I keep hearing that term “Too big to fail” in reference to our elite banking industry, and it quite frankly makes me sick. Of course we all know that the likes of AIG, Citigroup, Bank of America et al failed big time but our government “we the people” bailed them out. In my book this is called welfare. As far as I am concerned these guys that and said they would “fail” without our money took a government handout with few restrictions on it, better known to me as “too big to fall on your ass welfare.”
So now, our legislators are finally listening to our cries and are hammering out legislation that will make certain that there will be no more of this “to big to fail” crap. They of course are not calling it crap, that is my own thought provoking phrase. If passed there will be a new risk regulatory council with “vast powers” according to Shelia Bair, chairman of the FDIC. This council would monitor and address risks to our economic stability posed by shaky financial holding companies, according to Bair in the http://huffingtonpost.com
But of course, the banks aren’t too keen on oversight. They are fighting this reform because as we all know “they are too big to fail”. She also said that there would also be a new consumer agency to police financial products, a change Bair said is needed to protect the public. No wonder the banks don’t want it. How dare we the consumer, want to be protected from the greed and obvious mismanagement in the past of our funds. What the heck are we thinking that we want accountability? After all, the economic crisis that they created is evidently something that we are to suffer through, not them.
That actually seems to have been fixed also, while they won’t suffer like many of us do, the Wall Street executives pay was cut drastically this week by the great almighty pay czar Kenneth Feinberg. Finally he is living up to that czar name. The average cash compensation for executives will be cut by 90% and no top executive at good old AIG will receive more than $200,000. When this information was first reported by the New York Times last week, it was reported that the financial industry was taken by surprise and they were scrambling to figure out exactly what it meant.
Well, I’m not in the elite banking industry but let me just give you banking executives my lowly consumer take on what I think it means; It’s not nice to fool the American people, we now know that the banking CEO’s best and brightest are not, and oh yes, NO MORE WELFARE FOR YOU FROM US!