Ackerman to CEOs: What Did You Do with Bailout Money?

[hottstuff8081]

pure capitalism...n deregulation..haha...c..all of them still

individualy whealty..

[Inqliz]

I don't want to defend these assholes, but that last question was bullshit and the senator knows it.

[whatever798t]

These CEO's are no different than Hussein, kadafi and or any other tyrant in the world. They are evil scum. When will Americans get some guts and actually stand up against these people. and I use the term "people" loosely.

[nothingtolose3234]

They should all be getting their shit packed by the tripod Tyrone. There should be still photos showing nothing but their faces as they get sodomized by Tyrone, and these pictures should be posted on every billboard in the country.

[111WLee]

BREAKING NEWS: FOXBUSINESS AND CNBC ANCHORS ARRESTED FOR ILLEGALLY MONITORING PRIVATE EMAILS AND PHONE CALLS.

THIS IS GOING TO HAPPEN SOON TELL EVERYONE YOU KNOW.

[michaelwright999]

@111WLee I will do they have 2 be like you, Ah faggot.

[renaissanceknight]

@111WLee I really hope that NEWSCORP. WHICH OWNS FOX AND ALL OF THE 299 TO 400 MEDIA COMPANIES IN AMERICA as Well as 100s more over seas will be shut down! All you have to do is GooGLE

WHO OWNS FOX. Then who owns those other companies. I found that REPUBLICAN type Buissnesses own 99% of what you see on cable TV. And, they also own about 50% of the internet.......

DO THE REASERECH OR DIE POOR! THEY WILL OWN THE WORLD!

[abetterplayer]

Ackerman for President and Markopolos for VP.

[catalinaguerrero]

jail them

[Creamo555]

pssst, don't tell anyone but they put the new money in their offshore bank accounts for their "retirement".....greedy dicks !

[iba38dd]

^5 Congressman Ackerman for basically saying what the REAL WORLD is thinking!

[ERICsVILLA]

ABOLISH THE FED!!!!!!!!!!!

[incrowdcynic]

I appreciate Acherman's resolve, but we need more economists in the government.

[Gioxtream]

I fucking LOVE YOU Mr Ackerman...you made my day .

[kevinchung2006]

Is it just me or are we all sick of the word bailout?

[incrowdcynic]

I'm sick of the words bank and CEO

[bigajosep]

i love to see these secret society fuks get put down by a good guy like ackerman

[xempler]

Thank God I live in Canada. Our banking system has strict rules and regulations that prevent such things as whats happening in the US.

Fortunately our government knows that people are generally too stupid to live within their means so prevent banks from taking advantage of them...ie no way such as the sub-prime mortgage fiasco would happen here.

[pikeasaurusrex]

Our government in Canada knows no such thing. Our government in Canada is full of incompetent boobs and we have too much government!!!!

Our banks in Canada are nearly as healthy as you think. Our banks are up to their eyeballs with bad paper. In fact all five of our major banks had to issue more stock to keep their Tier I capital ratios to 10%.

For instance RY (Royal Bank of Canada) has approx. 475 billion dollars in assets but has a staggering 5.2 TRILLION dollars in liabilities.

[thevealchop]

The Federal Reserve must go.

[cotullaguy]

END THE FED

[everEbody]

Does anybody know what thegas4free.blogspot,com is that Obama has been talking about?

[Szeles01]

Where did TARP money go?- Well, maybe towards shoring up balance sheets, keeping firm capital above the regulatory minimum required level. The Congressman truly represent the folk - they are absolutely clueless about how banks work. Fuckin populist sons of bitches.

[jipjob]

hhmm, i wonder do you work for a bank or on wall street, maybe. well i don't know about all the gibberish you just spouted about regulatory levels and balance sheets but one thing is for sure banks and wall street have ALOT of money and we DON'T i think that alone incriminates you or the banks or bernie madoff or henry paulson or whoever else makes 2 million dollars a year,

[Szeles01]

Hang on, so youre saying that being wealthier than you is a criminal offense? Dude, get real. Oh and btw, I do happen to work for one of the banks whose CEO was forced to participate in that hilarious Congressional shitshow.

[Pwnzistor]

You work for one of these banks yet you live in the UK, the US banks have branches in the United Kingdom? How does that work?

[Szeles01]

It's called investment banking, numb nuts.

[Pwnzistor]

Sure sure, whatever helps you sleep at night.

[mygoatisdead]

Oh give me a break Szeles, you know damn well this financial crisis was caused by recklessness and corporate greed, but don't take my word for it, listen to experts.

P.S. generally I vote Libertarian, but in this case it's time to rein in the greedy corporate bitches.

