What Cenk doesn't seem to understand is that these are contractual performance bonuses... people that lost a tonne of money won't get a damn thing! And it's in these people's contracts to get this money. Since everyone else in the bailout got made whole why should the contracted employees that performed be forced to take a haircut? Honoring contracts is one of the ORIGINAL points in the constitution; blame Congress for not putting in conditions for the bailout re bonuses but not the workers plz
"My ass. It's all the same company. The money's fungible."
Dictionary says: "being of such nature or kind as to be freely exchangeable or replaceable, in whole or in part, for another of like nature or kind."
Wikipedia says: "It refers only to the equivalence of each unit of a commodity with other units of the same commodity."
Bankers, more than anybody, would know that. Thanks, Cenk.
You ask the right question - Where are they going to go? They can threaten to leave, but there is no were in the world that pays the astronomical executive salaries you find in the USA.
This a fraud in the extreme.
I say, let them go try and find a job in Europe, because not only did they tank our economy, but they tanked the world economy. I don't see European companies as real eager to hire greedy self-serving bastards like this.
They say the same for British banker.. and say that if we don't pay bonuses they will go to America.
Fact is, there is always someone to take their place. I would be happy if they all disappeared and opened up promotion prospects for existing employees, which in turn would create more jobs for graduates and reduce employment.
These Wall Streeters became jealous in the late 90s of Silicon Valley and that people in SV were making more than they were. So they started the outsourcing epidemic and globalization to wreck the average American's life so that the bankers could feel important again.
Haha the guy on the phone is British! The Brit bankers ARE the Federal Reserve. Just American puppets to make it look American. This is how Britain defeated us after the American revolution.
First Obama made is " voluntary " to end bonuses , proving it's all a con game by BOTH parties , bcs there is no way in hell The Gov. couldn't slam down on the banking cabal BEFORE BAILOUT and DEMAND no Bonuses, no awards, no fancy kitty littler , no NOTHING IF , IF you want this bail out money .
dont you get it government doesnt run the bankers the bankers run the government. take for instants federal reserve. why do we even have them dont have to and income tax both of them are bullshit there both set up by big bankers. abraham lincohn and JFK where both killed trying to put a stop to them they control the money they rule the world and the new world order hidding behind the enviromental banner.wouldnt surprise me oil spill wasnt on purpose
get your point straight before you pick out one little thing, your gonna forget the fucking details in a month anyhow its the bigger picture. nice vid
I have grown up around lots of wealth, and let me tell you straight out: business executives do NOT care about ANYTHING other than money. NOTHING. They will kill your first born for a couple of grand if they could.
Due to seeing this I gave up path to go into oil company and instead am learning to create biomedical devices to help people.
These kind of people disgust me, and I have to be around them almost every day :(
Needless to say I'm depressed a lot of the time, lol.
i would love nothing more than to round up these greedy rotton parasites, bankers, lawyers and oil company CEO's and cut thier throats.
they keep on manipulating everything to line thier pockets with millions and millions of dollars and no1 does a thing to stop these lowlife guttless parasites. pieces of shit.
Hey dumbass. I work for Smith Barney. We were owned by Citigroup. Morgan Stanley bought us. A "retention award" is for the sales force, the brokers. It is not a bonus. It is a 10 year contract to remain with Morgan Stanley and not go to another firm. Even with the retention award, a ton of brokers left for other firms.
Fucking unregulated derivitive market pirates. These selfish fucks will never have enough. Bush was wrong - these clowns need rules and oversight. I want to jerk the leash with my own hands.
This could very well be bs. Wheres the documentation of the origin of the tape? Why does this commentator not do so well? I have no doubt that corporate america needs to be hung,just better information is needed to do it. OnePeace
Because if you do nothing to help, then you are an accomplise. If your neighbor is being beaten to death and you stand by and watch, you might as well help in the beating.
You are correct, Bush did nothing but look the other way for 8 years while his wall street buddies gave him big time campaign contributions. Obama has been in only 101 days and legislation is already being introduced to stop this crap in its tracks, coincidence? I think not.
If the buck stops with Obama (the spend thrift man) does this mean he will PERSONALLY pay back the deficit - out of his own personal retirement savings - when his change does not work ?
Do you think that these pencil-dick bean counters are jealous of the athletes they went to school with? As pro athlete salaries went up, so did Corp. Exec. salaries. And how about those long-haired dope smokin' musicians? CEOs certainly have to make more than them too. Just a thought.
WASHINGTON (AP) - President Barack Obama's budget would produce $9.3 trillion in deficits over the next decade, more than four times the deficits of Republican George W. Bush's presidency, congressional auditors said Friday
It NEVER pays of anywhere, I live in the most politcal correct country in the world, and still we got both drugdealers and CEO's getting a good life. While the rest of the people gets sunken down by taxes
yea, but ultimately, it is the people's fault for letting these things happen. We Americans need to stop riding the consumer wave and study our politics. Stop watching so much reality television and watch tyt instead. haha
And then there's the bogus argument that treasury didn't want to limit the bonuses in the bailout legislation because it might be challenged in court. WTF excuse me? They should have wanted it challenged!
Bush, Obama, Dodd, Geithner et al knew about this retention bonus & nothing was done about it. The only reason they're now OUTRAGED(lol) is bcs the taxpayers are. BTW instead of fighting about the millions WHAT ABOUT THE BILLIONS THAT HAVE BEEN GIVEN TO AIG!!! Big portion of it went to foreign banks & some domestic banks who already recieved BILLIONS in bail outs already from taxpayers. DON'T BE FOOLED by politicians & wallstreet thieves!
Investment bankers, .... they wear suits, got the g33ksp3ak down to a pat, yet beneath the supposedly sophisticated exteriors lie the most vicious God-forsakenly devious creatures the animal kingdom has ever encountered.
american taxpayers are losing their jobs, their homes and yet they are rewarding huge sums of money ( money we can't afford to spend ) to the schmucks who created this whole mess in the first place. these bastards profit either way.
