kwatts59

kwatts59
Location
las vegas, Nevada, USA
Birthday
February 07
Title
PhD
Company
UNLV
Bio
Dr. Kenneth Watanabe PhD in Biochemistry at UNLV.

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Salon.com
FEBRUARY 18, 2009 11:19PM

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I seem to hear time and time again about how companies receiving government bailout money are "wasting taxpayer dollars".
Here are some examples:
AIG, one of the largest insurers filed for bankrupcy.  Shortly after receiving about $40 billion in government bailout funds, AIG held a corporate resort junket costing about $340 thousand for a secret gathering for the top execs.  It was all over the press and everybody was complaining how these execs have been living high on taxpayer dollars.
When the big three automakers were to appear to congress to request a $40 billion bailout which could decide the fate of their companies, they flew to Washington in private jets.  Again, this was all over the press how these top CEOs are flying to Washington in their multi-million dollar private jets to ask for government bailout money.  How arrogant and audacious.
Then there was that $1.2 million office renovation by a top Bank of America exec that included things like a $10,000 waste basket, a $87,000 area rug, and a $35,000 commode.  And this was after receiving $45 billion in taxpayer bailout funds to loosen up credit.
First, I agree that being spendthrift in a time where money is tight, especially after receiving billions in government aid, is not appropriate.  These people should be scorned for this.  But why is this being proliferated so much on TV?  Why are the TV and radio waves wasted on this crud?  In the grand scheme of things, it doesn't really matter.  If Bank of America receives $45 billion, and an exec spends $1 million renovating his office, that is only 1/45,000th of the taxpayer money received.  Sure it was a waste of money, so scorn them behind the scenes and stop wasting TV and radio time.  That is a pittance of an issue.  A more notable issue is the $18 billion in bonuses paid out to execs, or the fact that they are using taxpayer dollars to complete a merger rather than loosen up the credit freeze.  Those are noteworthy issues.
Also the planes that the auto execs flew in.  They probably cost $20 million, but they do serve a purpose.  If the top execs need to do a lot of travel to visit their plants and supplliers across the country, then buying a private plane may actually be justified.  After all, we are paying these guys millions of dollars a year and we dont want them wasting their time at an airport security checkpoint or spending a night at a hotel, when they can fly to a meeting and return the same day on a private jet.  If a company is spending $5 billion a month, do you think selling the corporate jet is going to solve their problems?  Absolutey not!  The problem is not the execs wasting money on privet jets, the problem is not their salaries, the problem is the economic downturn.  Demand for autos dropped by over 40%!  Why are we bothering over these jets? 
After being scorned in Washington for flying in on privet jets, the next meeting the CEOs drove hybrid vehicles to Washington.  How stupid is that?  Stupidity playing upon stupidity!  Like driving hybrids is going to save the company.
I am just sick of hearing about these stupid things.  It is just a waste of time.  Talk about the bigger issues.  Talk about the real issues.

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bailout, wasteful, taxpayers

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