Friday, July 08, 2011

Weekend Drivel

I read in the paper that BoA and JP Morgan Chase are paying fines of nearly $150M for bad derivative training. So we bail them out at billions and they pay that small of a fine, no one is in jail and no one looses their job. Definitely a WTF minute. For the amount of money the bailout cost, almost all bad mortgages could have been bought and the mortgage payers would have OWNED the houses. Then the mortgages would not have been worthless. Then the banks would not have gone under requiring a bailout with no payback. And executives at the banks got multi-million dollar bonuses for their performance. What?????

And everyone's' 401ks became 101ks with the drop in value. Between drop in home values and 401k devaluation, I lost 150,000. That is not a lot by many others standards, but a lot to lose at almost 60. While we do not know exactly who did the deed and basically stole my $150,000 we know what class of people and where they worked. They get bonuses and do not go to jail. I have to live with my loss, but boy it would feel good to send some people to prison or at least get their bonuses back. I bet they make more then $250,000 and are defended by Cantor and Boehner. It is very, very frustrating to see the pirates walk the streets and while I still have a job and live in my house, others have not been so lucky.

I am amazed that there have not been more killings over this as people who lost everything retaliated. and that the banker class is not vilified is even more amazing. That Greenspan is still quoted publicly shocks me. Or Rumsfeld, or Cheney or those who thought the Iraq war would pay for itself.

That is me today, Mr. Cheery.


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