Admist reports this week that indicate a handful of the largest firms receiving TARP funds–Citigroup, Morgan Stanley, Chase, Goldman Sachs, and Bank of America–will pay out $90 billion in bonuses.
Petey will introduce legislation that would impose a 50% tax on excessive bonuses at firms that received bailout funds….which I do like as its nice for the money to come back, however are they going to stop the fee increase that is surely going to happen for them to ‘reclaim’ money and show a profit so they can pay bonuses “fair and square”?
“As most Americans struggle to endure a long and wrenching recession, the same Wall Street bankers who came to the American taxpayer with hat in hand are now preparing to pocket record-breaking bonuses,” said Welch. “Financial firms that received taxpayer assistance must remember that they owe their return to profitability to hardworking Americans.”
You got my vote there Mr Welch! Now lets hop eyou have the attention of Reid, Pelosi and O-man