Is the govenment doing anything for the common man whos on the street because of the financial crisis? Is the governemnt here to bail out big companies only and not the common man who is on the street? Why are profits privatized and tax payer money is being used to bail out companies which no other private comapny wants to buy?
Between the $29 billion the Fed pledged to swing the Bear Stearns sale to JPMorgan in March, $100 billion apiece to rescue mortgage finance firms Fannie Mae and Freddie Mac, up to $300 billion for the Federal Housing Authority, Tuesday’s $85 billion loan to insurer AIG and various other rescue deals and loans, taxpayers are potentially on the hook for more than $900 billion.
Why is that no one is punishing heads of these organization who are responsible for this crisis?
Earlier this year, Fuld, a 30-year veteran of the once-venerable Wall Street investment bank that filed for bankruptcy protection this past weekend, was awarded $22 million in retirement pay. Merrill Lynch chief E. Stanley O’Neal picked up $161 million from the Wall Street brokerage when he left last October after $40 billion of subprime-related write-downs. Former Citigroup head Chuck Prince stepped down with a $68 million package. Even former Bear Stearns chairman Jimmy Cayne picked up a reported $60 million after selling some of his Bear stock in the aftermath of that firm’s fire sale to J.P. Morgan earlier this year- Forbes