The terminology is correct, Its not a technically a bonus in this instance. It is not clear to me why you would want to retain everyone at a collapsed firm. You could save a fortune by just reaching out to a dozen or so essential executives. There should be a considerable amount of downsizing considering the magnitude of their losses.
This is the mentality of most if not all corporate executives across America for decades. The fact is simply that shareholders do NOT provide an effective check on performance of executives through a Board of Directors. It's the big lie of capitalism and the corporate structure.
all these executives should be dragged out in the street and shot. Just to make examples out of them. the middle class rebellion is coming and i'm ready for it.
politicians & wall street CEO's are in bed together.. they scratch each others back, ceo's donate to the politicians campaign donations knowing they will be repaid in favours in the furure..doesn't matter whether they're Dem or Rep..do not trust any one of them..funny how after all these thefts by the Ceo's the politicians still want to give them more of taxpayers money. Not one has said NO MORE but are still making excuses to give them more!..
Ask yourself why are nt the dems or reps stopping the looting of the U.S , because there on the same team . For the people by the people , don t make me laugh .
I am not a republican but if Obama doesn't put some very strong regulations, for god sake, let them die or democrats will lose 2012 and we get back to the total retarded of Bush.
Information like this just pisses me off. I'm so sick of people who happily screw others over for their own benefit. If it were up to me I'd throw every shmuck involved into prison for a good long while.
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Americans love guns, shoot some of these corrupt jewish fucks no instead you shoot blacks and fags. Shoot someone who actually needs to catch a bullet in the head.
The guillotine is already back, the US government ordered over 10,000 guillotines a few years ago.. As a matter of fact, Georgia has brought back the guillotine as part of the death penalty. Go look it up.. all true.. The guillotines are for you and me, not the banksters.
Please,. Young Turks, would you shut the f*ck up? Everything you are saying is true and I could lose my cushy job if too many people find out about what the financial firms are doing!
welll if a computer hacker gets caught....he cant touch a Puter for X amount of years.....make it so these douchebags cant make money for 20 years....haha
There is only one REAL impact you can make on companies/people like this. DON'T associate with them and for the love of GOD don't use their services ever!!! That's the biggest voice we could ever have. I cancelled my Citicard before X-mas when they surprisingly raised rates on people after receieving bailout money. To me, that means pay for us to stay afloat and pay higher interest because Citicards messed up. All on us and nothing but benefit for them... yuk!!!
The reason the Morgan-Stanley guys are being paid a lot of money is to justify the salaries at Citigroup. If you can get people to do the M-S guys jobs for not a lot of money, then how do they justify their own huge salaries? Citi management needs to be able to say "Look even those guys get $X, so we need to get $(X+Y)". It's all a huge conspiracy against the shareholders, and now, the taxpayers to shove wealth to the managers.
Apply at any major bank or brokerage house. Then spend 10 years cold calling and networking and building up 100's of millions of dollars in assets under management.
conspiracy? wait a minute! those NEVER happen! kooks! the lot of you! I don't care about evidence! conspiracies never happen! they never do! never ever ever! *runs and cries*
these are the low guys on the totem pole out at the branch offices. they wouldn't know any company secrets.
so do you think the press reports of ubs and other banks poaching these advisors with bonuses are just lies? should they not compete for them and just have them take their clients (and revenues) elsewhere?
This video doesn't indicate how high or low these guys were; but, they certainly weren't just clerks and tellers.
They should be fired for their incompetence, as a teller would be if she couldn't balance her till properly.A lot of people in the mortgage meltdown scandal which precipitated this whole mess should face criminal charges; but, they won't because they're white collar criminals.
The limits apply to the executive team, but also the next top 20 highest paid employees. What I am saying is that these people are often rainmakers that bring in huge sums of money to the firm and had nothing to do with the mistakes that have been made and will go elsewhere if there comp is limited.
If someone brings in $100MM into the firm, why shouldn't they get a couple of million of it?
Plus, UBS is poaching these employees referenced on this call away with bonuses.
To me there's no justification for one person to make $17,000 dollars an hour in a so called first world country where there are hard working people without access to medical care.
Are you an uneducated idiot? I am sorry the world's fad is to hate on the United States. But PRIVATE BANKS have nothing to do with the United States of America. We are fighting to keep our economy working effectively. The real dumb ass are these corporate CEO's, need to include with donating these companies money if they are caught doing anything "un-ethical" I leave that statement vague so its open to stretching it around. They will get hanged and shot 500 times and then fed to pirannas.
You can sit here all day and spout about how my statement is so immature and crazy but I bet you what. The dumb asses wouldn't be stupid enough to try it if they were threatened with execution for being un-ethical.
It's kinda like Obama calling this $1 Trillion dollar piece of crap legislation, a "stimulus bill", which in reality, will do little to "stimulate" the economy.
Actually its a recovery plan that will also stimulate the economy. I will admit, some of the provision were spending measures but I agree with the position that its OK to spend on war but its not ok to spend on the poor? Thats why republicans lost the rust belt, because Reagan Democrats who voted for Republicans saw no trickle down and are now the "working poor" as their old union job are overseas
Things that are false about this video and 99% of the comments that follow:
1-Morgan Stanley did not go bankrupt. They received $10B in TARP money that they neither needed or asked for. Treasury required all the banks to take the money so that the ones that needed it would not be singled out. They had received a $9B investment from Mitsubishi less than a week before.
2-These are financial advisors that have nothing to do with the losses at the bank. Their revenues were up in 2008.
whats REALLY frustrating is i see alot of people leaving post and making comments, and thats as far as it goes it seems. write your congressman / woman? yeah right like that has helped up to this point. and yes i would like to take action but where do i start? let alone with the new homeland security laws anyone speaking out gets labeled a terrorist. welcome to the socialist republic of america, that was once called The United States.
How are they thieves? They are paying out compensation that is part of the cost of doing business. The government made them take money, and the government is receiving interest on that money and it will be repaid in full.
You wouldn't fault the automakers for buying steel and rubber with bailout funds, would you? Brain power and relationships are the raw materials of their business and the companies' assets walk out the door every night. These guys bring in millions per year.
