard. Then of course as I mentioned before there are the AIG guys who stuck their fingers on our collective eyes and laughed all the way to the St. Regis Resort in California, the most exclusive place in the U.S. While on their little junket it cost that recently bailed out (by us taxpayers) company $440,000.000 green back samolians. The ones that get me are the two from Fannie Mae and Freddie Mac Daniel Mudd and Richard Syron. They were the worse perpetrators of bad lending practices and started this whole avalanche. They get to walk away with 7.3 and 6.3 respectively of good old golden parachutes, then there are Jim Johnson and Franklin Rains, they had to get their 100 mil golden parachutes. while we beleaguered taxpayers once again get the golden shower.
It all started with the Community Reinvestment Act of 1977 to counteract redlining practices. Since the original act there have been 6 regulatory changes. Each one has led us further down the path to ruination. The last big snafu was in 93 to 95 when Clinton asked regulators to reevaluate criteria so more people could get housing. The strong arm tactics that were used were just short of Jack-booted thugs, there by forcing lending institutions to lend to everyone and anyone. All this considered, in the final analysis this could have been avoided if people were doing their jobs. I don't have to tell you how we got wet, the problems are too many to enumerate here and are as varied as there are people. The guilt lies with both parties and many individuals, however from what I can glean by research trying desperately to be unbiased I find the onus and preponderance of evidence lies more heavily on Liberals than Conservatives. There certainly are times when the opposite is true, however in this case I found theses fact to be true. It’s outlandish how, no matter who these guys are, or how bizarre the circumstances, they will still end up with golden parachutes and we will end up with golden showers.
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