Wednesday, January 21, 2009

The Banks and Your Money

The Economic roller coaster was created by the Corporate Banks whose bankers sucked the assets of the banks to their personal holdings at an unprecedented rate. The Federal Government was called upon to clean up the mess caused by the lack of regulations and wanton greed that the last Administration fostered throughout the Financial World. They took their lead from the Bush Administration who absconded our National Treasury with handouts and no bid contracts as they ravaged Sovereign Nations. Corporate America followed the lead of the Bush Administration and took as much as they could leaving the bank's assets unable to cover the risks that they took in pursuit of enriching themselves.

These Financial Institutions were rescued by economic packages crafted by Treasury Secretary Paulson in the secrecy of back room meetings, hardly the way the United States Federal Government should operate. If, as a Nation, we are now stuck with the continuation of these rescue packages it is the duty of the Obama Administration to insure that these rescues are given with conditions. The conditions of these should include realistic benefits to the American People who are rescuing these banks with the assets achieved through a lifetime of work. Many families have seen a lifetime of savings and their future hopes of economic security vanish, yet at the same time, the Federal Government gave money to millionaires so that they could continue paying themselves million dollar salaries and bonuses, and so that their expense accounts could still pay for extravagant parties. The average American can not relate to an Executive making 10's of millions of dollars receiving a bonus of another 10 million dollars even though the assets that he was receiving his salary to watch have disappeared.

The conditions set forth when they receive Federal MONEY should be straightforward and free from loop holes. All of these Corporations accepting money should be committed to hiring an American workforce to service their American Clients. All the back office work and personal financial information that has been shifted overseas robbing Americans of relatively decent paying service jobs so that the bankers could cut corners to give themselves higher bonuses must be returned to the United States where they belong.

Bank that are majority owned by non-American entities should be the very last to receive any United States Tax payer money. There are few things more insulting to the American People than bailing out OPEC countries that invest oil wealth in American Banks.
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