So your telling me that I have to work for a bank to know that the American people are being screwed. Oh wow no wonder America is reaping what they sowed.
I see what your saying but when did the government force them to take this bailout money? Its absurd to think the these companies are doing the gov. a favor in all this. I'd welcome the gov. to force me to accept money for my business, although they wouldn't. I've never worked for a place that rewarded failure with bigger bonuses. I don't fault them for taking them (i would also) but i fault the gov. for allowing our money to be blown in such a way.
When the money went out to the banks, they were all required to take it. JP, Goldman and Morgan didn't need it.
The thing is, they are not rewarding failure. There are thousands of different jobs on Wall Street and the guys that f'd up are gone or not getting bonuses. The bonuses are for people in other parts of the business that did well. For example, if an MD brings in $100MM in revenue, they should get a cut of that. Otherwise, they would go elsewhere and do that for someone else.
all the banks had to take money so the ones that needed it wouldn't be singled out, causing a run on them. Dimon (JPMorgan) in particular was furious about it and didn't want the money.
Sounds pretty fishy to me, do you have a source on this? I've never heard anything even similar to this yet that the banks were forced to accept money.
I researched that some in the past and I still don't see the reasoning for the most part. I did stock market trading all through junior high and highschool and got my mba after that. It just seems to me that there are way to many people that are getting bonuses for underperforming. Not necessarily the lower ranks but the upper management who ARE at fault for taking risk for short term gain, yet ruined the long term future and still demand bonuses.
jsg I'm afraid you are retarded. Please get educated. How were the banks forced to take money???????????????????????? please tell me where you picked up this jewel of info. Oh wait was it MSN, CNN, something comparable? Stop watching that crap.
Maybe you should get educated, I was only asking another person here on youtube where the sources were that these banks were forced to take money. I generally like to get proof before I cut someone else down because I don't always keep up on current events as much as some. Never once did I saw that the banks were forced to take money, you must have read someone elses comment and I am educated. There's no need for personal attacks just because you misunderstood what I said.
The banks were forced to take it. Some needed it (like Citi and B of A), while others didn't (JP, GS, MS).
This is based on numerous accounts of people in the meeting and press reports. It is also evident from looking at the banks' liquidity and capital positions prior to the infusion. GS had just raised billions from Buffett and GE, MS from Mitsubishi.
But, if there is evidence, beyond your claims, that they did indeed need the money and weren't forced to take it, then please 'educate' me.
Yes they were forced to take it but they were to unfreeze the credit markets while the troubled banks cover their toxic assest. Not spend it on acquistions or bonuses
They sure did a good job making millions off those credit default swaps didnt they? Rubber and steel can never be faulted for bringing the economic system nearly to its knees.
Put things in perspective before you bust out strew men and bad analogies.
The people referred to in this video had nothing to do with cds's. They are the guys that work in branches as financial advisors. They get a % of the revenue they are responsible for.
My GOD I AM SO FRUSTRATED WITH THIS NEVER ENDING BULLSHIT!
WHEN IS IT GOING TO STOP...Then I tell myself...shut up you little whinney bastard...open you eyes...and see...it will never end...because these people are supported...and will never work in contruction, and truck driving, and cement, like I have...
There will not be a company without the bailout money......just like the money barons in the early 1900's and the money changers in Jesus' day....but the Rep. continue to protect them, and say we should let the "market" do what it dos best?!!
Limit the choices of the consumer/voter, and you limit the effectiveness of capitalism & the free market.
Continue with this nonsense of ACORN, socialism, extreme liberalism, Keynesian insanity, and pseudo non partisan crap, and there'll be the biggest backlash ever seen in history. I can't wait!
Capitalism (and free markets) will always work - the individual can choose. But bad politician's regs CAN LIMIT the people & the process - which we have now,. Under Reagan, and Clinton when he went to the center, we prospered. In spite of leaders, politicians, & cooked books, our system is not only the best one, but the ONLY ONE to work for the people. It naturally limits the effect of the irresponsible and corrupt, because the choice of the consumer pushes the process back towards balance.
You're right. As long as we're allowing this to happen, these greedy bastards aren't gonna stop. They're eventually gonna find a way around the salary restrictions Obama put on these fat cats, if they haven't already.
The problem is no matter what laws we pass, these guys are the ones in real control of the banks and corporations. We're basically telling these guys "Here's all our money, you can do what you like with it, but please don't rip us off"
That's why full-on capitalism doesn't work (except for the guys in charge)
Basically, I agree with you although I do not agree that "full-on" capitalism is to blame, not exactly. I think that we see a lot of government regulations that protect these guys and quasi-governmental institutions (like the Federal Reserve) that are at the heart of the problem. What I mean is that we are not seeing "full-on capitalism" at work. I don't think there is such an economy operating right now. Anyway, largely, I agree with you about the role of banks and corruption.
CEO salaries might be excessive, but are small compared to company worth. Libs like Chris Dodd, Barney Fwank, Nancy Pelosi, ... created problems in housing, banking, markets, etc., thru bad policies & regs. They have no business dictating salaries of private companies. They cover their own ass (Barney Fwank), instead of being responsible for the nightmare they've caused, and being responsible to the PEOPLE.
Be angry by voting them out of office, and insisting on accountability to us!
All of them were in the same damn bed you fool. Both parties are knee deep in this shit. Remember Bush's push for all Americans to own homes back in 2002? Has your memory faded that fast? Quit playing the fool to whichever party you associate yourself with. they only care about one thing: POWER.
What Cenk doesn't seem to understand is that these are contractual performance bonuses... people that lost a tonne of money won't get a damn thing! And it's in these people's contracts to get this money. Since everyone else in the bailout got made whole why should the contracted employees that performed be forced to take a haircut? Honoring contracts is one of the ORIGINAL points in the constitution; blame Congress for not putting in conditions for the bailout re bonuses but not the workers plz
Relbl 7 months ago
This is just like Cheney.... it's not torture it's "enhanced interrigation".
thesicilianguitarist 9 months ago
That piece of shit exec has an Australian accent. :(
dbvalentine 10 months ago
that wasnt scheeming that was an audio memo
purplehatcult 10 months ago
fuck the wall st.
mainhoon1 11 months ago
@TheYoungTurks
"My ass. It's all the same company. The money's fungible."