[Szeles01]

Erm, yeah, whatever..Slack regulation, slack lending practices (especially in the US), loose monetary policy all share equal blame with banks. Yes, they did devise structures the assumptions of which (primarily assumptions of risk distribution) were flawed.

But apart from the structured credit teams, you have int. rates, FX, commodites etc which all had record yrs in 07 AND 08. They had neither knlowledge of, nor influence on the actions of a very small group of ppl. Why should we get punished?

[LudicrousBarchart]

@Szeles01 Haha, that must be the single most clueless post I've ever seen. No wonder they can keep this system running with people like you thinking its all gravy and totally fair and assuming that the only problem people have with their sickeningly detached and objectively harmful mentalities and practices is that they have more money than most (99.99%) people. Well done neophyte youtube capitalist, I'm sure you will be earning a lot and doing nothing of value whatsoever within a few years!

[Szeles01]

@LudicrousBarchart The alternative, which still persists, is going back to bartering goods. That is what would happen if intermediaries, ie. the financial system, collapsed. My wealth, your wealth, everyone's wealth would be erased instantly. We'd go back to a world where gold is the only store of wealth. In order to avoid this, the financial world must be kept afloat.

I'm staggered that you can't see past the populist banker bashing.

[LudicrousBarchart]

@Szeles01 And having personal wealth erased and everyone on a level playing field exchanging services for services and goods for goods is inherently bad because....?

Its besides the point anyway, we pumped money into these banks to keep them afloat after the terrible decisions they made in the name of greed, and they have thanked us by paying themselves huge bonuses (etc) and not doing their part to stimulate our knackered economies. If we have to do this every economic cycle we have....

[LudicrousBarchart]

@Szeles01 ...effectively created a new form of royalty, that skims huge amounts of personal wealth, dodges tax and is always bailed out when they inevitably fuck things up or the tendency for the rate of profit to fall becomes too great because they are now 'too big to fail'. It isn't even a capitalist meritocracy anymore.

[elw757]

Banks have a lot of money, you don't, and that's criminal? Banks aren't obligated to lend money to anyone who breathes. That's precisely the problem that got us here in the first place. Jamie Dimon is absolutely right in keeping mortgages flat - in a recessional period when housing prices are declining, you shouldn't be issuing MORE mortgages when the underlying collateral is under pressure.

Ackerman couldn't even get the names right! "Mr Blankfield???"

I'm with Szeles01 - great post!

[enoxib]

glad to see a republican fukin wi bankers. thats righteous. thanx 4 postin

[melisscali]

what about the current customers who these people wont modify their mortgages?

[Rustyshackleford08]

The Problem IS all the refinancing and the loaning to begin with. American and the rest of the world have to stop borrowing and live within your means. Such bullshit.

[Pwnzistor]

I agree, live within your means; but some people NEED things immediately but also have the need the need to make a long term payment on it; houses, school, cars<< great examples. Not many can afford to pay for their houses up front and also may need money to increase the value of the home they already own. But I agree totally for the most part: get what you NEED.

[AdmiralPrice]

MORTGAGES?! SCREW MORTGAGES!

How much did you loan to small businesses? Did you reopen the stranglehold you've put on credit lines?!

[LastReplaySC]

horrorfying, my chin just dropped 2 foot!

It's worse then the Muppet-show!

I wonder if I wiggled my fingers up these guy asses, if there lips would move?

[megs97216]

"WEARS THE MONEY LUBOSKI!"

[RSnelli]

What about the OLD CEO's, like Fuld from Lehmans. He transferred his 13 mill dollar home to his wife for 100 bucks. Seize all their assets and jail em.

[RSnelli]

My JP Morgan credit card I pay in full was one day late due to mail, the crooks charged me $40 for that.

I closed all my accounts. I don't use banks anymore, I don't trust them.

[Magurufukuru]

America needs a replay of the French Revolution. These worthless aristocratic assholes have to die.

[hellshade2]

these ceos are such lying sacks of shit. time to lock up these corporate theives.

just listen to the double talk these guys are giving

[annarboriter]

I think we would have seen more economic activity if they had just made a big pile and burned it and sold he photos.

[julianhpike]

He quoted Hamlet; nice.

[4bibimimi]

Blankfein looks like a HUGE weasel.

[j0hnwi11iams]

They're not interested in saving the economy, they're just interested in saving themselves. The big shots are trying to see who can hold their breathe the longest.

[copcorona]

send these CEO crooks to jail.

[nothingtolose3234]

@copcorona It's to late, the rich cock suckers got away with it. Someone should take justice into their own hands through the barrel of a gun.

