President Obama is outraged about the Wall Street bonus pool that tops $18 billion in a year when taxpayers shelled out more than $1 trillion in guarantees and aid to save the financial system. But we need more than talk of outrage. We need corrective action.
What can we do about it? Congress can demand that they return this money to the taxpayers. Now!
$18 billion could do desperately needed things for education, transportation, health care and much more. Why should taxpayer funds go to people who already have multiple millions, big yachts, mansions and private jets, particularly in a year when they lost billions and had to come to the rest of us for a bailout?
It's criminal.
We need to take back that $18 billion, now!
According to a report by the New York State comptroller, financial executives received approximately $18.4 billion in bonuses for 2008, less than for the previous several years but the same level of bonuses as they received in 2004, when times were flush. These executives, however, also worked for companies that received hundreds of billions in the taxpayer funded bailout last fall.
“That is the height of irresponsibility,” President Obama said. “It is shameful. And part of what we’re going to need is for the folks on Wall Street who are asking for help to show some restraint and show some discipline and show some sense of responsibility.”
And most of us agree. But we need more than outrage and anger. We need to take corrective action immediately.
What to do? They need to give it back. The $18 billion needs to be returned to the taxpayers. It's not complicated. Will Congress act?
When times are tough, and your company or bank loses money, you don't deserve a bonus. At all.
This is especially true for the very wealthy executives at those institutions that gobbled up billions of taxpayer dollars after pleading for a federal bailout.
They need to give back the $18 billion. Now. It's not hard to do. Congress could pass the legislation later today. And it would be very, very popular. And just.
Here's some unsolicited advice to the people sitting on that $18 billion provided by we taxpayers: You might want to do it voluntarily, people. Give back OUR $18 billion.
Contact your senators and congressman and let them know you want this $18 billion returned to the taxpayers. Now!