Dictionary says: "being of such nature or kind as to be freely exchangeable or replaceable, in whole or in part, for another of like nature or kind."
Wikipedia says: "It refers only to the equivalence of each unit of a commodity with other units of the same commodity."
Bankers, more than anybody, would know that. Thanks, Cenk.
.
patrickcorliss 1 year ago
You ask the right question - Where are they going to go? They can threaten to leave, but there is no were in the world that pays the astronomical executive salaries you find in the USA.
This a fraud in the extreme.
I say, let them go try and find a job in Europe, because not only did they tank our economy, but they tanked the world economy. I don't see European companies as real eager to hire greedy self-serving bastards like this.
blueboyblue 1 year ago
@blueboyblue
They say the same for British banker.. and say that if we don't pay bonuses they will go to America.
Fact is, there is always someone to take their place. I would be happy if they all disappeared and opened up promotion prospects for existing employees, which in turn would create more jobs for graduates and reduce employment.
Infact it would be a time to celebrate.
Lordmark1234 1 year ago
Cenk is a fool
eldorado61guy 1 year ago
These Wall Streeters became jealous in the late 90s of Silicon Valley and that people in SV were making more than they were. So they started the outsourcing epidemic and globalization to wreck the average American's life so that the bankers could feel important again.
indiasucksalways 1 year ago
Haha the guy on the phone is British! The Brit bankers ARE the Federal Reserve. Just American puppets to make it look American. This is how Britain defeated us after the American revolution.
indiasucksalways 1 year ago
First Obama made is " voluntary " to end bonuses , proving it's all a con game by BOTH parties , bcs there is no way in hell The Gov. couldn't slam down on the banking cabal BEFORE BAILOUT and DEMAND no Bonuses, no awards, no fancy kitty littler , no NOTHING IF , IF you want this bail out money .
franz909 1 year ago
dont you get it government doesnt run the bankers the bankers run the government. take for instants federal reserve. why do we even have them dont have to and income tax both of them are bullshit there both set up by big bankers. abraham lincohn and JFK where both killed trying to put a stop to them they control the money they rule the world and the new world order hidding behind the enviromental banner.wouldnt surprise me oil spill wasnt on purpose
seandouglas1 1 year ago
@seandouglas1
Abe was killed for defeating the confederacy and Kennedy was killed for civil liberties you moron.
NUTCASE71733 1 year ago
hush money
masluxx 1 year ago
I wonder, during the clip, he know that the camera is still on him.
jbaev 2 years ago
MS bought 51% of Smith Barney from Citi. This guy is a moron. Get your facts straight before you try to make a point.
TalentResearcher 2 years ago
get your point straight before you pick out one little thing, your gonna forget the fucking details in a month anyhow its the bigger picture. nice vid
burchification 1 year ago
Good vid, but MS bought smith barney, not the other way round.
Deveiel 2 years ago
This was a good video Cenk keep this shit going!
illmagnified 2 years ago
This has been flagged as spam show
This guy is an idiot.
1bomerz 2 years ago
I have grown up around lots of wealth, and let me tell you straight out: business executives do NOT care about ANYTHING other than money. NOTHING. They will kill your first born for a couple of grand if they could.
Due to seeing this I gave up path to go into oil company and instead am learning to create biomedical devices to help people.
These kind of people disgust me, and I have to be around them almost every day :(
Needless to say I'm depressed a lot of the time, lol.
karlkarlkarl1234 2 years ago 7
i would love nothing more than to round up these greedy rotton parasites, bankers, lawyers and oil company CEO's and cut thier throats.
they keep on manipulating everything to line thier pockets with millions and millions of dollars and no1 does a thing to stop these lowlife guttless parasites. pieces of shit.
neozzyinu 2 years ago 8
Did you ever see the way China deals with corrupt CEO's - a bullet in the back in the head.
leppy111 1 year ago
that'll fix things so other corporate knuckleheads don't they to pull the same shit...i like it.
odmcarp 1 year ago
@leppy111 which is just one more reason why china is awesome
ZRadach 1 year ago
Comment removed
catdiesel61 2 years ago
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What a bunch of scumbags and this reporter is a douche.
annasbeautysecrets 2 years ago
This has been flagged as spam show
Hey dumbass. I work for Smith Barney. We were owned by Citigroup. Morgan Stanley bought us. A "retention award" is for the sales force, the brokers. It is not a bonus. It is a 10 year contract to remain with Morgan Stanley and not go to another firm. Even with the retention award, a ton of brokers left for other firms.
HBSurfer001 2 years ago
lol
gregsobekofficial 2 years ago
American! STOP PAYING YOUR TAXES!
Zackerybob 2 years ago 20
I agree.
The current American way of taxing is disgustingly corrupt. I don't think that we shouldn't have taxes, we need more choice in it.
ChickenPissInTheRoad 2 years ago 4
Ummmm... okay.
But I think china is gonna be pissed if we do.
ariklynn 2 years ago
@Zackerybob
When we do that, men with guns come to take us to jail for tax evasion. ;.;
rkyeun 10 months ago
I'm pretty sure it's the other way around. Morgan Stanley survived while Citigroup tanked, and Morgan Stanley acquired Smith Barney from Citi group.
banstaman 2 years ago
Fucking unregulated derivitive market pirates. These selfish fucks will never have enough. Bush was wrong - these clowns need rules and oversight. I want to jerk the leash with my own hands.
enviops 2 years ago 20
This could very well be bs. Wheres the documentation of the origin of the tape? Why does this commentator not do so well? I have no doubt that corporate america needs to be hung,just better information is needed to do it. OnePeace
2012nugget 2 years ago
Quick-Trip QT.
getgus 2 years ago
God Bless Corporate America!
mpopone1 2 years ago
oh... sort of like Madoff's wife
mpopone1 2 years ago
Definition of Fascism: A Corporate State. Never in the history of the world has there been more of a corporate state then the United States is today.
