Socialism: 9 US banks to receive $125 billion of taxpayer funds

This is socialism for you. Think about it….how does this differ from the philosophy of German fascism, which preached “the common good comes before the private good”? (Hitler quote), A defining characteristic of fascism was that all profits were private, but losses were socialized.

Chairman Waxman Requests Compensation and Bonus Information for Employees of Major Banks

In letters to nine major banks that will receive $125 billion of taxpayer funds, Chairman Waxman requested information on their compensation and bonus plans in 2008.

Click here to read letters to the banks.

We, the taxpayers will be paying for the bonuses this year for these Maserati driving fat cats on Wall Street. Bloomberg reports that they will not surrender their bonuses this year:

Wall Street’s chief executives will hunker down and pay bonuses this year in the face of the worst financial crisis since the Great Depression, a taxpayer bailout and mounting political outcry, industry veterans say.

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