Thursday, January 22, 2009

We now have Krugman’s human sacrifices

Actually, it was Paul’s wife who called for a “human” sacrifice of bankers, and my wife who seconded the motion.

In any case, we now have the winning candidates …

TPMMuckraker | Talking Points Memo |

The Financial Times reports … today that in early December, Merrill, which months earlier had agreed to be bought -- rescued, really -- by Bank of America, decided to pay out $3-4 billions in bonuses.

The bonuses were handed out on an accelerated schedule -- at least a month earlier than in previous years. And they ere agreed to just days before Bank of America, realizing how much in toxic assets Merrill had on its books, went to the federal government asking for more taxpayer money to help it digest Merrill -- money that was eventually forthcoming…

Let the ceremony begin …

3 comments:

The Societal Retard said...

I second the motion!!!
http://thenationofsocietalretardation.blogspot.com/

nettie said...

John, did you read this article? I was at a conference all last weekend, so Steve had to alert me to it:

http://www.nytimes.com/2009/01/25/magazine/25wwln-lede-t.html

My favorite line: "For that we need passionate labor and heaven's blessing, obtained by burnt offerings if necessary." which I read the way I choose to read :-)

John Gordon said...

No, good pointer. The Merrill Lynch bonuses has taken it to a new level!