Posted by
Ken Maes on Tuesday, October 07, 2008 8:53:07 PM
We all know the story of Robin Hood, the bandit who took from the rich to give to the poor. Well meet Robin Hood of Wallstreet who takes from the poor and gives to the rich. This is exactly what this bailout has done!
Check out the following salaries from 2003 - 2007:
- Richard Fuld, Lehman Brothers $256,411,839
- Kenneth Lewis, Bank of America $133,360,889
- James Dimon, JP Morgan Chase $108,724,585
- Lloyd Blankfein , Goldman Sachs $102,744,979
- Phillip Purcell, Morgan Stanley $ 95,189,490
- James Cayne, Bear Stearns $ 82,537,003
- E. Stantley O'Neill, Merrill Lynch $ 80,969,684
- William Harrison, JP Morgan Chase $ 71,203,439
- Charles Prince III, Citigroup $ 65,455,138
- John J. Mark, Morgan Stanley $ 41,157,683
- John A. Train, Merrill Lynch $ 15,062,141
- V. Kram Pandit, Citigroup $ 250,000
It seems as the last person made very little compared to the others but WAIT, the $250,000 was the amount this fat cat made for one month of work!
Now I am all for the free enterprise system and I would never knock anyone who made the amounts listed above. Yet what upsets me the most is that these people made all this money and it seems none of them were worth it as we are now being asked to bail them out for the mis-managment of their companies. And who is helping them in taking from the poor to give to the rich? None other than Henry Paulson, Secretary of the Treasury who was in charge of Goldman Sachs. As it is said, "birds of a feather flock together".
Once again we the people get the royal end of the stick!
source: NY Times Business Section, check it out for more details.
http://www.nytimes.com/interactive/2008/10/07/business/20080929-payout-graphic.html?hp