The last bite of the apple
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Reading about AIG in the paper today made my stomach turn. Then again, reading about Goldman Sachs added to the nausea. Reading about the stimulus money starting to create roads in San Bernadino made me happy.
Granted, Goldman Sachs, is a private company, at least it was. Now you and me (American taxpayers) own a piece. Private individuals kept pouring their money into Goldman Sachs for the slew of returns they received over the years. Billions of dollars were flowing through the coffers. Lloyd Blankfein awarded himself $70 million dollars in bonus money in 2007. He also gave out $20 million dollar bonuses to the his top soldiers. Why the private investors in Goldman Sachs were not outraged that those type of bonuses were being distributed instead of putting the money back into the company to insure a solvent organization is beyond me. I guess everyone was living so high on the hog that people either thought that is was okay for the masters of the universe to take a huge piece of the transaction made with their money or they thought privately, I wish I was an investment banker. Now, we are seeing greed coming to a head.
AIG, another disgusting organization. Giving out over $160 million dollars of bonuses last week to the group that was involved with the downfall of the organization. Doesn't even matter if they were giving bonuses to the people who had a profitable division, it is about the whole company. I guess that the thought going through the people who cashed their bonus check last week is that it was like taking the last bite of the apple. The party is over.
About a month ago, we took all of our money ( actually it was only Jessica and Emily ) who had their money in Apple stock. We discussed that we wouldn't invest in or keep money in an organization where the CEO wasn't being honest with his share holders. Both Fred and I have policies with AIG. The first thing we are doing when we get back is pulling our policies and putting them somewhere else. If we had money in Goldman, although we don't, I would have pulled the plug the second I was aware of Lloyd get a $70 million bonus because that is insane. It isn't like he created a cure for cancer, he just made money on the growth of peoples personal capital. Any of these companies that have taken taxpayers money and haven't made significant changes to the way they ran their business into the ground is no longer getting our cash. AIG, as far as I am concerned, will no longer carry any of our policies.
I would think, call me crazy, that the masters of the universe, once revered in their communities will now be looked at with disdain. When the people who cashed their bonuses at AIG or the people at Goldman who blew through their millions of dollars in cash, go to school events with their kids or community events, I'd find it hard to believe that there isn't a tax payer in the group who isn't taking off their rose colored glasses and seeing exactly what these people are. People who not only consider themselves entitled but people of pure greed. They haven't created anything except a big fat bank account for themself and a mess for the American economy.