March 17th, 2008

Bear Stearns: Sad Story of Legal Robbery

The 2007 calendar year was one in which America’s financial system more or less collapsed, though we didn’t realize how thoroughly until early in 2008. It was also a year in which Wall Street paid out record bonuses, a total of $38 billion at just a handful of banks (source). One of the firms that paid out $billions, Bear Stearns, essentially went bankrupt last week, but is being bailed out at taxpayer expense (story).

More and via Philip Greenspun

How fucked up is this shit? Billions in bonuses and then taxpayers pay the final bill. Legal Robbery. Thou shalt not steal GW.

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