2010 banking bonus

why put a moritorium? thats the whole point of "clawback".

w67, where are you getting the news?

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ayGlOWT7YrFg
"the 179.2B.... would be in addition to $28B of buyback demands by Fannie Mae and Freddie Mac"

gcondo, clawbacks in terms of a bkruptcy gets very complicated and hairy on wages/benefits. Just better to push back bonuses for 6 months till Geitner knows what he's dealing with. Remember the Merrill Lynch bonuses? NOW THAT was freaking hilarious! Unless you were the taxpayers, who subsequently had to backfill BofA coffers....

I get that they want the refunds, are these folks actually entitled?

Standard reps and warranties on the mortgages. -shrug- we still own aig? Didn't they sell CDS based on BofA mortgages? Didn't we as Americans backstop all Fannie/Freddie mortgages? Shouldn't Fannie/freddie just originate their own mortgages? Why so many layers between the at risk capital and the American 'homeowner?'

I wonder at how accurate Fitch's numbers may be. BofA should fry in hell because after enabling Countrywide, they bought them out knowing the toxic level of the mortgages. But w/ JP Morgan there had to be some kind of back room deal when they took over Bear. The govt gave them some guarantees. Jamie Dimon is no fool. I somehow think that no matter what, the banks are going to come out just fine. If they don't, next stop will be a new administration. Either way, best thing that can happen to geitner is that he actually sells his house. He has got to be toast.

Been a year since I got over my outrage. The world happens. I have to worry about myself and my family. If some bankers are going to get a big bonus or they aren't, that's not having any impact on me anymore or what I take home or how my kids go to school or how expensive my rent is.
Bankers were just feeding addicts and addicts are as much to blame if not more since they are spending beyond their means. I'm so tired of hearing the same outraged people then complain that they could actually afford what they used to spend or they DESERVED it becasue the bankers didn't deserve what they make.

These days, you are outraged, what's YOUR agenda? I don't trust YOU either.

Um....what?

Um.... What?

crazy mortgages, bundled and sold by bankers and stuffed into Fannie, resulted in short term crazy bonuses that pumped NYC re and all those little rug rats at prep schools. Don't affect you anymore? WTF? How f'king dumb are you?

You remind me of buffet. 'derivatives are weapons of financial destruction.... 5 yrs later, may I please have a crave out of my own derivatives'. That dude is a douche, as is geitner, Greenspan... And all the bankers who talk 'meritocracy' but then wants hands outs from us taxpayers. WTF? Seriusly.

crazy mortgages, taken by buyers who wanted a big house and "home equity" instead of working hard at work, and all those little rug rats. Don't affect you anymore? WTF? How f'king dumb are you to blame bankers?

You remind me of a corporate failure. Can't make it work, blame former colleagues. .... 5 yrs later, may I buy a property and be a landlord myself?. If residential doesn't make me money and the lawsuits against my tenants are too costly, how about commercial. That dude is a douche, staying home all day, not wearing clothes, telling people his nipples are hard. ... And all the bankers who talk 'meritocracy' why didn't meroticracy work for this hairy beast, oh racism, everyone is racist, I can't be mainstream and be a success because everyone else is racist. Blame everyone. Blame the bankers. I worked at Dean Witter Reynolds Discover and couldn't even make it there. Seriusly.

All of you are jerks. If attacking bankers or being Tea Partys or any of that helps me, prove it. None of it does as far as I know so you are doing it just becase you have YOUR OWN AGENDA not because you truly care about doing the right thing for our country or others.

Ms Taylor. Do you understand what banking is? At it's core, it's about credit and how to price it. The bankers did such a f'king great job of pricing credit, millions of home'owners are being foreclosed upon. Howz that for doing your job. Individually you may be a net 'contributor' to the organization, but when your team loses you don't get a championship ring. Maybe you can play in the allstar game?

What does your post even prove? That you have anger but have no input or control. I'm over it. I can't change anything, and neither can you and which is why you posted to begin with. The bankers get their fat bonuses, you get to be outrage because either outrage is part of your personality and you don't know how to move on or you have some agenda and you don't want to move on. Me, I'm over it, if they do or if they don't get their big checks doesn't have any direct impact on my family at all. I can't change it so I'm not going to some damn angry Tea Party and shouting at the top of my lungs and creating more stress but no change at all.