70road 2 years ago
Why are we blamming Obama... Its the fucking American CEO's fault!!!! They are the ones who did this to our country. Greedy mf's
mpopone1 2 years ago
Because if you do nothing to help, then you are an accomplise. If your neighbor is being beaten to death and you stand by and watch, you might as well help in the beating.
vsbcompany 2 years ago
You are correct, Bush did nothing but look the other way for 8 years while his wall street buddies gave him big time campaign contributions. Obama has been in only 101 days and legislation is already being introduced to stop this crap in its tracks, coincidence? I think not.
BCRice111 2 years ago
Show your outrage at all the crazy things our government is doing. h t t p : / / o p e r a t i o n t e a . c o m
beckisright 2 years ago
Obama is out of control -
Like a lottery winning sex addict in a whore house.
DONEwCA 2 years ago
If the buck stops with Obama (the spend thrift man) does this mean he will PERSONALLY pay back the deficit - out of his own personal retirement savings - when his change does not work ?
DONEwCA 2 years ago
Do you think that these pencil-dick bean counters are jealous of the athletes they went to school with? As pro athlete salaries went up, so did Corp. Exec. salaries. And how about those long-haired dope smokin' musicians? CEOs certainly have to make more than them too. Just a thought.
geezzerboy 2 years ago
WASHINGTON (AP) - President Barack Obama's budget would produce $9.3 trillion in deficits over the next decade, more than four times the deficits of Republican George W. Bush's presidency, congressional auditors said Friday
louis12346 2 years ago
ok, how do i become a wall street CEO?
being honest and modest does not pay, in america
elcondepatula 2 years ago
It NEVER pays of anywhere, I live in the most politcal correct country in the world, and still we got both drugdealers and CEO's getting a good life. While the rest of the people gets sunken down by taxes
simonistic 2 years ago
yea, but ultimately, it is the people's fault for letting these things happen. We Americans need to stop riding the consumer wave and study our politics. Stop watching so much reality television and watch tyt instead. haha
joisfantastic 2 years ago
politicans are always in someones pocket, thats why Rep Dr Ron Paul or other true men of the people can never win.
It's fucking sad...
How about all the people from all over the world who are fed up, buy up some land, and forming a new country based on a new formed ideology?
simonistic 2 years ago
if you dont have a masters or a doct. or in some type of country club dont even think about it
buggeazy 2 years ago
And then there's the bogus argument that treasury didn't want to limit the bonuses in the bailout legislation because it might be challenged in court. WTF excuse me? They should have wanted it challenged!
MartinGist 2 years ago
Bush, Obama, Dodd, Geithner et al knew about this retention bonus & nothing was done about it. The only reason they're now OUTRAGED(lol) is bcs the taxpayers are. BTW instead of fighting about the millions WHAT ABOUT THE BILLIONS THAT HAVE BEEN GIVEN TO AIG!!! Big portion of it went to foreign banks & some domestic banks who already recieved BILLIONS in bail outs already from taxpayers. DON'T BE FOOLED by politicians & wallstreet thieves!
xianglee1 2 years ago
Investment bankers, .... they wear suits, got the g33ksp3ak down to a pat, yet beneath the supposedly sophisticated exteriors lie the most vicious God-forsakenly devious creatures the animal kingdom has ever encountered.
american taxpayers are losing their jobs, their homes and yet they are rewarding huge sums of money ( money we can't afford to spend ) to the schmucks who created this whole mess in the first place. these bastards profit either way.
thank you GOP ( for the american dream )
mooze967 2 years ago
The terminology is correct, Its not a technically a bonus in this instance. It is not clear to me why you would want to retain everyone at a collapsed firm. You could save a fortune by just reaching out to a dozen or so essential executives. There should be a considerable amount of downsizing considering the magnitude of their losses.
schmokay 2 years ago
This is the mentality of most if not all corporate executives across America for decades. The fact is simply that shareholders do NOT provide an effective check on performance of executives through a Board of Directors. It's the big lie of capitalism and the corporate structure.
jereuter01 2 years ago 2
Retention award??? They should just be happy they have a job.
jado818 2 years ago
all these executives should be dragged out in the street and shot. Just to make examples out of them. the middle class rebellion is coming and i'm ready for it.
dgambard 2 years ago 4
politicians & wall street CEO's are in bed together.. they scratch each others back, ceo's donate to the politicians campaign donations knowing they will be repaid in favours in the furure..doesn't matter whether they're Dem or Rep..do not trust any one of them..funny how after all these thefts by the Ceo's the politicians still want to give them more of taxpayers money. Not one has said NO MORE but are still making excuses to give them more!..
xianglee1 2 years ago 2
Ask yourself why are nt the dems or reps stopping the looting of the U.S , because there on the same team . For the people by the people , don t make me laugh .
ozzycriss 2 years ago
wtf.. did he just say smith barney took over morgan stanley?? 0:36
supersimpson2001 2 years ago
ergo AIG retention bonus..it was a scam no surprise!
xianglee1 2 years ago
Outrageous! boycott citi group! seriously
jamesbogus21 2 years ago 3
SCUMS! Now I feel so much against the bailout.
I am not a republican but if Obama doesn't put some very strong regulations, for god sake, let them die or democrats will lose 2012 and we get back to the total retarded of Bush.
yes4me 2 years ago
you rock! young turk! i laughed when i heard that too!!....."bonuses were not paid with bailout money !!! they were paid with our "other" money lol!
Philllipocean 2 years ago
must have been really good...its gone
archerace7 2 years ago
Information like this just pisses me off. I'm so sick of people who happily screw others over for their own benefit. If it were up to me I'd throw every shmuck involved into prison for a good long while.
urborg74 2 years ago 4
im not stupid i just dont get it properly. . .
bloodyitachi 2 years ago
Resistance to tyranny Is obedience to God.
