We’ll be delivering our petition to Congress when Barney Frank’s House Financial Services Committee holds a hearing on AIG at 10am tomorrow. You can sign it here and leave your comments.
Top o’ the payroll to you?
Anticipating restrictions on bonuses, officials at Citigroup Inc and Morgan Stanley are exploring ways to sidestep tough new federal caps on compensation, the Wall Street Journal said.
Executives at these banks and other financial institutions that received government aid are discussing increasing base salaries for some executives and other top-producing employees, the paper said, citing people familiar with the situation.
More from the WSJ.
Meanwhile, in the "other half" of America:
The RCCAA runs Pine Haven Homeless Shelter in Beckley, the largest shelter in the state. Bailey says all 150 beds are full and she’s referring people to Charleston and Bluefield.
“We are seeing more and more people who are coming into our agency who have never received services from a non-profit organization. They were the ones giving money to non-profit corporations and now their company has downsized and they’ve lost their jobs,” said Bailey.
So, let’s see: regular folks get downsized out of their jobs to shore up corporate bottom lines, and lose their ability to earn by working for decent house and food for their families.
By comparison, the big worry at the top of the pay chain? How to keep that pay trough flowing, uninterrupted, even though what’s been done to earn the salaries is run a company into the ground and then hold out a hand for more taxpayer dollars. The selfsame taxpayers whose jobs are being downsized to keep those profit margins inflated for salary justifications at the top.
Gee, I wonder why there is rising populist bile, don’t you?