I don't see how what 67th in this case is meaningless. Bankers, in the search of a quick payday, overlooked every basic criteria meant to protect a lender from the default of the borrower because the rules now allowed them to pass the risk on to someone else. Along the way they made a huge number of quick bucks and made the taxpayer the fall guy for the defaults. If some of those bonuses can be clawed back then I am all in favor of it. Not because the returned funds would make a dent in the mess made, but because it will give bankers in the future pause when they set aside all their normal safety criteria.

The entire idea of lending got bastardized over the past decade. The reason why lending worked was because their were 2 interested parties, but all of a sudden the financial system created these instruments that pass along the risk, so there is no direct contact between the lendee and those at risk if he/she fails. Put a bunch of piles of shit together still just gives you a big pile of shit, and the bankers knew this, but didn't care because they were going to immediately sell this pile of shit onto someone else, and so forth. Anything that prevents this from happening again in the future, including punitive damages or bonus clawbacks if fine by me.

Next fix, proprietary trading. I remember when investment banks made money through M&A advisement, and facilitating equity and debt placements. Now they make their money from the trading arms. Either they put excessive risk because it is the classic privatize the gains, publicize the losses. Or, even worse, we have the giant ponzi scheme of the gov lending money at 0%, and the banks buying T-Bills at 3%. Gov. is happy because it looks like there is real demand for our money while they spend away our children's future, banks look great as they have full quarters of no losses in a single day (seriously, this is a good thing, I thought trading was a zero sum game, someone has to lose on the other end). Who loses, the taxpayer

There should be outrage at the banks right now, and outrage at a system that allowed this, whether it was Republican or Democrat or whatever

go back to your soduku

the bubbling of real estate, fomented largely by overpaid bankers, has rendered our economy japanese

and your crap about blame is as moronic as your soduku obsession--where our society makes mistakes, we need to strive learn the causes, improve and change for the better

it has been a huge mistake to allow our banks to operate in such reckless unbridled fashion

well said dcorreale

You can't change anything because you lack outrage. Change happens at the groundfloor, suffrage, the civil rights movement. All are results of outrage and the overboiling sense of injustice. I am angry at the corporations and their political patsies who have allowed this to happen. Moved my accounts to a regional bank, I vote with my dollars and voice. Resignation only leads to enslavement.

chickytaylor

What does your post even prove? That you have anger but have no input or control. I'm over it. I can't change anything, and neither can you and which is why you posted to begin with. The bankers get their fat bonuses, you get to be outrage because either outrage is part of your personality and you don't know how to move on or you have some agenda and you don't want to move on. Me, I'm over it, if they do or if they don't get their big checks doesn't have any direct impact on my family at all. I can't change it so I'm not going to some damn angry Tea Party and shouting at the top of my lungs and creating more stress but no change at all.

If any of the outrage could make things easier for me or my kids future then I would be in. But I doubt it seriously.

You know New York is about to elect a new governor who is the son of another New York governor? And of course our recent president was son of another president. You can't make change so you are either kidding yourself or you just an overall angry all the time ranting person.

The problem is too many people expect someone else to do the work. No one is going to save us. Voting for a president doesn't save us. We need to take individual steps to stand up and shape our communities. Supporting local businesses, local banks, using less credit, buying less frivolous stuff.

Having kids and being tired is not an excuse to plop on a sofa and give up. I know a lot of people who think they work hard but the person next to them is working even harder. Almost everyone is tired, overworked, underpaid and we are going to stay that way unless we demand a fair shake.

chickytaylor

If any of the outrage could make things easier for me or my kids future then I would be in. But I doubt it seriously.

You know New York is about to elect a new governor who is the son of another New York governor? And of course our recent president was son of another president. You can't make change so you are either kidding yourself or you just an overall angry all the time ranting person.

taylor, if you shared some outrage your kids might learn that immoral behavior is wrong and truly good people stand up and speak out against it. stick the us taxpayer with a bill that he/she didn't deserve is simply immoral.

My husband is so angry. In the mean time another couple hundred have touched me.