Gabeedmann 2 years ago
The French had a way to deal with over priveledged fucks, we should give it a try in Britain and America.
PaxBrittanica 2 years ago 7
This comment has received too many negative votes show
Americans love guns, shoot some of these corrupt jewish fucks no instead you shoot blacks and fags. Shoot someone who actually needs to catch a bullet in the head.
PaxBrittanica 2 years ago
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MoonCricket999 2 years ago
bankers are parasites worthy of our best eradication efforts
finefilth 2 years ago 6
Can we make estate agents part of our efforts too?
Cerberus221 2 years ago
yes
finefilth 2 years ago
my skyblog is : wesker8umbrella
xdfdxfg 2 years ago
CitiGroup has been doing some dumb stuff lately....
Candiecane908 2 years ago
Just a thought, how much longer would this continue if some one were to, I don't know, say start assassinating these corrupt ass holes one by one?
If they were slain for being corrupt, how many would continue?
Just a hypothetical question of course
ViciousRanger 2 years ago
They'd just relocate to an area with more apathetic people.
ShilgenVens 2 years ago
Time to bring back the guillotine.
Koldkut09 2 years ago 3
The guillotine is already back, the US government ordered over 10,000 guillotines a few years ago.. As a matter of fact, Georgia has brought back the guillotine as part of the death penalty. Go look it up.. all true.. The guillotines are for you and me, not the banksters.
KnightmareNC 2 years ago
Please,. Young Turks, would you shut the f*ck up? Everything you are saying is true and I could lose my cushy job if too many people find out about what the financial firms are doing!
cdwitmer 2 years ago
Then spread the wealth man! Hire ppl like me!
infamouslulu 2 years ago
welll if a computer hacker gets caught....he cant touch a Puter for X amount of years.....make it so these douchebags cant make money for 20 years....haha
myysticranger 2 years ago
Money changing thieves. Jail is too good for them, they're taking bread from childrens mouths.
SpudXXXX 2 years ago 4
These cocksucking scumbags should all be shot.
pricklycactusplant 2 years ago 7
Why be nice? I'd rather they made license plates for the rest of their lives...
floatingcapital 2 years ago
Unflipping Believable
WarDogLRS 2 years ago
Anti-Trust?
ourgreatcountry 2 years ago
Love Young Turks! Stay on top of these wallstreet thieves.
Afoghorn 2 years ago
where is this on TV? this is outrageous!
theoneandonlyroelle 2 years ago 3
i wonder if it will ever come to the point when the people drag these rich fucks out in the streets & string them up,October 2014 mabye.
znotty 2 years ago 2
or 2017 dummy.
znotty 2 years ago
There is only one REAL impact you can make on companies/people like this. DON'T associate with them and for the love of GOD don't use their services ever!!! That's the biggest voice we could ever have. I cancelled my Citicard before X-mas when they surprisingly raised rates on people after receieving bailout money. To me, that means pay for us to stay afloat and pay higher interest because Citicards messed up. All on us and nothing but benefit for them... yuk!!!
dirtynas 2 years ago 2
I wish Sepuku was part of our culture, and the honor that goes along with admitting you're a scumbag.
UrinationNation 2 years ago 2
Ooooh if only. Let's televise it too!
Swordsquire 2 years ago
so why are these dumb-asses recording this?
kapaka12 2 years ago
WHY THE HELL ISN'T THIS TAPE ALL OVER THE NEWS!!!
why???
Pv8man 2 years ago 8
well duh.... Do you really have to ask that question? I mean really?
Because these crooked fucks OWN the news.
KnightmareNC 2 years ago
Corporations are basically non-democratic governments.
njb444 2 years ago 2
REALLY SLEAZY SHITES
sinndin 2 years ago
RELeeOnTraveller -
I'm thinking rope and lamp-post?
R3dp055um 2 years ago
The last sentence; 'We've got to end it, and end it today!'
There is only one way to end it, people.
RELeeOnTraveller 2 years ago
so much corruption! what a waste!!
imanisankofa 2 years ago
F em. F em all to hell.
wimscheers 2 years ago
The reason the Morgan-Stanley guys are being paid a lot of money is to justify the salaries at Citigroup. If you can get people to do the M-S guys jobs for not a lot of money, then how do they justify their own huge salaries? Citi management needs to be able to say "Look even those guys get $X, so we need to get $(X+Y)". It's all a huge conspiracy against the shareholders, and now, the taxpayers to shove wealth to the managers.
newperve 2 years ago
google [dealbook poach] and read the first link
P0L1T1CO 2 years ago
Where can I apply to be one of the guys on the receiving end of the telephone conversation?
hb2998 2 years ago
Apply at any major bank or brokerage house. Then spend 10 years cold calling and networking and building up 100's of millions of dollars in assets under management.
P0L1T1CO 2 years ago
conspiracy? wait a minute! those NEVER happen! kooks! the lot of you! I don't care about evidence! conspiracies never happen! they never do! never ever ever! *runs and cries*
Thrashaero 2 years ago 2
Think of all the company secrets these guys could take with them if they go elsewhere. The "retention awards" are a bribe.
pirbird14 2 years ago
these are the low guys on the totem pole out at the branch offices. they wouldn't know any company secrets.
so do you think the press reports of ubs and other banks poaching these advisors with bonuses are just lies? should they not compete for them and just have them take their clients (and revenues) elsewhere?
P0L1T1CO 2 years ago
This video doesn't indicate how high or low these guys were; but, they certainly weren't just clerks and tellers.
They should be fired for their incompetence, as a teller would be if she couldn't balance her till properly.A lot of people in the mortgage meltdown scandal which precipitated this whole mess should face criminal charges; but, they won't because they're white collar criminals.
pirbird14 2 years ago
The limits apply to the executive team, but also the next top 20 highest paid employees. What I am saying is that these people are often rainmakers that bring in huge sums of money to the firm and had nothing to do with the mistakes that have been made and will go elsewhere if there comp is limited.
If someone brings in $100MM into the firm, why shouldn't they get a couple of million of it?
