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Clusterf#@k to the Poor House – Wall Street Bonuses

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Jon Stewart raged against the big banks and the huge bonuses they’re expected to award their top executives on The Daily Show last night.
“Let me see if I’ve got this straight,” [...]

President Obama will try to recoup as much as $120 billion of the money spent to bail out the financial system, most likely through a tax on large banks, administration and Congressional officials tell the New York Times.
The tax would be part of the federal budget the president will present next month.
The general idea is [...]

If you think we’re fed up with the big banks, you should see how angry big-time blogger Arianna Huffington has become.
We think you should take your money out of the big banks because they aren’t paying squat for your savings. (See yesterday’s post Big Banks Pay Nothing For Savings.)
Huffington wants you to close your accounts [...]

Over the next couple of months banks will almost certainly report that they were profitable during the final three months of 2009 and are on the road to recovery.
Don’t believe it.
The turnaround banks are touting is only possible because they’re still refusing to acknowledge $1 trillion or more worth of bad loans on their books.
The [...]

UnivestDirect has an intriguing new way to move money from your checking account directly into someone else’s bank account for free.
The online division of Univest National Bank and Trust Co., which has 32 branches in the Philadelphia area, calls this service a Person-to-Person Funds Transfer Payment.

P2P, as its been dubbed, allows you to electronically send [...]

This high-yield checking account doesn’t offer one of the best rates.
Centennial Bank in Orem, Utah, is paying 3.00% APY on the Smart Checking Account through its online division, CBDirect.com.
But unlike almost every other high-yield checking account around, there’s no $25,000 or $50,000 limit on how much money you can have on deposit and earn that [...]

The unidentified creators of “The TRUTH Behind the Total Collapse of the U.S. Economy” think so.
We don’t think anyone can argue that the Federal Reserve helped to inflate the real estate bubble of the early 2000s because former Fed Chairman Alan Greenspan pushed interest so ridiculously low.
But was that a colossal screw up or a [...]

City National Bancshares CEO Leonard Abess Jr gives $60M of his own money to 399+ of his staff.
After selling a majority stake in Miami-based City National Bancshares last November, all he did was take $60 million of the proceeds — $60 million out of his own pocket — and hand it to his tellers, bookkeepers, [...]

I’ve been doing some digging on the Internet b/c I’ve been wondering where all this bailout money has gone. This is a little tricky because the Federal Reserve is a PRIVATE CORPORATION and therefore is NOT required by law to disclose their accounting.
Fortunately, this astute analysis by James Conrad sheds some light on what the [...]