T
Tom Sherman
Guest
Peter Cole wrote:
> Tom Sherman wrote:
>
>> The system does not exist to serve the little guy - Alan Greenspan
>> even admitted as much.
>
> "WASHINGTON — In pointed exchanges with Congressional lawmakers Friday,
> three prominent financial executives defended the multimillion-dollar
> pay packages they received even as their companies were brought to their
> knees by the spreading credit crisis."
>
> "The questioning mainly fell along party lines, with Republicans
> ****apologizing for bringing distinguished corporate officials****
> before the panel, and Democrats questioning everything from the income
> gap in America to the particular bonuses, stock sales and compensation
> the executives were awarded."
>
> "Mr. Mozilo’s (Countrywide, the nation’s largest mortgage lender
> )* pay drew the most scrutiny from the House committee. He has taken
> home more than $410 million since becoming chief executive in 1999"
>
> "Mr. O’Neal retained more than $161 million after he was ousted in
> October on top of the $70 million he took home during his four-year
> tenure. Merrill Lynch, meanwhile, has announced write-offs totaling more
> than $10.3 billion, and its stock price has fallen sharply."
>
> "Mr. Prince collected $110 million while presiding over the evaporation
> of roughly $64 billion in market value. He left Citigroup in November
> with an exit package worth $68 million"
>
>
> From August 1997:
> "*Last year, Countrywide had revenue of $11.4 billion and pretax income
> of $4.3 billion. Mortgage banking contributed mightily in 2006,
> generating $2.06 billion before taxes. In the last 12 months,
> Countrywide financed almost $500 billion in loans, or around $41 billion
> a month. It financed 177,000 to 240,000 loans a month during the last 12
> months."
>
> "As of June 30, almost one in four subprime loans that Countrywide
> services was delinquent, up from 15 percent in the same period last
> year, according to company filings. Almost 10 percent were delinquent by
> 90 days or more,"
>
> "When borrowers tried to reduce their mortgage debt, Countrywide cashed
> in: prepayment penalties generated significant revenue for the company —
> $268 million last year, up from $212 million in 2005. When borrowers had
> difficulty making payments, Countrywide cashed in again: late charges
> produced even more in 2006 — some $285 million."
>
> This is laissez-faire, deregulated capitalism at work. Banking is just
> one sector where the crooks are pilfering the country, energy markets
> are even worse (Exxon made $40B profit, still won't cough it up for the
> Valdez). When are people going to wake up and throw these bums
> (conservatives) out for good?
Maybe when the mass media stops glorifying corporate parasites as some
sort of overachieving heroes? Oh wait, guess who owns the mass media?
--
Tom Sherman - Holstein-Friesland Bovinia
The weather is here, wish you were beautiful
> Tom Sherman wrote:
>
>> The system does not exist to serve the little guy - Alan Greenspan
>> even admitted as much.
>
> "WASHINGTON — In pointed exchanges with Congressional lawmakers Friday,
> three prominent financial executives defended the multimillion-dollar
> pay packages they received even as their companies were brought to their
> knees by the spreading credit crisis."
>
> "The questioning mainly fell along party lines, with Republicans
> ****apologizing for bringing distinguished corporate officials****
> before the panel, and Democrats questioning everything from the income
> gap in America to the particular bonuses, stock sales and compensation
> the executives were awarded."
>
> "Mr. Mozilo’s (Countrywide, the nation’s largest mortgage lender
> )* pay drew the most scrutiny from the House committee. He has taken
> home more than $410 million since becoming chief executive in 1999"
>
> "Mr. O’Neal retained more than $161 million after he was ousted in
> October on top of the $70 million he took home during his four-year
> tenure. Merrill Lynch, meanwhile, has announced write-offs totaling more
> than $10.3 billion, and its stock price has fallen sharply."
>
> "Mr. Prince collected $110 million while presiding over the evaporation
> of roughly $64 billion in market value. He left Citigroup in November
> with an exit package worth $68 million"
>
>
> From August 1997:
> "*Last year, Countrywide had revenue of $11.4 billion and pretax income
> of $4.3 billion. Mortgage banking contributed mightily in 2006,
> generating $2.06 billion before taxes. In the last 12 months,
> Countrywide financed almost $500 billion in loans, or around $41 billion
> a month. It financed 177,000 to 240,000 loans a month during the last 12
> months."
>
> "As of June 30, almost one in four subprime loans that Countrywide
> services was delinquent, up from 15 percent in the same period last
> year, according to company filings. Almost 10 percent were delinquent by
> 90 days or more,"
>
> "When borrowers tried to reduce their mortgage debt, Countrywide cashed
> in: prepayment penalties generated significant revenue for the company —
> $268 million last year, up from $212 million in 2005. When borrowers had
> difficulty making payments, Countrywide cashed in again: late charges
> produced even more in 2006 — some $285 million."
>
> This is laissez-faire, deregulated capitalism at work. Banking is just
> one sector where the crooks are pilfering the country, energy markets
> are even worse (Exxon made $40B profit, still won't cough it up for the
> Valdez). When are people going to wake up and throw these bums
> (conservatives) out for good?
Maybe when the mass media stops glorifying corporate parasites as some
sort of overachieving heroes? Oh wait, guess who owns the mass media?
--
Tom Sherman - Holstein-Friesland Bovinia
The weather is here, wish you were beautiful