Bank Bonus' Up Again Time to Change the Rules.

Yesterday I read that Goldman Sachs was paying out $16.9 Billion Dollars in Bonus Pay. That is an average of $498,000 per employee. Or better yet that same amount would pay for unemployment benefits for 900,000 people for 1 year. The disconnect between Wall Street and Main Street is astonishing.

Remember Goldman Sachs former CEO Hank Paulson was the last treasury secretary, who set up Goldman Sachs as a primary recipient of the stimulus package, which by the way should be exposed and investigated further in the media, with the help of the the former NY Fed governor, Timmothy Guithner, the current Treasury Secretary. So it may not be of any surprise that in a recent PBS interview with Guithner, he was less than enthusiastic about the President's planned reform of banks, luke warm would be an overstatement.

I can't help but feel that since the election loss this week there is and will continue to be a mad scramble by Washington to save their proverbial butts. One problem with bank reform is that too many Wall Street Friendly folks have the positions of power. Guithner, Summers, etc.... are loyal to Wall Street not Main Street, so should they be a part of this.

Guithner is no friend of the American people. Remember he is being looked at while he was the NY Fed Governor when AIG got bailout funds and then didn't want the public to know about it. Also bear in mind that Goldman Sachs got some 30+ Billion dollars from AIG in payables at 100 cents on the dollar with no concessions, such as other creditor have given.

So if Obama wants bank reform, maybe he should look in his own house, determine who is Wall Street motivated, and replace them. Fat Chance of this, but it is worth venting about.

Now is the time to revamp the banks, put back regulations that were removed previously, and make the laws work for the people not the Wall Street Profits. Remember what happened in Massachusetts last Tuesday, it could happen all over the country in November.