Thursday, January 14, 2010

Tax The Fat Cats (Banks): Breaking Down Their Culture of Entitlement

A great video today by BNN today interviewing Ian Telfer, chairman of Goldcorp and Hugh Mckenzie, both lashing against the big financials in the U.S., and explaining why.

Some points:

  • The banks are nuts, what planet do they live on?
  • The banks do not get it, they really don't. The banks threatening to repass costs of this tax really shows thet they do not get it that they can be really more regulated now.
  • Bankers have culture of entitlement, other industries don't. They think they make profits therefore they deserve bonuses.
  • Banks are making money because they can borrow money ultra cheap, courtesy f the government, and the government won't let them fail. That is why banks are making money. it boggles the mind that the banks are going back to bonuses and leverage and the way things were.
  • All this repackaging has not added one job to the U.S.
  • Banks were responsible for what happened, whether they were repaid what they were paid directly, or not, indirectly by AIG
Watch video.

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