156bn banker bonuses... 25bn to homeowners

by: pfiore8

Sat Feb 11, 2012 at 11:15:35 AM EST


In 2010, 135 billion USD in compensation was paid out to those jolly bankers. That amount is expected to increase to 156 BILLION dollars in 2011. Perhaps that bonus number will change, since the mortgage settlement thing.

Wait. What was the amount of that mortgage settlement again? Let me google that one, because with all these numbers, I'm confused. So... oh yes there it is:

25 billion for what BBC characterizes as improper foreclosure practices. I kid you not.

Not to mention, that's not all 25bn in cash leaving the banks.

cross posted at daily kos

pfiore8 :: 156bn banker bonuses... 25bn to homeowners
But I do have an idea: take all the mortgages owned by banks and other institutions and calibrate their values to current market value. Then recalculate the loan amounts.

While we're at it, take all those bonuses or even half and pour them into those negative equity mortgages. Even if this mortgage meltdown had NOTHING TO DO with banks and their greedy business models, why should any taxpayer be responsible for this mess (note: rhetorical). The banks are businesses and their risk should be covered by them. I mean, this implementation of privatized profit and socialized loss is mind boggling.

I mean, the math seems straight forward enough: no bonuses until the equity mess is cleared up... the only people hurting would be those few thousand bankers.

I'd love to be the  new sheriff in town and implement just those two things... that'd be fun, don't you think?

Hey, I'd like to discuss more than middle class taxes with my government and those who brokered this um deal...

Just when you think it can't get any more absurd, you realize oh yeah... the universe isn't the only thing that's infinite. Human greed and stupidity apparently are as endless.

good god.

I tend to agree with David Dayden's analysis of the settlement. A bit follows below:

The bulk of the money, around $17 billion, will go to principal reduction credits for troubled borrowers.

snip

But even this $35-$40 billion number, which is at best a guess since the direction of the principal reduction is mostly at the discretion of the banks, pales in comparison to the negative equity in the country, which sits at $700 billion. And the banks have three years to implement the principal reductions, drawing out the loss on their books

hmmmmmm, where have i seen that 700 billion figure before? oh yes, here it is, one of the greatest hits of 2008: Administration Is Seeking $700 Billion for Wall Street.  

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And it isn't even going to be (8.00 / 2)
$25 billion to homeowners.  And even if it were, that's a drop in the bucket in the face of $700 billion in negative equity.

Just another scam which is in essence another back door bailout for the banks.


[ Parent ]
exactly... a lot of it is draw down on loans (0.00 / 0)
i think we ought to change the platform for 2012:

tax the rich

banker bonuses used to equalize negative mortgage equity

all loans to homeowners will be calibrated to actual value of their home in current market

yeah... them let have some cake.

simplify... writing in the rAw


[ Parent ]
Hmmmm..... (14.00 / 1)
If you add together all the bonuses the bankers got since the economy began to crater back in 2007, I bet the final figure would be somewhere in the neighborhood of $700 billion...

In the articles I've read in the runup to this deal, there was talk of a some sop to homeowners who are still current on mortgage payments and don't have negative equity but whose home values have fallen from their purchase price nonetheless, something along the lines of $1000 -$2000 each. Not sure if that is still in the works or not.  Somehow I doubt it though...


[ Parent ]
Always the same (16.00 / 2)
The banks are bailed out and the prolefeed headlines blare Greece is bailed out, as if they were saving the parthenon from those irresponsible Greeks. When is it going to occur to people that we can't just all owe all this money to each other, someone is raking it all off.

Jubilee now

Shell Game

Decline to Sign Ref 74 but vote to approve


Very nice musical accompaniment! (9.00 / 1)
Think I first heard that one as a cover on an album by Elizabeth & the Catapult a few years back. Cohen is one of those guys whose records I keep meaning to buy but never quite get around to...

Anyhow, I picked up her album because of this song which has some choice advice for bankers who are supposedly the smartest guys in the room.

Doncha know doncha know you don't get smarter
You're the same as you started
You just jump a little higher


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