While Wall Street Burned = 5000 Made $1 Million Plus

The Attorney General for the State of New York published at 22-page report entitled “No Rhyme Or Reason: The Heads I Win, Tales You Lose Bank Bonus Culture”.

While some might argue that the purpose of the report is to shift the burden for regulatory failure from the State to the Federal Government, the named author Attorney General Andrew M. Cuomo suggests that the major banks would pay a huge bonus to select employees regardless of economic conditions.

In fact, US banks paid 5,000 employees over $1 Million each despite having to borrow money from the Federal Government through the TARP bailout program.

As the dust clears, it is evident that US banks are wholly unconcerned about serving a capitalist democracy or being good citizens in our society. The banks exist for a single purpose and that is to make as much profit as they can from every segment of this industrial nation, and the rest of us can burn in hell.

The Federal Government initiated a bailout program in February for US small business owners to assist them in getting through this economic downturn. The program guaranteed the banks 2.75% interest on each loan and guaranteed the loan itself so the banks would be free of all risk.
Instead of assisting, the banks refused to participate leaving hundreds of thousands of small business owners stranded. The banks cut-off credit to most US small business owners, closed credit-card accounts, and denied personal loans regardless of the financial ability of the borrower.

In short, US banks are not truly part of our industrial democracy. They act as foreign enterprises observing our marketplace but unwilling to assist in our development. They are willing to take our money from us, and from the Federal Government if they are imprudent in the conduct of their business, but they should not be considered business partners nor trusted to act in your best interest.

While the banks tout their exclusive private banking services, the client is in fact at great risk both from the kind of investments the bank offers and their inclination to work against a client’s financial interest.

American’s used to love their banks and relied on them to be there through thick and thin. As Cuomo infers, the banks exist for the banks benefit, not America’s. They are no longer part of what makes America great.

The banks are a huge albatross on the shoulders of American citizens and Federal Government. Perhaps it’s time to break-up the monopoly of the major banks and encourage the development of community-based banking once again.

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