tag:blogger.com,1999:blog-293433952655399056.post5958775215009288657..comments2024-03-06T04:35:38.806-06:00Comments on Disaffected and it Feels So Good: The Inevitability of ControlGrung_e_Genehttp://www.blogger.com/profile/01894879088472559055noreply@blogger.comBlogger1125tag:blogger.com,1999:blog-293433952655399056.post-19455452152165256102008-09-22T10:02:00.000-05:002008-09-22T10:02:00.000-05:00Great post. On a related note, I sent the followin...Great post. On a related note, I sent the following to my elected officials about a just way of funding the bailout. I don't expect much to come of it of course:<BR/><BR/>Dear (insert rep. or sen. name),<BR/><BR/>I am writing to request that you block funding of the Treasury's $700 billion dollar bailout unless it is funded by a 95% wealth tax on the Wall Street financiers who have created the mess.<BR/><BR/>700 billion dollars. That's what we the US taxpayers are being asked to fork over to clean up the mess of some irresponsible Wall Street moneychangers. If this 700 billion dollars were approved, my family's share of that would be about $7500, not including the inevitable interest that my two year old daughter will continue to pay for the rest of her life on the treasury bonds that will be issued to cover the debt.<BR/><BR/>$7500 is about 10% of my family's annual income. 10% of my income to pay for a mess I did not contribute to. But what will those that created this mess pay? Here is a list of the estimated incomes of some of the people that are responsible for this mess:<BR/><BR/><BR/>James E Cayne, the CEO of Bear Stearns, made $26,260,000.<BR/>Daniel Mudd, the CEO of Fannie Mae, made $11,648,409.<BR/>Richard F. Syron, the CEO of Freddie Mac, made $18,289,575.<BR/>Martin J. Sullivan, the CEO of AIG, made $14,330,736.<BR/><BR/>These individuals made more in one year than most of us will make in three lifetimes. And yet are they held personally responsible for their mistakes? NO!!!<BR/><BR/>Before I and my fellow taxpayers pay a dime to clean up the mess of these individuals, they should have to pony up part of their vast accumulated wealth. I propose that any bailout of these and other financial institutions be paid for by a 95% wealth tax to be paid by those in the financial and mortgage sectors that are responsible for this mess.<BR/><BR/>If every executive and trader at these companies were required to give up the vast salaries, bonuses, retirement packages, and all other forms of compensation they have received over the past decade, the Treasury could undoubtedly raise the majority of the requested $700 billion. <BR/><BR/>Making the four individuals listed above pay the last ten years of their average pay would account for 1 percent of the requested total. If other executives, senior management, and traders were included, a sizable portion could be raised.<BR/><BR/>So, in an effort to reinstate personal responsibility in our financial sector, we need to make these individuals pay. They should not be allowed to skirt their responsibilities and duties to their country! My two year old daughter should not pay for the mess of a group of billionaires.<BR/><BR/>So please sir, block funding of any bailouts of the financial sector unless the funding first comes from a 95% wealth tax on those Wall Street financiers that have created this mess.<BR/><BR/>Thank you.<BR/><BR/>Sincerely,<BR/>(me)ranhttps://www.blogger.com/profile/10584685394945176255noreply@blogger.com