[copcorona]

@nothingtolose3234 you're right about the rich getting away with their crimes. They own the politicians who write the laws. At least in Egypt they have the courage to stand up and protest. The rich own the media companies so the people never hear the truth. The truth is America is a third world country with the tiny number of obscenely rich criminals and the vast majority getting poorer by the hour. America is as doomed as the old USSR.

[thinkinofjumpin]

This illustrates one thing and one thing only: Our elected officials don't have a clue how a business/bank operates and have absolutely no business providing oversight of any point. This is all show.

[Retubetard]

This illustrates also another point: These ceos also don't have a clue how business/bank operates, invest all their time and energy into quest for power and influence, are full of themselves and pushed the whole world into economic disaster all in a few deregulated years only.

Im pretty sure you would have been better than those guys if we gave you some time to study basic economics beforehand.

Don't overestimate those guys. They are just regular people born in the right place. Thats all.

[UnderstandingTheSelf]

we live in a culture where businesspeople have become selfish, vain and corrupt - and feel justified being that way because they believe the world is a dog fight for scarce resources where they have to fight to plunder the biggest share for themselves. This type of cultural motivations & behaviour might destroy human civilisation in the coming century, if we don't do something about it very quickly.

The solution is not more money. The solution is changing our values, motivations, our culture.

[mikebee02]

JP Morgan has their shit together compared to the other banks. He should have had someone else answer that question. Glad Rep. Ackerman is there to bust their balls though. Makes me worry a tiny bit less about these banks wasting this opportunity to turn things around and taking the rest of the country down with them.

[MooseOfReason]

Guys, will we have the same problems of accountability with all this stimulus money?

[TheAmbassador520]

We already do. Most banks are just hording the money, acquiring other banks, or spending huge amounts of it on bonuses for the executives who did such a terrible job in the first place.

[MooseOfReason]

Ambassador, I'm talking about the stimulus - the bill that's supposed to "stimulate" the economy.

[wayindie]

they need to be regulated. the banks have had too much freedom.

[whoo689]

Never balancing the federal budget. Never even once trying to pay down some of the national debt. Never thinking twice before throwing more unfunded mandates onto the backs of the states. Never thinking twice before using MY tax dollars, unconstitutionally I might add, as "charity" through the welfare state, because, as LBJ said, having to take charity is an "affront", while dependency on gov't is A-OK.

[whoo689]

Now Congress finally understands what us taxpayers feel about them, wasting all our money on this damn porkulus. Stimulus my ass.

[anycon]

hot girl topleft

[neotoy]

Idiots! Trusted the wolves to guard the hen-house, and now they want to know why all the hens are missing and the wolf is giving congress the finger! LOL! What a goddamn joke.

[hughcharlesparker]

Ackerman misses the point somewhat. The banks have less money to lend as a result of their past failure to accurately assess risk. The 165bn that went in was supposed to maintain lending at last year's levels, not to increase it.

[kargenlewis]

shoot em or put them in jail and then shoot them!

[killacamtay]

lol i like your suggestion.....lets put them in jail first than shoot them.lol that seems about right to me

[bender183]

from the new york times:

Mr. Ackerman, Democrat of New York, is sponsoring legislation that would allow public pension funds to pool some of their money and use it to create a sole-purpose entity that would buy $50 billion to $250 billion worth of preferred stock in Americas banks. That would strengthen the banks balance sheets and, Mr. Ackerman hopes, get them lending again.

[FatLibertarian]

This idiot in congress expects the banks to go on as though there never was a housing crisis and that this economic disaster REQUIRES us to tighten lending or else it will continue to happen. Wow, how twisted this country has become is scary.

[xact1212]

Damn can you say BUSTED!!!!!!!!!!

[bender183]

Gary Ackerman wants to sure up banks by using public pension funds. Just keep that in mind while listening to him. Google Gary Ackerman public pension bank sure up, you'll find a google article detailing the plan he is floating.

[costenbaderj]

Listen people we are the bottom he is just saying "We took the money and made tons of money off of this"

We lost control of this system and only thing next is no say at all. Wake up and see this has been coming for over 10yrs now

[fcabido]

the democrats fought soo hard too bail-out incompetent ceo's wheres their accountability?

[N1RealMadridFan]

they should of gave the money to me, i can change the world if i had 30 billion dollars.

[srhabb]

Jamie is lying. Anyone who should have full knowledge of the truth to a question answers with the first words, I believe is immediately misleading.

[threedartist]

they paid off their gambling debts with our money

[deshonlive]

1st -

This shit just makes my head hurt.

[franknyt]

What Did You Do with Bailout Money MOTHER FUCKER?!?

[dralavant]

I'm getting tired of this shit. They're not giving us answers. I'm sick of this. They need to be prosecuted.

[lamouchemorte]

I agree, these rat bastards should be held accountable.