Posted by jj on March 16, 2010 at 21:58:41:
In Reply to: re: nama pay rise posted by OH Bah Maaah on March 16, 2010 at 21:39:23:
NOt sure if you deserve a reply but here goes:
Bankers bailed out - you obviously haven't spoken to Lehman Brothers, Bear Stearns, AIG, Northern Rock, Anglo Irish Bank and others who lost substantially all of their net worth when their firms collapsed. BOI and AIB are about 10% of the value of their highs. Most bankers get paid a portion in cash and the rest is deferred over a period of time, usually 3 years. (I omit RBS because for reasons beyond my knowledge they paid all their bonuses in cash).
Another misconception I would like to point out is that builders and bankers in this country are "getting away with it". Apart from legislation which prevents the taking of family home (especially if partially in the spouse's name) most builders are effectively bankrupt and will eventually have to come to agreement with their creditors.
In relation to the bankers, if they have shares in their institutions they have dwindled to virtually zero. Incompetence is not a criminal offense!
In relation to social inclusion and housing for all, that is what Fredie Mac and Fannie Mae were set up to do (under the Clinton administration). The reason it was set up, in reality, was the government knew it was unable to pay for this huge expense, so needed to take it off the balance sheet of the US government.
I agree with you (loathe as I am to agree) that government spending has increased beyond recognition, but I don't see how that makes your point for a future socialist government with more spending.
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