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[DCFIREMANN]

Meanwhile back at the ranch, Tonto (cleverly disguised as a doornob) - - - - -- - The CEO of WaMu is being sent down the road -  - - - - with a $13,000,000 severance pkg. I can't say in public how I'd deal with him

B B

Just more BS. How in the hell can some dumb a$$ run something the size of WaMu into the ground and be given a PAT ON THE BACK!!!!! Meanwhile the hard working tax payer gets left holding the EMPTY BAG!!!!!

Be Safe

THE DAWG 

[UltraPolecat]

makes as much since as any other plan i've heard.


in the beginning the federal reserve were gonna charge 11% on the 700 billion. that's alot of zeros on interest. over my head.

us small business owners take the brunt and accountability.


scary times ahead
TN

The MOST true statement in this whole thread!

[Midnight Rider]

Was watching Leno last night before bed...he was referencing (and making a joke) about some guy at one of the banks that is folding who was there for 17 DAYS and is getting a 20+ million severance package.

Excecutive compensation has gotten WAY the f out of hand, IMO.  If a person invents a product or idea, markets it, and makes a chit load of money, that's one thing...but paying somebody to come into an excecutive position millions and millions of dollars, then paying them even more millions to LEAVE is f'd up.  How much money is enough?  How many friggin' houses does a person REALLY need?  Who is really WORTH that kind of money, no matter what they know?

I know a little something about compensatory factors regarding positions, and there is no relationship between what some of these guys are being paid and true market value (though the market is artificially inflated because everybody is doing it).  It's GREED, and it's wrong.

[Fired00d]

Was watching Leno last night before bed...he was referencing (and making a joke) about some guy at one of the banks that is folding who was there for 17 DAYS and is getting a 20+ million severance package.

Excecutive compensation has gotten WAY the f out of hand, IMO.  If a person invents a product or idea, markets it, and makes a chit load of money, that's one thing...but paying somebody to come into an excecutive position millions and millions of dollars, then paying them even more millions to LEAVE is f'd up.  How much money is enough?  How many friggin' houses does a person REALLY need?  Who is really WORTH that kind of money, no matter what they know?

I know a little something about compensatory factors regarding positions, and there is no relationship between what some of these guys are being paid and true market value (though the market is artificially inflated because everybody is doing it).  It's GREED, and it's wrong.

I'm not sure that was a joke I believe I remember hearing something similar on the news yesterday.

 
Ride Safe,
Fired00d
 

[UltraPolecat]

I hope its not true.  Thats stuff really raises my level of "pisstivity", and this bank deal has raised it a good bit already....

[SPIDERMAN]

I'm not sure that was a joke I believe I remember hearing something similar on the news yesterday.

 
Ride Safe,
Fired00d
 

It's not a joke. As it turns out, it is the WaMu CEO. He was hired just over two weeks ago and is getting the $13,000,000 I mentioned previously to walk away.

B B

[Keats]

Meanwhile back at the ranch, Tonto (cleverly disguised as a doornob) - - - - -- - The CEO of WaMu is being sent down the road -  - - - - with a $13,000,000 severance pkg. I can't say in public how I'd deal with him

B B

At 13 million for two weeks work, that would make even Hollywood jealous

[iski]

Unfortunately that is right on target.  The incestuous relationships in Washington have left us with nothing but foxes guarding the hen house, and no one is really held accountable for the screw-ups and outright thievery.  The big question is, since the entire process is corrupt, how do we fix it?  Does anyone really think Congress is going to clean up their own house?  Seems to me that a clean start is needed, but short of throwing some tea in the harbor and declaring our independence again, how do we get there from here?

Jerry

I'll answer your questions seriously:

1. The big question is, since the entire process is corrupt, how do we fix it?  Nobody knows how to fix it within the present system.  If we threw all the bums out, we would just elect new bums.  Accountability would be a good start, but at this point the ones who should be held accountable are on the lobbyist's payroll.  Both parties.  WE the voters appear to be the ones who will determine accountability as to the present problems.

2.  Does anyone really think Congress is going to clean up their own house?  Yes.  Despite evidence to the contrary, some folks still believe in self regulation.  Why they believe this does not interest me since trying to rationalize politically insane behavior is non productive.  I believe Congressional corruption runs in 2 cycles.  These cycles are: 1. when we see it (like now) & 2. when we do not see it (the rest of the time).

