The U.S. Treasury Department has decided to make a case out of the departing Bank of America CEO Ken Lewis. In a show of fake anger and outrage, designed to placate the angry public, the pay czar today decreed that Ken Lewis will receive no salary or bonus for 2009; in fact he will return the $1 million salary that he has received YTD. Of course the headlines failed to mention the colossal $69.3 million retirement package that he still gets to keep.
More importantly, in creating a successful public diversion out of Bank of America, the Treasury has cleared the way for their golden child Goldman Sachs to dispense a vulgar $20 billion bonus to its employees. After all they can point to Ken Lewis, and show the American public that they were indeed guarding the hen house. Meanwhile the real fox, Goldman Sachs makes away with billions, all the while sweeping the colossal billions of government assistance they continue to receive in the form of FDIC guaranteed debt, under the carpet.
Its a wonderful world we live in folks!
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