On page 24 of this report filed with the SEC, banking giant J.P. Morgan Chase reports that it has paid each of its top six executives $11 million-plus each. Each of them received bonuses worth over $3.4 million in 2010. Jamie Dimon, the bank's CEO, took home total pay of over $20.8 million.
http://www.sec.gov/Archives/edgar/data/19617/000119312511091290/ddef14a.htm#toc149447_12
The Occupy Wall Street Protests that started in September 2011 & and then spread across the nation have highlighted ongoing problems of massive unemployment & income inequality in the U.S. Elected officials, various members of the news media, & even a few of my own friends have mocked this movement. I believe that it is possible to find a different story for every day of the year that answers "Why They Occupy".
Friday, November 25, 2011
U.S. Multinationals Add Employees Abroad While Cutting Here
American multinational corporations hired 2.87 million foreigners, but dropped almost 864,000 Americans from their payrolls during the 2000s. As the biggest beneficiary of U.S. outsourcing, China gained 691,100 jobs from 1999 to 2009.
http://www.huffingtonpost.com/2011/11/22/us-multinational-companies-jobs_n_1107480.html?ref=business
http://www.huffingtonpost.com/2011/11/22/us-multinational-companies-jobs_n_1107480.html?ref=business
Wednesday, November 23, 2011
Prosections of bankers for financial fraud have dropped by over 50% since 1999, when there were over 3,000 prosecutions to under 1,500 last year.They have dropped every year since then. As a result, shareholders and investors end up paying for reparations through civil cases. In other words, white collar crime was privatized during George W. Bush's Presidency. This not only destroys confidence in the market; it also creates social tension that can destroy communities.
http://www.cbsnews.com/8301-505123_162-57327688/bank-prosecutions-drop-as-bank-failures-rise/
http://www.cbsnews.com/8301-505123_162-57327688/bank-prosecutions-drop-as-bank-failures-rise/
Bailout Unconstitutional
Ex-AIG CEO Maurice "Hank" Greenberg has sued the U.S. in Court on Monday. He claims that the $182 billion bailout in 2008 of AIG was unconstitutional, violating the Fifth Amendment, because it did not justly compensate shareholders for property the government took from them. Even though this property was grossly over-valued, maybe even worthless.
http://www.huffingtonpost.com/2011/11/21/maurice-hank-greenberg-former-aig-ceo_n_1106092.html
http://www.huffingtonpost.com/2011/11/21/maurice-hank-greenberg-former-aig-ceo_n_1106092.html
Monday, November 21, 2011
Bank Lobbying to Reach a New High in 2011
$47 million in lobbying spending by commercial banks this year.
http://www.huffingtonpost.com/2011/11/21/bank-lobbying-record-high_n_1106350.html
http://www.huffingtonpost.com/2011/11/21/bank-lobbying-record-high_n_1106350.html
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