I’m stealing much of this post from another forum, but they are great points and very applicable to this thread…
Time for the banks to pony up. They got their bail out to ammend their gross mismanagement. They plan the signed for the automakers in a LOAN.
The gov bailed out the banks to get ALL credit flowing again, not the stock values for the BOD bonuses.
Goldman Sachs made $2.3bil last year and paid a whopping 1% tax on that. (They paid 34% the year before.) How? They moved their bulk accounts off shore. Then they showed their American accounts as being in arears. The .gov bailed them out and they took that $$ and put it DIRECTLY into bonuses.
Crooked.
But shame on these auto companies that have no financing available to them because the banks won’t come off their cash and lend out money, even though the Fed gave them 700 Billion to do just that. Guess we should have asked the banks for their plan on how they were going to get credit flowing agian. Perhaps they mistook credit for bonuses. :gotme: