Axelrod: Bank Bonuses Are 'Offensive'

This is not only offensive, it is CRIMINAL !
Thank you George for staying on top of this story, and bringing it up for questioning with Mr. Axlerod.
You and Paul Kruegman (and today, even E.J. Dionne) seem to be the only
'rounders' with their feet firmly planted in a little land called REALITY.

Mr. Axelrod accurately commented on the issue of Wall Street bonuses. The reason these bank and fund managers are paid such enormous bonuses is that they have a hard job, and its a very competitive environment, so everyone wants the best talent and thus keeps the best managers with large bonuses. For the most part, these people deserve their bonuses because they are doing what most others cannot. The outrage belongs with those banks and funds who still owe TARP money. Those banks, funds, and managers have obviously not done their job and do not deserve a reward. Leave it to a key Democrat to say what the media will not, and target exactly where the indignation belongs instead of simply creating outrage for the sake of a story.

I just heard Axelrod's comment (on Stephanopoluos') that Fox news doesn't present the news.This comment amazed me.The sad fact is they're about the only network that does. He also said "they" would appear on Fox news...really?Obviously "if you can't stand the heat get out of the kitchen" applies to "their" absence on the various Fox news programs.

I do not find this offensive at all. Those billions will now be spent hopefully in our economy keeping construction workers , restraunteurs , hairdressers, car sailspersons, boat makers, clothiers and the like EMPLOYED. That money finds its way back to the people, unlike taxes that go to the government never to be seen or heard from again. Go capitalism yeah!!!

Another embarrasment for the Obama administration! We taxpayers dont want their stock Axelrob we want our cash back to pay down this 1.4 trillion dollar deficit. What happened to everyone needs to be fiscally responsible that obama demanded yet they dont demostrate it!

Why doesn't Goldman Sachs donate $350,000,000 to rebuild the Katrina devastated hospital that New Orleans. You could convince them that it would be a great tax right off.....
Come on Goldman Sachs....give back a little.

Bank bonuses are aggressively and deeply offensive. That said, Obama enabled them by giving them some of the money they gave away. At this point, he's just as dirty-handed as Bush.

The Obama administrations allowed the bonus with the TARP funds, now they are appalled?? Give me a break! Sounds like they are trying to cover for their incompentence!

The White House is upset over Wall Street Bonuses. What a laugh,Obama signed the stimulis which contained AIG Bonuses,put in by his buddy Chris Dodd and pushed by Pelosi so no one could read it. The White House needs to take the responsibilty for its action,and stop whinning. They are the ones who did not put oversight controls on the spending.

These actions by the banks is fuel for the fire that will lead to some type of civil unrest between the have's and have not's.The divide between rich and poor is growing each and every day and history shows us that conflict between the two is usually the outcome with dire consequences.

George, Mr. Axelrod repeatedly stated that Obama objective is to provide more competition in our heath insurance industry, yet you never once asked him why the White House will not consider allowing people to buy insurance across state lines. By allowing interstate competition, customers would have more choices. For example, I've read that the identical coverage for a typical family in NY state costs 2 or 3 times what it costs for the same family in Wisconsin.

Allowing people to custom tailor a policy to suit their individual needs is another way that costs could be brought under control while providing more competition. Given that some states mandate specific types of coverage across-the-board in all healthcare policies, folks that don't need or want these specific coverage’s (such as mandatory maternity benefits for seniors, or drug or alcohol rehab for non-drinkers, or even hair implants!) shouldn’t have to pay for them.

Another alternative would be to change the tax law to allow the deductibility of health care coverage for individuals buying their own coverage versus the government’s emphasis on employers providing coverage for their workers. Providing a tax deduction to individuals could provide a solution for the portability issue by allowing a worker to buy his/her coverage through their industry association, or their church or civic organization, instead of through their employer, and receive the same tax benefit that employers currently receive.

Axelrod says that the administration wants more competition, but their solution is only to provide a ‘one size fits all’ government run option with no choices other than to join their group or ‘pay a fine’

You Know what is more offensive is that the Bush and Obama administration gave $$$$$ to these scoundrels. Greed and decadence is not the only reason why we are in a hole. The main reason is because we have been sleep walking while a few powerful white guys have been manipulating the world because they think that they are GODS and we little people who are their slaves need to be manipulated because we are just a bunch of 2by4s to them. The blue bloods of the world are ruling us and will continue to rule us until we wake up from our narcotic state of mind. "It is better to die standing then live on my Knees'.--Emiliano Zapata. Wake up and adopt this way of life and tomorrow you will start to feel better and see things with a clearer eye. The Banks are only doing what they need to do and that is to clense the NARCO $$$$$s.

