Friday, January 22, 2010

Just Gross!

The bankers who are receiving 6 and 7 figure bonuses after getting our tax dollars for their bailouts should be ashamed. Americans are losing their homes and have lost jobs. Bankers, however, continue to collect higher salaries and perks while refusing to help homeowners renegotiate their loans.

In Ohio, we have two Republican candidates with ties to banking----

1. John Kasich, investment banker with the now bankrupt, Lehman Brothers
2. Steve Stivers, a former bank lobbyist, worked to protect his employer, Bank One

Kasich and Stivers want to bring back the money policies of George W. Bush and the free wheeling times on Wall Street. It is time to say "NO!" to the recklessness of the previous administration and the financial decisions that created this world wide recession. We've had enough of the failed Republican policies that allowed corporations, bankers, and oil companies to set financial strategies while regular people got screwed.

Do you want these men driving our country's finances? (Pic ProgressOhio)

Here are a few notes about Lehman Brothers (truthaboutKasich):

................ In 2001, the New York Observer interviewed John Kasich from his corner office at Lehman Brothers' New York City headquarters. The Observer reported that Kasich "commutes a few times a month from Columbus, Ohio, where he lives with his wife and twin 20-month-old daughters, and tucks into Lehman Brother's corner office to talk about mergers and acquisitions in the health-care space." [New York Observer, 9/16/01]

Lehman Brothers Filed For Chapter 11, Biggest Bankruptcy In History. In September 2008, Lehman Brothers Holdings filed for Chapter 11 bankruptcy, the biggest bankruptcy in history. Lehman had $613 billion of debt, which dwarves WorldCom Inc.'s insolvency in 2002 and Drexel Burnham Lambert's failure in 1990. [, 9/15/08; Financial Post, 9/15/08]

2009: Lehman CEO Fuld Named One Of 25 To Blame For Financial Collapse. TIME magazine later named Fuld one of the 25 people to blame for the financial collapse. Fuld "steered Lehman deep into the business of subprime mortgages, bankrolling lenders across the country that were making convoluted loans to questionable borrowers. Lehman even made its own subprime loans. … For all this wealth destruction, Fuld raked in nearly $500 million in compensation during his tenure as CEO, which ended when Lehman did." [TIME, 2/12/09]

Just in case you need a reminder of what happened when Lehman Brothers collapsed, here is a picture from the front page of The Times Online from September 16, 2008 (pic from Huffingtonpost):