Commentary By Ron Beasley
This is just too much:
Citigroup, Bank of America, JPMorgan Criticize LimitsMarch 21 (Bloomberg) -- Citigroup Inc., Bank of America Corp. and JPMorgan Chase & Co., recipients of more than $100 billion in U.S. rescue funds, criticized congressional proposals to tax Wall Street bonuses.These guys just don't get it. There are people standing outside their gated communities with pitch forks and they think that it's all unfair. Yes these are the same people who's greed and incompetence resulted in this cluster fuck economy. It would appear that the Obama administration is just as clueless. Mr Obama read my lips:
Bank of America Chief Executive Officer Kenneth Lewis called the tax “unfair” in a memo to employees yesterday, while Citigroup’s Vikram Pandit said his bank is “working in every appropriate way with policymakers.” JPMorgan’s Jamie Dimon held a conference call with about 200 executives, saying the firm is concerned about retention and is working with lawmakers.
- Seize the insolvent "zombie" banks.
- Split them up into little pieces and send Mr Lewis, Mr Pandit and Mr Dimon packing with only the shirts on their backs.
If you don't it won't be long before the pitchfork armed crowd is storming the White House.
Think Bastille Day.
See Keith Olbermann