Last fall, the American taxpayer handed over $700 billion dollars to Wall Street because the American economic system would supposedly collapse if the big banks failed. Now, just 9 months later, the largest recipients of TARP bailout money are now posting record profits and handing out exorbitant bonuses.
This past week, Bank of America announced a quarterly profit of over $2.4 billion [source], Citigroup announced record profits of over $3 billion [source], and Goldman Sachs reported profits of over $3.4 billion [source]. Even worse, Goldman Sachs is going to distribute over $11.3 billion in bonuses to it’s employees this year, or over $1 million per employee.
So, let’s just get this straight: the American taxpayer gave nearly a trillion dollars…. so banks could make record profits and so Goldman Sachs could distribute over $11.3 billion dollars to it’s employees. IN BONUSES ALONE.
This isn’t capitalism, this isn’t socialism, this isn’t the work of the free-market… this is pure theft from the American taxpayer and the United States government.
See Also: The real price of Goldman’s giganto-profits, Another Day, Another Bank Getting Rich Off Your Money, How to earn money like Goldman Sachs, Goldman is a little bit pregnant, Letter sent to Goldman Sachs PR chief, JPMorgan, Goldman Sachs Profit Surge is an Accounting Mirage, Not a Sustainable Sector Trend, Free market economics for dummies (and Goldman Sachs), So Now Profits Are Bad News? The Demonization of JPMorgan Chase, Goldman Sachs and Bank of America, Goldman Sachs returns, Asset Sales Lifted Citi and BofA to Profit, Glenn Beck Explains the Goldman Sachs Web, As Bank Bonuses Swell, Congress Gets Bill on Pay, and JPMorgan, Goldman Sachs Profit Surge is an Accounting Mirage.
[tags]bailout, tarp, goldman sachs, wall street, aig, bank of america, boa, citigroup, record profits, corporate bonuses, executive bonuses, revenues, theft, capitalism, socialism, cronyism, corporatism, thieves[/tags]