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Claw back those bonuses

On CNN Fareed Zakaria interviewed 2 Nobel Laureates and another experts on the Economy. The latter, Jeffrey Sachs, who 25 years ago became world famous for telling countries how to get out of economic crises, made the following observation:
"People don’t have health care. They can’t take care of their children. We’ve got hunger in this country."
"So, there’s a hidden face, because we don’t really talk about these things that affect tens of millions of people, and the numbers are now rising dramatically."
"So, I think we want to be civilized about this. What Joe has said about the egregious transfers to the wealthy has greatly exacerbated this. And the nerve of John Thain and others to take bonuses after they’ve broken the world economy, that’s literally scandal."
"We’ve got to go back and claw back those bonuses, because that’s tens of billions of dollars that went on taxpayer bucks — or from shareholders, in fact, because it wasn’t real income. It was taken straight out of the bottom line. And that’s a shame for our society when people are desperately trying to make ends meet right now."
Previously, a commentator had noted to the effect, "Tough, those are legal contracts." While the rich had an administration that so trashed the Constitution and still own a Congress that demonstrate so little regard for law, it is interesting that they still put such trust in legal contracts.

Posted via email from jcwinnie's posterous

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