Those same rules, however, would be voluntary for most recipients of government aid. Companies could waive the restrictions by informing shareholders.
Get that? Voluntary, just inform shareholders you are handing over huge wads of cash to people who ran your company into the ground to the point you need taxpayer money...wala, not a problem.
President Barack Obama will announce today that he’s imposing a cap of $500,000 on the compensation of top executives at companies that receive significant federal assistance in the future, responding to a public outcry over Wall Street excess.
This is a bombshell. Banks, while receiving billions in TARP bail out money and firing U.S. workers right and left sought foreign workers. The associated press did an investigation on where your taxpayer money is going and this is what they found!
SANTA CLARA, Calif. – Major U.S. banks sought government permission to bring thousands of foreign workers into the country for high-paying jobs even as the system was melting down last year and Americans were getting laid off, according to an Associated Press review of visa applications.
We have a bunch of idiots on Wall Street that are kicking sand in the face of the American taxpayer. They don't get it. These people are idiots. You can't use taxpayer money to pay out $18 billion in bonuses.
As expected and predicted by Roubini, even people on this blog, the Wall Street Journal is reporting this little gem:
U.S. government officials seeking to revamp the financial bailout have discussed spending another $1 trillion to $2 trillion to help restore banks to health, the Wall Street Journal said, citing people familiar with the matter.
Well, as we all know insolvent banks need to be fed even more money to operate and instead of plain nationalizing them we have Speaker of the House Nancy Pelosi considering even more financial bail out TARP money!
The House of Representatives today voted against releasing the second part of the $700 billion TARP funds to the Obama administration.
The House by 270-155 passed the resolution, but the measure has virtually no chance of becoming law. The Senate last week rejected a similar resolution, thus allowing the Obama administration to tap the remaining $350 billion in the Troubled Asset Relief Program (TARP) created last fall.
Update: The quoted paper is the Latin American Herald Tribune. But there is a comment left by a supposed GM representative here which I highlight:
GM is NOT using U.S. Government Loans to Invest in Brazil
Re: Robert Oak's post on 1/19/09, "GM using Bail Out Money to Invest in Brazil"...The claims that General Motors is planning to invest $1 billion of U.S. federal aid money in its Brazilian operations is unequivocally wrong and without any basis in fact. No monies from a U.S. government loan would be allocated to investments in Brazil. In the case of Brazil, GM has $1 billion in investments that have been announced over the last two years. These investments are fully financed by GM's Brazilian operations through local sources. GM's operations in Brazil are fully self-funded.
Laura Toole
GM Latin America, Africa, Middle East Communications
SEIU is insisting that Bank of America use its taxpayer-funded windfall to support a real economic recovery and provide health care for its 247,000 workers—or give the money back
International Taxation: Large U.S. Corporations and Federal Contractors with Subsidiaries in Jurisdictions Listed as Tax Havens or Financial Privacy Jurisdictions, December 18, 2008
The Washington Post went further to see which of the TARP recipients also have offshore tax havens:
American International Group, Bank of America, Citigroup and Morgan Stanley are among the companies that are getting bailed out by U.S. taxpayers while having subsidiaries in locations where they can avoid paying U.S. taxes
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