Daily Blog 11/05/2011

  • Gold­man Sachs, which re­ceived more sub­si­dies and bailout-re­lated funds than any other in­vest­ment bank be­cause the Fed­eral Re­serve per­mit­ted it to be­come a bank hold­ing com­pany under its “emer­gency sit­u­a­tion,” has used bil­lions in tax­payer money to en­rich it­self and re­ward its top ex­ec­u­tives. It handed its se­nior em­ploy­ees a stag­ger­ing $18 bil­lion in 2009, $16 bil­lion in 2010 and $10 bil­lion in 2011 in mega-bonuses. This mas­sive trans­fer of wealth up­wards by the Bush and Obama ad­min­is­tra­tions, now es­ti­mated at $13 tril­lion to $14 tril­lion, went into the pock­ets of those who car­ried out fraud and crim­i­nal ac­tiv­ity rather than the vic­tims who lost their jobs, their sav­ings and often their homes.

    tags: banks OccupyWallStreet

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