Read this article: With government permission, banks are looking to pay out 52% of $163 billion already allocated to them to their shareholders. This money was supposed to give liquidity to the credit markets and instead it is going to help prop up stocks and pay stockholder's dividends.
http://www.washingtonpost.com/wp-dyn/content/article/2008/10/29/AR2008102904533.html?hpid=topnews
This article shows that Wall Street banks are paying $70 billion to staff from the money they are receiving from the federal bailout.
http://www.guardian.co.uk/business/2008/oct/17/executivesalaries-banking
So $150billion+ is going to pay salary bonuses and Stockholder dividends from taxpayer money. How does that make you feel. For those of you that thought the bailout was necessary, do you still?
It is obvious that Government officials knew this was going to happen. They did nothing (and are still doing nothing) to stop it. The Feds were lying to us again!!!
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Thursday, October 30, 2008
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