(My notes) The banks have made 2.2 trillion over the last 2 years. Salary plus bonuses.
It is a tax on citizens. Bailout scheme, since Reagan.
You need something to break the bank cartel. Federal Reserve policy is there to help the banks. Last year they had record bonuses.
The ONLY valuable information you can get from bank earnings is how much they pay themselves.
Which is why I like the model of a hedge fund because at least you see what’s there.
$1.58 Billion put aside for compensation and bonuses.
If we bail you out, you should not be paid a bonus.
In business, if you have the upside, you’ve got to keep the downside.
The banks are in the business of hiding risk. They make steady money, collect bonuses, and when the thing collapses, we pay the price.
Hammurabi’s Code
Many are angry globally at the bail-out banks, Capitalist, hedge-fund managers (don’t get bail-outs if they fail) entrepreneurs, investors in non bail-out companies, say, if the NYT fails they don’t get bail-outs; small businesses, the public,taxpayers; and niche groups such as socialist, Marxist, Trotskies, etc,. The way banks hide risk, become concave, and then blow-up was quite shadowy before, for example: during 80s, and early 90s, however in the age of the internet the emperor has no clothes on; and many are more aware now or at least should be.