Generating goods, services and jobs is for chumps. Get over it. The real money is made bellying up to the Fed's free money for financiers spigot. - Charles Hugh Smith
Posted by freedomforall 3 years, 10 months ago to Politics
"So let's make sure we understand how America's system works. If you're a small business owner whose on the ropes, the federal government may loan you some money, but you have to personally guarantee the loan, meaning if your business fails, you're on the hook as an individual or household to pay the loan back with interest.
If you can't, then personal bankruptcy is your only alternative, meaning you're left with the '97 Corolla and the clothes on your back. Have a nice life, bucko, maybe you'll restore your credit in five years.
If you're the CEO of an airline or equivalent Corporate America darling, it's a much different story. That you borrowed $46 billion and blew it buying back your own stocks so you could cash in millions of dollars in stock options that boosted your personal wealth--never mind that, here's $50 billion in bailout money that won't require you to make any personal sacrifice whatsoever.
No clawback on the billions squandered buying back stock to enrich insiders and rapacious financiers: perish the thought that corporate management would ever be held responsible for anything--certainly not for fraud or embezzlement."
If you can't, then personal bankruptcy is your only alternative, meaning you're left with the '97 Corolla and the clothes on your back. Have a nice life, bucko, maybe you'll restore your credit in five years.
If you're the CEO of an airline or equivalent Corporate America darling, it's a much different story. That you borrowed $46 billion and blew it buying back your own stocks so you could cash in millions of dollars in stock options that boosted your personal wealth--never mind that, here's $50 billion in bailout money that won't require you to make any personal sacrifice whatsoever.
No clawback on the billions squandered buying back stock to enrich insiders and rapacious financiers: perish the thought that corporate management would ever be held responsible for anything--certainly not for fraud or embezzlement."