Plus, UBS is poaching these employees referenced on this call away with bonuses.
P0L1T1CO 2 years ago
To me there's no justification for one person to make $17,000 dollars an hour in a so called first world country where there are hard working people without access to medical care.
ShilgenVens 2 years ago 9
its amazing you guys still hopefull for usa.
alsananick 2 years ago
Are you an uneducated idiot? I am sorry the world's fad is to hate on the United States. But PRIVATE BANKS have nothing to do with the United States of America. We are fighting to keep our economy working effectively. The real dumb ass are these corporate CEO's, need to include with donating these companies money if they are caught doing anything "un-ethical" I leave that statement vague so its open to stretching it around. They will get hanged and shot 500 times and then fed to pirannas.
xonoma 2 years ago
You can sit here all day and spout about how my statement is so immature and crazy but I bet you what. The dumb asses wouldn't be stupid enough to try it if they were threatened with execution for being un-ethical.
xonoma 2 years ago
it's only one sentence mate.shouldn't be too hard to understand
alsananick 2 years ago
Whoa, whoa, whoa, my name is Julio,
I am a DJ am I resent the comparison.
JerezJulio 2 years ago
LOL, so I guess you receive millions in "retention" money from the clubs you DJ in huh Julio...
flrbase1 2 years ago
makes you wanna become at terrorist
fronzey808 2 years ago 6
My bad it is pol1t1co that is retarded. ok I'm done talking to the shallow sheep that believe whatever they are told by the media.
summergiles 2 years ago
It's kinda like Obama calling this $1 Trillion dollar piece of crap legislation, a "stimulus bill", which in reality, will do little to "stimulate" the economy.
bobbytiger 2 years ago
Actually its a recovery plan that will also stimulate the economy. I will admit, some of the provision were spending measures but I agree with the position that its OK to spend on war but its not ok to spend on the poor? Thats why republicans lost the rust belt, because Reagan Democrats who voted for Republicans saw no trickle down and are now the "working poor" as their old union job are overseas
flrbase1 2 years ago
Tell me how to end it.
darkangel2327 2 years ago
all this inflation is going to kill the dollar
redcommand85 2 years ago 2
Americans are to cowardly to do anything about their government!
all they know how to do is rant and rave! a full out revoloution is needed in US OF A
YasharMJ 2 years ago
greed greed greed will destroy the U.S.A.
clomagro 2 years ago 6
Things that are false about this video and 99% of the comments that follow:
1-Morgan Stanley did not go bankrupt. They received $10B in TARP money that they neither needed or asked for. Treasury required all the banks to take the money so that the ones that needed it would not be singled out. They had received a $9B investment from Mitsubishi less than a week before.
2-These are financial advisors that have nothing to do with the losses at the bank. Their revenues were up in 2008.
P0L1T1CO 2 years ago
1- it doesnt matter they are theives anyway
2- see #1
whats REALLY frustrating is i see alot of people leaving post and making comments, and thats as far as it goes it seems. write your congressman / woman? yeah right like that has helped up to this point. and yes i would like to take action but where do i start? let alone with the new homeland security laws anyone speaking out gets labeled a terrorist. welcome to the socialist republic of america, that was once called The United States.
rah2571 2 years ago
How are they thieves? They are paying out compensation that is part of the cost of doing business. The government made them take money, and the government is receiving interest on that money and it will be repaid in full.
You wouldn't fault the automakers for buying steel and rubber with bailout funds, would you? Brain power and relationships are the raw materials of their business and the companies' assets walk out the door every night. These guys bring in millions per year.
P0L1T1CO 2 years ago
so what finaincial company do YOU work for?
HolyHannah 2 years ago
So your telling me that I have to work for a bank to know that the American people are being screwed. Oh wow no wonder America is reaping what they sowed.
hiiamrick 2 years ago
I see what your saying but when did the government force them to take this bailout money? Its absurd to think the these companies are doing the gov. a favor in all this. I'd welcome the gov. to force me to accept money for my business, although they wouldn't. I've never worked for a place that rewarded failure with bigger bonuses. I don't fault them for taking them (i would also) but i fault the gov. for allowing our money to be blown in such a way.
jsg103 2 years ago
When the money went out to the banks, they were all required to take it. JP, Goldman and Morgan didn't need it.
The thing is, they are not rewarding failure. There are thousands of different jobs on Wall Street and the guys that f'd up are gone or not getting bonuses. The bonuses are for people in other parts of the business that did well. For example, if an MD brings in $100MM in revenue, they should get a cut of that. Otherwise, they would go elsewhere and do that for someone else.
P0L1T1CO 2 years ago
all the banks had to take money so the ones that needed it wouldn't be singled out, causing a run on them. Dimon (JPMorgan) in particular was furious about it and didn't want the money.
P0L1T1CO 2 years ago
Sounds pretty fishy to me, do you have a source on this? I've never heard anything even similar to this yet that the banks were forced to accept money.
jsg103 2 years ago
just google forced take tarp and you'll find a million references to it...
paulson made everyone take it to hide the ones in trouble (mainly citi and b of a)
P0L1T1CO 2 years ago
alright, thanx, i googled it earlier but i must have searched the wrong phrase, didn't find anything useful.
jsg103 2 years ago
also google rivals poach brokers and go to the first result from dealbook for the exact reason why they need to pay these retention awards...
P0L1T1CO 2 years ago
I researched that some in the past and I still don't see the reasoning for the most part. I did stock market trading all through junior high and highschool and got my mba after that. It just seems to me that there are way to many people that are getting bonuses for underperforming. Not necessarily the lower ranks but the upper management who ARE at fault for taking risk for short term gain, yet ruined the long term future and still demand bonuses.
jsg103 2 years ago
jsg I'm afraid you are retarded. Please get educated. How were the banks forced to take money???????????????????????? please tell me where you picked up this jewel of info. Oh wait was it MSN, CNN, something comparable? Stop watching that crap.
summergiles 2 years ago
Maybe you should get educated, I was only asking another person here on youtube where the sources were that these banks were forced to take money. I generally like to get proof before I cut someone else down because I don't always keep up on current events as much as some. Never once did I saw that the banks were forced to take money, you must have read someone elses comment and I am educated. There's no need for personal attacks just because you misunderstood what I said.
jsg103 2 years ago
My fault then. It just sounded like you said the banks were "forced" to take money. If that isn't what you said I am sorry for misunderstanding you.
summergiles 2 years ago
The banks were forced to take it. Some needed it (like Citi and B of A), while others didn't (JP, GS, MS).