3.  clean start...how do we get there from here?  Education of the voting populace.  Requiring politicians elected to adhere to the Rule of Law.  Review of legislation/executive orders to determine whether they are pork spending or legitimate spending.  Limit lobbying to non monetary/no monetary value type programs. You can probably answer this better than I can.


Nationalization of corporations is a horrible option.  I hope this is not the rumored "deal" but it appears so at this point.

[Talon]

Congress, investment bankers, and irresponsible home buyers have managed to do what terrorist couldn't do on 911, bring the American financial institutions to their knees!

[SPIDERMAN]

Congress, investment bankers, and irresponsible home buyers have managed to do what terrorist couldn't do on 911, bring the American financial institutions to their knees!

Talon
        Everyone dreams of owning their own home. Many people borrow by the philosophy that if the bank will approve the loan it must be ok. The subprime mortgage market was a case of pure greed on the part of investment bankers. I know it's easy for those of us with coventional mortages to point fingers at people who "had no business owning a home" but if you're a working mom and dad trying to do your best by your family and you get a chance to own a home and you jump at it, I don't think you're a bad person. An awful lot of these subprime mortages went to families where Mom and Pop worked two jobs each to try to pull it off. Yes, I think many of them realized that they'd bit off more than they could chew, but when you look at the way the wealthy walk away from their debts shielded by family trusts and layers of insulation from responsibility for businesses that they in fact outright own you have to ask yourself if you want to kick the little guy who only wanted a house or the big guys who wanted to toss another few million on their already bloated piles of money. All of this business about not allowing bankruptcy judges to rewrite mortgages is wrong in my opinion. A lot of these houses are on the lower end of the spectrum. Who's going to buy them ? In an economic downturn, the lower income earners will suffer the most, they always do, so again, who's going to buy te $80,000 house in Peoria or the double wide in Sanford Maine ? The best course of action here is to try to keep money coming in on those mortgages and I for one believe that the vast majority of working class Americans given a 2nd chance at hanging onto their house would do everything in their power to keep it. What's a bank holding company gonna do with that 2 bedroom ranch in Peoria ? What do the Amercian taxpayers do with a double wide in Sanford ?  I haven't as yet read the details of this latest example of Wall Street feeding at the Hog Trough of the American working class, but I have no doubt that the WaMu CEO collecting his huge severance pkg is only the very tip of that iceberg. All of the so called negotiators at the forefront of this "deal" have deep ties to the Wall St fatcats.

B B

[Talon]

Talon
        Everyone dreams of owning their own home. Many people borrow by the philosophy that if the bank will approve the loan it must be ok. The subprime mortgage market was a case of pure greed on the part of investment bankers. I know it's easy for those of us with coventional mortages to point fingers at people who "had no business owning a home" but if you're a working mom and dad trying to do your best by your family and you get a chance to own a home and you jump at it, I don't think you're a bad person. An awful lot of these subprime mortages went to families where Mom and Pop worked two jobs each to try to pull it off. Yes, I think many of them realized that they'd bit off more than they could chew, but when you look at the way the wealthy walk away from their debts shielded by family trusts and layers of insulation from responsibility for businesses that they in fact outright own you have to ask yourself if you want to kick the little guy who only wanted a house or the big guys who wanted to toss another few million on their already bloated piles of money. All of this business about not allowing bankruptcy judges to rewrite mortgages is wrong in my opinion. A lot of these houses are on the lower end of the spectrum. Who's going to buy them ? In an economic downturn, the lower income earners will suffer the most, they always do, so again, who's going to buy te $80,000 house in Peoria or the double wide in Sanford Maine ? The best course of action here is to try to keep money coming in on those mortgages and I for one believe that the vast majority of working class Americans given a 2nd chance at hanging onto their house would do everything in their power to keep it. What's a bank holding company gonna do with that 2 bedroom ranch in Peoria ? What do the Amercian taxpayers do with a double wide in Sanford ?  I haven't as yet read the details of this latest example of Wall Street feeding at the Hog Trough of the American working class, but I have no doubt that the WaMu CEO collecting his huge severance pkg is only the very tip of that iceberg. All of the so called negotiators at the forefront of this "deal" have deep ties to the Wall St fatcats.

