Citigroup, Morgan Stanley, Chase, Goldman Sachs, and Bank of America–will pay out $90 billion in bonuses.

Good for You Petey Welch!

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”?

The “Wall Street Bonus Tax Act” would apply only to bonuses over $50,000, and would use the tax revenue to support loans to small businesses.
I like it!

He says:
“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

Published in: on January 13, 2010 at 9:49 am  Comments (1)  
Tags: , , , , , , , , , , ,

How much did the Auto bail out make for the taxpayers???

Um, how about how much did it lose?

The Obama administration will tell Congress Wednesday that it expects to lose about $30 billion of the $82 billion government bailout of the auto industry.


Thats certainly some coins change.

Gene Sperling, senior counsel to Treasury Secretary Timothy Geithner, confirmed in an interview late today that the administration’s forecast is that it will lose $30 billion on its auto investments — but that’s down from an earlier estimate of $44 billion.

“The real news is the projected loss came down to $30 billion from $44 billion,” Sperling said, noting that auto sales have improved ahead of what many analysts had forecast. The administration still holds out hope that if things improve, the administration could still recover more.

The estimate — the first public accounting of losses connected to the rescue of General Motors and Chrysler — is in line with what the Government Accountability Office, the Troubled Asset Relief Congressional Oversight Panel and former auto czar Steve Rattner have suggested.

The Treasury Department has loaned $50 billion to General Motors, and swapped all but $6.7 billion of it for a 61 percent majority stake in the automaker. In order for taxpayers to be repaid fully, GM’s stock would have to be worth far more than current estimates when the company goes public as early as next year.

GM chairman and CEO Edward Whitacre Jr. said that GM will make a $1 billion payment of its outstanding loans on Dec. 31 and plans similar quarterly payments. In a Web chat with reporters today, he said the company could opt to make a lump-sum payment

The administration forgave much of Chrysler’s $12 billion in government loans….well thats nice, will someone forgive me for my mortgage?

Well, thats good news, only $30 Billion instead of $44billion. Idiots!

Saving General Motors and Chrysler saved hundreds of thousands of jobs, President Barack Obama said today.

“It was right decision then and the right decision now,” Sperling said, calling it a “courageous decision by the president” to give the two automakers a “rebirth even though he knew it was not going to be politically popular.”

Not politicially poopular…yeah $30Billion is gonna do that, plus the private airplanes to get there are goign to hinder popular.

Published in: on December 9, 2009 at 10:20 am  Leave a Comment  
Tags: , , , , , , , ,

SPEND, SPEND, SPEND…Spend our way out of a recession

Well, this should be interesting…

President Barack Obama outlined new multibillion-dollar stimulus and jobs proposals Tuesday, saying the nation must continue to “spend our way out of this recession” until more Americans are back at work.

Okay, so how much extra is this going to cost?

No price tag was given….I guess he has had enough of the broken promises

Obama proposed a package of new spending for highway, bridge and other infrastructure projects, deeper tax breaks for small businesses and tax incentives to encourage people to make their homes more energy efficient.

Published in: on December 9, 2009 at 10:11 am  Leave a Comment  
Tags: , , , , , ,

Got Swine flu? You may not be able to get insurance again…

In the aftermath of beating H1N1 virus, some children may never be elligable for Health Insurance agin becuase of the lifetime cap…that is unless you are on medicaide, then the tax payers paid for it.

After six weeks in intensive care, Lateasha Howard has apparently beaten H1N1.

But Carolyn Howard has no idea what saving her daughter’s life will cost.
“Are you expecting to see a big bill at the end?” asked CBS News correspondent Mark Strassmann.

“Hopefully not,” Howard said. “Praying and hoping that I don’t see one.”

Tony Estlinbaum’s finally home. He fought H1N1 for a month in the same ICU, at Children’s Hospital in Oklahoma City.

As a stress relief, his parents used to joke about the whopping expense.

“How much is this going to cost to be in the ICU for a month?” Hugh Estlinbaum asked.

“Hold your breath for three seconds, oh, there’s $500,” Lizzy Estlinbaum said.

More coverage of Tony and others at Children’s Hospital:

A Child H1N1 Patient’s Joyous Homecoming
Two H1N1 Kids Now Show “Miracle” Progress
Two H1N1 Patients, Two Different Outcomes

A machine called an ECMO is the big expense. It’s a lifeline for the heart and lungs and requires two nurses in the room, around-the-clock.

“Staffing, training, equipment – very quickly you’re going to be running into the hundreds of thousands of dollars,” said Cole Eslyn the CEO of OU Medical Center.

Lateasha Howard’s hospital charges? $1.2 million – and rising.

Tony’s bill? Almost $900,000.

And that’s just the hospital.

“That doesn’t include the doctors or nurses, or the CT or the plastic surgeons that came into the room,” Hugh Estlinbaum said. “The list is long.”

Hospitals usually negotiate much lower settlements. But unlike many insurance plans, the Estlinbaums have a lifetime cap on expenses: $1.5 million. Tony’s hospital stay and continuing rehabilitation could top that.

“I don’t know how we’re going to do these medical bills,” Hugh Estlinbaum said. “I have no idea.”

Every insurance plan’s lifetime cap varies. But in extreme H1N1 cases, with sky-high medical bills, a child who once had a severe flu might have trouble getting health insurance ever again.

“Their ability to purchase individual insurance in the open market is very limited, if not zero,” said Dr. Peter Kongstvedt, a health insurance expert.

Carolyn Howard relies on Medicaid — which will pay Lateasha’s bills.

“You’re better off having Medicaid than private insurance with that type of cap,” Kongstvedt said.

Congress is now considering three major bills to overhaul American health care. All three would eliminate lifetime caps.

“I can’t put a price tag on what he is worth,” Lizzy Estlinbaum said. “There is no price tag on what he is worth.”

So the Estlinbaums could soon face a new crisis. Not medical – financial.


Published in: on October 30, 2009 at 7:56 am  Leave a Comment  
Tags: , , , ,