What is really offensive is that you had to ask every question at lease 3 times to get him off his spin but he did finally get it in [ITS BUSHES FAULT]

Sounds like Axelrod is jealous he couldn't get a job with a company that pays big bonuses.

You just lost a long time TV viewer..... TOO MANY ADS. Will boycott the AD buyers and "watch" future shows on the internet.

Wonder if these bonuses are being doled out because they are soon to fail and they want to get the money now before they topple?

It's all Dubya's fault? I remember getting a check made out to me from a President. I also remember the next President giving hundred of billions of money we don't even own to the very people who squandered their own money. Tell me again how I'm supposed to accept this "Change". This country has made another abominable choice for President. I'm not sure we can afford another like this current idiot. We certainly can't afford the one we have.

So Goldman Sachs paid out $23 Billion in bonuses... in a city that charges income taxes, a state that charges income taxes on top of a nation that charges income taxes. So upwards of 60% of that $23 Billion went not to the workers that EARNED the bonuses, but to TAXES. And that doesn't even count the tens of billions in tax revenue collected on the dividends paid out to Goldman shareholders or the corporate taxes that were directly paid by this firm.

At 11:31:10 AM, "Holly Berry" asked: "Why doesn't Goldman Sachs donate $350,000,000 to rebuild the Katrina devastated hospital that New Orleans."

Holly, get a clue. The taxes paid out from the Goldman bonuses amounted to more than $13.8 Billion... which is 39 times more than the $350m amount you say should be spent on a town that has already benefited from tens of billions of our tax dollars.

I live in Charleston, SC (remember Hugo?). Where was clamor for the fed to come help us back then? We climbed out of our situation ourselves... so get over it. You've already gotten your pound of flesh from our nation's taxpayers.

No bounus payout till the TARP money is paid back. They can give them stock warrants just like we the taxpayers hold. If the company recovers and pays back the TARP loans, then their warrants get paid. If not they are worthless. Everyone says they need incentives, there you go. I don't even care if you make the warrants enormous. Just pay the people who bailed them out first.

Adakin,

If you really believe their tax rate is 60% then I have some land on the moon I would like to talk to you about. There is no way they paid more then 20% and you know it. Even Buffet's tax rate is lower than 20%.

I do agree with your Charleston comment, New Orleans should be allowed to die given its location. It is like pouring money into the ocean.

When banks charge 23-27% for credit card rates and pay nothing for savings and checking account users along with fees for everything, it is criminal and congress approves of all it just as the approve of the health insurers getting away with murder. There are 3 classes of people in the country.
1.Bankers, politicians and insurers 2. middle class, homeowners who pay taxes. 3. the poor. The bottom 2 have no influence on the country or our taxes. The middle class under Obama, will keep shouldering the tax burden and banks will continue their parasitic ways and congress will continue living in their castles with their free medical and huge pensions. Remember the french revolution... maybe it's time for America.

Moby,

Warren Buffett, like all the shareholders of Goldman pays capital gains tax (15%) on their dividend earnings. On the other hand, “bonuses” (at least the bonuses I see on my W-2) are taxable at ordinary income tax rates where the max fed rate is just under 40%, NY State rate is around 8-10% and the city's income tax rate on earners in that bracket is over 5%. If you also consider the property and sales taxes paid by these GS workers employed in downtown NYC, one can easily see how 60% of gross earnings can go toward paying taxes.

Now about that moon property Moby has for sale :-)

Has anyone noticed that in the same week that PresBO is awarded the Nobel
"Peace" Prize, he unilaterally attacked and bombed another planet and increased troop deployment to Afghanistan by over 13000?

Janice get real..they have spent half of the stimulus bill and were able to create or keep only 30,000 jobs which equates too 500,000 per job. At that rate we cant afford for them to try to create any more jobs.

BRAVO GOLDMAN SACHS! THE MARKETS WILL PREVAIL!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

So where is the pay czar these days Axelrod?