Free Markets, Free People

Who Is The Looter?

MoDo is in full anti-capitalist mode and boy I guess it feels good to finally let loose:

The president’s disgust at Wall Street looters was good. But we need more. We need disgorgement.

Disgorgement is when courts force wrongdoers to repay ill-gotten gains. And I’m ill at the gains gotten by scummy executives acting all Gordon Gekko while they’re getting bailed out by us.

18 billion taken from the government vs. 885 billion taken from the people. In which case are you sure “disgorgement” will never occur?

And that begs the question: who’s the looter here?

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6 Responses to Who Is The Looter?

  • We need disgorgement.

    Sorry, but we did not need “gorgement.” The government should not have been involved in this. We should get out, but now getting out will be far more painful than not getting in in the first place.

    The whole situation has me sickened to the bone.

  • I merely want to keep what I have earned.  Others wish to take what I have earned from me.  Why am I the greedy one?

  • This is pretty much the same sentiment that Obama expressed in his first debate–the bizarre notion that $350 million in executive compensation was a more important problem than $10-some billion of completely pointless pork that was being added to the bailout bill.

  • I can’t say I’m thrilled that these guys got bonuses while Wall Street burned. If it were just shareholder money, I would even just shrug my shoulders and hope I didn’t own any of that stock. But why should my tax money go to pay someone else’s bonus? Why should you get a bonus when your performance has been lousy? Once you start taking my money, I get to tell you how to spend it. That’s the golden rule.

  • Check out Tom Maguire’s post on this.  The $18 billion is a composite figure including firms that received no bailout money.  There’s no way to separate out who got bailout money, and who got bonuses they actually deserved.  Also, bonuses constitute a large chunk of total compensation, and total compensation is in fact down.

  • Lemme see if I’ve got this right:

    The libs are upset because they, along with W, effectively gave a credit card and the keys to a Porsche to a drug-using teenager and he DIDN’T use it to drive Grandma to the store to buy milk and cookies???

    Here’s a thought: if we hadn’t tripped over ourselves to hand out cash to banking execs who’d already demonstrated their incompetence, we wouldn’t be in this fix.