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This article posted December 15, 2009 by Robert Creamer at The Huffington Post, which underscores the dire need for financial regulatory reforms, is a must read!

http://www.huffingtonpost.com/robert-creamer/pass-financial-regulatory_b_392396.html

Here are a few of the more nauseating excerpts:

"...According to a report by New York Attorney General Andrew Cuomo, employees at nine banks that received money from the TARP bailout received a combined total of $32.6 billion in bonuses last year. As the Wall Street Journal reported, the bonuses included, "more than $1 million apiece to nearly 5,000 employees -- despite huge losses that plunged the U.S. into economic turmoil."

Bloomberg News reported that: 'The top 200 bonus recipients at JPMorgan Chase & Co. received $1.12 billion last year, while the top 200 at Goldman Sachs received $995 million. At Merrill Lynch, the top 149 received $858 million and at Morgan Stanley, the top 101 received $577 million. Those 650 people received a combined $3.55 billion, or an average of $5.46 million.'

'JPMorgan Chase had 1,626 employees who received a bonus of at least $1 million last year, more than any other Wall Street firm,' according to the report. 'Goldman Sachs had 953 employees who received $1 million or more in bonuses, while Citigroup Inc. had 738, Merrill Lynch & Co., 696, and Morgan Stanley, 428. Bank of America Corp. had 172, while Wells Fargo & Co. had 62.'..."

How could you blame anyone for not wanting to pay even 10 cents in taxes to support this lunacy?

But don't hold your breath waiting for reform.

It's a joke.

- Ed Smith, Publisher
The EHS Letter Manual