Thursday, January 29, 2009

Either Run the Banks or Let THEM Fail

The continued effort to pump the large multinational banks full of American Money is getting us nowhere. The Banks continue to spend money like they are the aristocracy of the American Economy. Government Bailout money has been used by the Banks to continue their exurbanite salaries and bonuses to their Executives and Upper Management, while continuing to farm out service payrolls overseas to India, Pakistan and the Asian Countries.

First of all, what Bank Employees deserves any bonus? They should be returning 20-25% of their salaries that they received while they were practicing unusual business activities that led to the current state of affairs, never mind receiving bonuses. What person in their right mind would pay a bonus to an employee whose performance lead the business to ruin? Doesn't anyone see anything wrong with this?

What would be the larger crisis if these Banks were forced to sell off their assets in bankruptcy court. There are thousands of Regional, Community Banks and Credit Units that did not engage in these unsavory business practices and have well run, well capitalized banks, whose employees are ALL Americans who live here and spend here. There will not be a lack of banking facilities if the top multinational banks that have caused this crisis are forced to either fix their own problems or go through Bankruptcy.

Every one of these large Corporate Multinational Banks own large expensive buildings, art work, office equipment, jets, cars, and gyms. Let the Bankruptcy Courts have a fire sale and repay what can can be repaid by the sale of their assets. Why does the United States continue to waste the money on these banks without watching and regulating what they are spending the money on. If the Federal Government is financing these banks then they should be run by the various departments within the Treasury Department and all employees should be placed on the Federal Pay Scale, no of them are worth more than any Federal Government worker. At least Federal Government Workers contribute to the well being of the society, whereas bank employees don't even contribute to the well being of their own companies as evidenced by the fact that they are all in failure.

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