Bailout In Hand, Banks Betray Americans

Harry Smith: Banks Keep Monkeying Around With Taxpayer Money

(CBS)  This column was written by CBS News Early Show Co-Anchor Harry Smith.

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This has got to stop. Do the people who run the biggest banks and financial institutions not understand that Americans are not amused by their behavior?

We learned last week that before Merrill Lynch merged with Bank of America, Merrill which received about $10 billion in bailout money, managed to funnel several billion dollars in bonuses to its executives.

Greed. Hubris. Stupidity. And shame on us for allowing it to happen.

Give people who have proven they don’t know what to do with money even more money and they will waste it or spend it on themselves.

We keep hearing the banks are too big to fail, so they have to be bailed out. Here's the problem, they have already failed and they continue to fail. Even with the billions in TARP money, the banks aren't lending more, which was part of the reason behind TARP.

They are actually lending less. And did you see Citigroup is taking delivery on a new fifty million dollar corporate jet? Oi!

[taxdollars]

There''s a right and wrong time for these GREEDY Corporate Executives to purchase a jet, and now is the wrong time,using bail out money for which they claim they need because without it they will not make it. Instead they should have used the money to restructure the loans for us so we could continue to keep our homes, but they would''nt do that because that makes no money for them! It''s no different then all the other Financial Institutions getting bail out money only to merge with others so they can be even bigger and greedier. I am frustrated every evening watching them spend all kinds of money on commercials, no shortage of money there! The bail out money should have been given to us tax paying citizens to pay off our debt. and the economy would grow like weeds, instead of watching these guy''s waste it like they are!!!

[rdctex]

The entire banking system is totally corrupt. Taxpayer money has been wasted on them. They cannot see past the end of their nose. My house is in foreclosure; however, since I went bankrupt during the Bush Administration, I think I am going to take the Bush Treasury Department stance. I will sell my house and keep the money. Why should I give it back to the bank since they are going to fail anyway.

[srconway66]

Well, I knew this would happen. You know, I respect rkkirch for his or her opinion and that''s all it is, an opinion. And I respect Harry Smith for his opinion too. That is what makes this country so great is people being able to share their opinions. But, I know what is involved in the purchase of one of these jets. You don''t just walk in one day and pick up a jet, there is years of work from all parties involved. But guess what, I helped to bail them out too.

[cheesey66]

rkkirch
I didn''t hear you mention what you do for a living. Is it a government sponsored job?

[rkkirch]

Using the rationale of the previous comments, we should also provide these crooks with new cars every three months do the auto companies can stay in business and provide them with enough money so they can by 2-3 additional homes so the carpenters can stay employed.
What you don''t understand is that this is the Corporate excess that many of us have complained about for years, whether it be in perks or compensation.
These planes sit on the ground for much of the time and is often used for personal business (disguised of course as business necessity). I have heard all of the reasons why they should not have to travel with the mangy public and frankly it rings as true as the reasons for their sky high compensation.

[cheesey66]

Let me share some things Harry didn''t tell you
.I work for Falcon Jet.
.My salary is $35,000 per year.
.I have worked @ Falcon for nearly 10 years and today my hands and arms hurt from the hard work I perform.
.I live in a mobile home I purchased used and drive a Chevy Cobalt w/ a high intest rate due to past money problems during the times when my salary @ other jobs did not exceed $12,000 per year.
. I have never been able to by new furniture or keep fresh floral arrangements as your studios do (Can anyone say Mercedes-Benz sponsership). Harry what do you and your co-workers drive?
.I contacted our local democratic polititians and begged their reps not to vote for the bail out as did many others I know.
.Falcon has been an economic blessing in a storm of political and media doom and gloom. Jets are purchased years in advance and not much can be done to reject an aircraft in the late stages of completion. People from many other states are employed because of Falcons stability. Also many other industries support Falcon. Please stop demonizing the business jet industry and tell the other sides of this story.