B B

I understand what your saying, but people taking out loans that only pay on the interest so they can buy a bigger house than they can really afford, or take the equity out of their house to spend on disposable toys, or go on vacations, are in my mind dumb, and a part of this problem! Sorry, no other way to put it. You shouldn't owe more than 30% of you income on a conventional mortgage, you can stretch that a little, but those are the preferred numbers.  Thats not to hard to understand. So if many of these people got a regular mortgage they still wouldn't be able to afford it because they would be spending over 50%-65% of their income, many just wanted more home than they could afford. Yea their the small fish, in a big cesspool, the people valuing these mortgages, the lenders, our treasure department. There's plenty of blame to go around, and there are those that just got caught in the right place at the wrong time, but when your making the biggest investment of your life, one that you'll be paying for for a good part of your life, it's up to you to do some homework. I'd like to see the fat cats in stocks on the street corners, so the connon people could thrash them!

[Free]

Talon
        Everyone dreams of owning their own home. Many people borrow by the philosophy that if the bank will approve the loan it must be ok. The subprime mortgage market was a case of pure greed on the part of investment bankers. I know it's easy for those of us with coventional mortages to point fingers at people who "had no business owning a home" but if you're a working mom and dad trying to do your best by your family and you get a chance to own a home and you jump at it, I don't think you're a bad person. An awful lot of these subprime mortages went to families where Mom and Pop worked two jobs each to try to pull it off. Yes, I think many of them realized that they'd bit off more than they could chew, but when you look at the way the wealthy walk away from their debts shielded by family trusts and layers of insulation from responsibility for businesses that they in fact outright own you have to ask yourself if you want to kick the little guy who only wanted a house or the big guys who wanted to toss another few million on their already bloated piles of money. All of this business about not allowing bankruptcy judges to rewrite mortgages is wrong in my opinion. A lot of these houses are on the lower end of the spectrum. Who's going to buy them ? In an economic downturn, the lower income earners will suffer the most, they always do, so again, who's going to buy te $80,000 house in Peoria or the double wide in Sanford Maine ? The best course of action here is to try to keep money coming in on those mortgages and I for one believe that the vast majority of working class Americans given a 2nd chance at hanging onto their house would do everything in their power to keep it. What's a bank holding company gonna do with that 2 bedroom ranch in Peoria ? What do the Amercian taxpayers do with a double wide in Sanford ?  I haven't as yet read the details of this latest example of Wall Street feeding at the Hog Trough of the American working class, but I have no doubt that the WaMu CEO collecting his huge severance pkg is only the very tip of that iceberg. All of the so called negotiators at the forefront of this "deal" have deep ties to the Wall St fatcats.

B B

i disagree. No doubt IBs were greedy.  Shame on the shareholders and the Boards for compensating these people with short term profit goals instead of long term shareholder value. Shame on them for leveraging 30 to 1 and ruining these companies and taking down lots of shareholder value BUT, the homeowner has to take responsibility as well.  Just because someone offers you a loan doesn't mean you should take it. i have a line of credit on my house for the past 10 years but i have never taken it down. Just because my bank offers it to me, it doesn't stop me from taking responsibility of using debt and paying it back. Some people who bought homes with little to no money down probably shouldn't have bought the home, probably should have continued to rent until they could afford a home.

Free

[grc]

Look guys, you are obviously not getting with the program here.  It hasn't been necessary in our society for a rather long period of time now to actually accept responsibility for our own mistakes.  What's the difference between taking out loans you know you can't repay, and dumping a hot cup of coffee in your lap because you're a dumbass and don't know how to operate a cupholder and drive at the same time?

Since even the most naive idiot knows that greedy people won't stop until they destroy the goose, I place the blame directly on the duly elected thieves who eliminated laws and regulations to grease the skids for the crooks running these financial institutions.  How many times must we learn the same lessons?

Jerry

[BigR55]

"What's a bank holding company gonna do with that 2 bedroom ranch in Peoria ? What do the Ameican taxpayers do with a double wide in Sanford ?"

I know, put some of those bankers in them instead of handing over the jackpot from their golden parachute! 

[9 1/2 Beers]

bail out bill did not pass