As further evidence of the insanity of bailing out Wall Street, struggling Lehman Brothers will pay $2.5 billion in bonuses to its employees.
For what? Why doesn't Lehman just use the money to cover its own bad loans? Why are taxpayers being asked to do it for the Wall Street giant?
Read the following outrageous story and then get on the phone and call your congressperson's office and demand that the $700 billion bailout plan not be passed.
http://www.independent.co.uk/news/business/news/fury-at-25bn-bonus-for-lehmans-new-york-staff-937560.html
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I don't think there is any taxpayers money being used to pay Lehman employees or is being used to pay Lehman debts.
Had fed done that... Lehman would have not filed chapter 11.
However, I agree fed should not have bailed out any banks, dont understand why the same treatment was not given to Lehman. When MS & GS stocks started declining feds suddenly pull out a rabbit and try to save them.
On top of this fed is also allowing the investment bank to turn into banks so that they easily use a common mans money deposited in saving/checking a/c ... this sounds more riskier to me.
Is somebody understanding ...
Vikram.
http://vikramsjourney.blogspot.com
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