re Banks Set for Record Pay - 18% over last year!!re

[David Farber <dave () farber net>]

Begin forwarded message:

From: "Ronald J Riley \(RJR\)" <rjr () rjriley com>
Date: January 15, 2010 9:30:21 AM EST
To: "'George Ou'" <george_ou () lanarchitect net>, <dave () farber net>
Subject: RE: [IP] Banks Set for Record Pay - 18% over last year!!

My retirement savings are still down, my real-estate values are still
way-way down and we are being raped on property taxes far in excess of the
actual value.  Income over the last year is 20% of normal.  Our whole
financial system is in a shambles.  Many people have been wiped out.  The
people at the top of the banking industry did steal from all of us and the
fallout is far from over.

Probably the worst aspect of this is that small businesses, the source of
most job creation are going under in droves.  Banks were supposed to use
stimulus money to make loans but instead they put it in their piggy banks
and are now paying huge bonuses.  

Bankers produce hardly anything of value.  They are dead weight and
collectively this industry is way out of control as are our legislators.

Ronald J Riley

-----Original Message-----
From: George Ou [mailto:george_ou () lanarchitect net] 
Sent: Thursday, January 14, 2010 11:50 PM
To: dave () farber net; ip; rjr () rjriley com
Subject: RE: [IP] Banks Set for Record Pay - 18% over last year!!

" This is absolutely outrageous.  These shysters stole half or more of our
collective life savings and then bought and conned our legislators"

Really?  You're saying that most or all of the banks and the people who work
for them stole half our money?  You're going to paint all of them as Bernard
Madoff type criminals?  Your response is completely irrational.

Did most of us actually lose our money or did we merely lose our
instantaneous valuations?  Peak valuations dropped 50% at the worst of it
but we're back to a 25% drop from peak inflated 2007 valuations and heading
back to the normal historical trend lines.

As for the TARP money, many of us didn't support them and many banks but
it's just stupid to portray them as giveaways.  In fact, many of the banks
were pressured by the administration to take the money, and the
administration initially pressured the banks NOT to pay back the TARP money
because they didn't want to lose government control of those banks.  It
turns out that about half of the total TARP money has *ALREADY* been paid
back.  In fact, it did surprise me when I saw an angry Obama and angry CNN
reporters fuming over the fact that these banks would pay the money back so
soon so they could pay bonuses.  I mean isn't that what we WANT the banks to
do?  Which is to pay back their loans?  And if they did pay back their loans
and they're on solid financial ground, and the employees (these are people
who have mortgages to pay and families to feed too you know) met their goals
for earning their contracted bonuses, why are you acting like they're
stealing your money?



George Ou

-----Original Message-----
From: Dave Farber [mailto:dfarber () me com]
Sent: Thursday, January 14, 2010 8:09 PM
To: ip
Subject: [IP] Banks Set for Record Pay - 18% over last year!!


> From: "Ronald J Riley (RJR)" <rjr () rjriley com>
> To: <dave () farber net>
> Date: January 14, 2010 09:50:54 PM EST
> Subject: Banks Set for Record Pay - 18% over last year!!
>
>
> Dave,
>
> WSJ is reporting:
>
> Major U.S. banks and securities firms are on pace to pay their people about
> $145 billion for 2009, a record sum that indicates how compensation is
> climbing despite fury over Wall Street's pay culture.
>
> An analysis by The Wall Street Journal shows that executives, traders,
> investment bankers, money managers and others at 38 top financial companies
> can expect to earn nearly 18% more than they did last year -- and slightly
> more than in the record year of 2007. The conclusions are based on an
> examination of securities filings for the first nine months of 2009 and
> revenue estimates through year-end.
>
> http://online.wsj.com/article/SB10001424052748704281204575003351773983136.h
t
> ml?mod=djemalertNEWS
>
> ===
>
> This is absolutely outrageous.  These shysters stole half or more of our
> collective life savings and then bought and conned our legislators into
> giving them a bailout which we will all pay for, every man, woman and child
> will be paying for this for decades.  Nothing has changed in this industry.
> It is staggering and must be reigned in.  When are the people going to wise
> up and start tossing incumbents out?
>
> Ronald J. Riley,
>
>
> I am speaking only on my own behalf.
> Affiliations:
> President - www.PIAUSA.org - RJR at PIAUSA.org
> Executive Director - www.InventorEd.org - RJR at InvEd.org
> Senior Fellow - www.PatentPolicy.org
> President - Alliance for American Innovation
> Caretaker of Intellectual Property Creators on behalf of deceased founder
> Paul Heckel
> Washington, DC
> Direct (810) 597-0194 / (202) 318-1595 - 9 am to 8 pm EST.


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