The Bailout

In the New York Times on February 8th, 2009, there was a full page ad from one of the megabanks trying to rationalize luxury junkets for their already highly-paid executives.

I was struck by the absurdity of it all. Rather than call these folks what they are, senior executives of the bank, the ad refers to them as "team members". It implies that these poor folks work hard all year and that this is the only recognition they get for all their hard efforts. Having actually worked in a bank, I've seen this from the inside. The actual "team members" work hard for low wages, and the executives who sit atop the pyramid get the annual junket.

This is bad enough already, but now let's add to the fact that the megabanks, having pleaded poverty, are now operating with a cash infusion from the taxpayers of billions of our money. But, in the recent ad, they claim that the money for these junkets is not using funds from "the government", but instead "come from our profits".

What profits? If they are now profitable (all of a sudden), let them first pay back the money they got out of our pockets!