[ExI] government [and other kinds of] corruption

[BillK]

On Wed, Feb 25, 2009 at 5:22 PM, Damien Broderick wrote:
> It's barely possible that indignation might rouse some activity in the
> streets:
>
> NYT:
> The entertainment Web site TMZ broke the story Tuesday that Northern Trust
> of Chicago, which got $1.5 billion in bailout money and then laid off 450
> workers, flew hundreds of clients and employees to Los Angeles last week and
> treated them to four days of posh hotel rooms, salmon and filet mignon
> dinners, music concerts, a PGA golf tournament at the Riviera Country Club
> with Mercedes shuttle rides and Tiffany swag bags.
>


The millionaire and billionaire banking leaders that led the economy
into this disastrous depression live in a different world.

They have been almost unaffected by the crisis. They kept their
mansions, their millions of bonuses and salaries. They still have
their jobs, now 'helping clean the mess up'.
If Obama tries to limit their salary ceiling, they will steal money in
other ways, avoiding calling the payments 'salary'.

Bernanke is handing his friends in the financial industry more money
than their total share capitalization. Many commentators (even some
politicians) are saying the banks should be temporarily nationalized,
thoroughly cleaned out then re-privatised.
Just pouring more and more money into the banking black hole of the
bankrupt banks achieves nothing, except extending the depression by
years. It will have to be cleaned up eventually. The country (US and
UK) will just be billions worse off by postponing the evil day.

BillK