This is based on numerous accounts of people in the meeting and press reports. It is also evident from looking at the banks' liquidity and capital positions prior to the infusion. GS had just raised billions from Buffett and GE, MS from Mitsubishi.
But, if there is evidence, beyond your claims, that they did indeed need the money and weren't forced to take it, then please 'educate' me.
P0L1T1CO 2 years ago
Yes they were forced to take it but they were to unfreeze the credit markets while the troubled banks cover their toxic assest. Not spend it on acquistions or bonuses
flrbase1 2 years ago
They sure did a good job making millions off those credit default swaps didnt they? Rubber and steel can never be faulted for bringing the economic system nearly to its knees.
Put things in perspective before you bust out strew men and bad analogies.
Emperordante 2 years ago
The people referred to in this video had nothing to do with cds's. They are the guys that work in branches as financial advisors. They get a % of the revenue they are responsible for.
P0L1T1CO 2 years ago
so what part of the banking industry do YOU work in?
HolyHannah 2 years ago
My GOD I AM SO FRUSTRATED WITH THIS NEVER ENDING BULLSHIT!
WHEN IS IT GOING TO STOP...Then I tell myself...shut up you little whinney bastard...open you eyes...and see...it will never end...because these people are supported...and will never work in contruction, and truck driving, and cement, like I have...
WhiteBull 2 years ago
Maybe bankruptcy IS genius, when they go bankrupt and are able to take tax dollars to line their pockets next year.
Oversight is the only way to go.
ibwilliamsi 2 years ago 2
Now we know there is a good demand for 'talented' CEO's. Can I change my resume?
bot06 2 years ago
There will not be a company without the bailout money......just like the money barons in the early 1900's and the money changers in Jesus' day....but the Rep. continue to protect them, and say we should let the "market" do what it dos best?!!
prideventures 2 years ago
and these tossers wonder why we all think their taking the piss!
retention award? try ripping off the shareholders!
grahamkeithtodd 2 years ago
Oh don't worry they did that too ;)
megamarsvin 2 years ago
This has been flagged as spam show
this is what u support obama? obama and chris brown is same person in disguise
whisky432 2 years ago
Something needs to be done about this!!!!
TroyShellie 2 years ago
and Obama and congress will do nothing
trexx32 2 years ago 5
Make your refute sound other than useless blather.
Thejbirdy 2 years ago
Limit the choices of the consumer/voter, and you limit the effectiveness of capitalism & the free market.
Continue with this nonsense of ACORN, socialism, extreme liberalism, Keynesian insanity, and pseudo non partisan crap, and there'll be the biggest backlash ever seen in history. I can't wait!
dthomas777 2 years ago
Capitalism (and free markets) will always work - the individual can choose. But bad politician's regs CAN LIMIT the people & the process - which we have now,. Under Reagan, and Clinton when he went to the center, we prospered. In spite of leaders, politicians, & cooked books, our system is not only the best one, but the ONLY ONE to work for the people. It naturally limits the effect of the irresponsible and corrupt, because the choice of the consumer pushes the process back towards balance.
dthomas777 2 years ago
Clowns is puting it gently, but I agree.
laughingfurry 2 years ago
All Young Turk fans....Listen to my New Young Turk Song on my page
or here: watch?v=qh3gfqHM5Mo
mrlukehtown 2 years ago
Comment removed
coachvint44 2 years ago
we can't end it because no one is fighting for us. This is all manufactured.
MankindCartoons 2 years ago
Fucking bastards! hang em all!
GoreCartoons 2 years ago
i feel defiled....
troyontime 2 years ago
You're right. As long as we're allowing this to happen, these greedy bastards aren't gonna stop. They're eventually gonna find a way around the salary restrictions Obama put on these fat cats, if they haven't already.
superlyrical124 2 years ago
The problem is no matter what laws we pass, these guys are the ones in real control of the banks and corporations. We're basically telling these guys "Here's all our money, you can do what you like with it, but please don't rip us off"
That's why full-on capitalism doesn't work (except for the guys in charge)
megamarsvin 2 years ago
Basically, I agree with you although I do not agree that "full-on" capitalism is to blame, not exactly. I think that we see a lot of government regulations that protect these guys and quasi-governmental institutions (like the Federal Reserve) that are at the heart of the problem. What I mean is that we are not seeing "full-on capitalism" at work. I don't think there is such an economy operating right now. Anyway, largely, I agree with you about the role of banks and corruption.
Pseudobadger 2 years ago
CEO salaries might be excessive, but are small compared to company worth. Libs like Chris Dodd, Barney Fwank, Nancy Pelosi, ... created problems in housing, banking, markets, etc., thru bad policies & regs. They have no business dictating salaries of private companies. They cover their own ass (Barney Fwank), instead of being responsible for the nightmare they've caused, and being responsible to the PEOPLE.
Be angry by voting them out of office, and insisting on accountability to us!
dthomas777 2 years ago
banks could have performed much better or in another fashion as they did, all the time.
they just had to act responsible.
now they are billions richer the company bankrupt
and they kinda feel sorry sitting in jacuzzi with 4 hookers drinking champagne.
back in the time you can be asured, they hired and fired janitors and window cleaners that were too long at their job due to waging hours.
Realizalize 2 years ago
All of them were in the same damn bed you fool. Both parties are knee deep in this shit. Remember Bush's push for all Americans to own homes back in 2002? Has your memory faded that fast? Quit playing the fool to whichever party you associate yourself with. they only care about one thing: POWER.
Htown75 2 years ago