Tuesday, October 28, 2008

Let us now gather our pitchforks and torches

Let's say your company just declared bankruptcy and received, oh, a couple billion dollars of taxpayer money. What's the best use of that money? Giving employees fat bonuses, of course!

Goldman Sachs Group Inc. and Morgan Stanley, both still on track for profitable years, have set aside about $13 billion for bonuses after three quarters, down 28 percent from a year ago. Even some employees at Lehman Brothers Holdings Inc., which declared the biggest bankruptcy in U.S. history last month, will get the same bonus they received a year ago.

Goldman Sachs and Morgan Stanley are each receiving $10 billion from the government. In other words, they're taking our tax dollars and spending it on bonuses for their employees. And John McCain and Sarah Palin have the unmitigated gall to accuse Obama of wanting to redistribute the wealth. What you're seeing here is the real redistribution of wealth that's been going on for the last 8 years, from average people to the ultra-rich. It's obscene.

In a related story, I can't fucking wait for this election to be over. Just like McSweeneys, I'm looking forward to November 5 like an alcoholic looks forward to January.

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