Kavmerica.com

Almost as soon as President Obama announced that he would limit compensation for executives at firms which take Federal Bailout funds, his critics started saying that this would cause ‘Brain Drain’ from those institutions. Their argument was that the companies won’t be able to attract high end talent anymore to come work for them. You know, the high end talent capable of running a major financial institution into the ground to the point where they need billions in bailout money to keep going.

(Read On…)

Citibank, one of the financial institutions at the heart of the banking problems has announced that it will go ahead with it’s plans to purchase a new $50 million dollar luxury jet for their executives.  This comes on the heals of them laying off over 75,000 workers and taking $45 billion dollars worth of bailout funds from the taxpayers.  That’s right, your tax dollars are going to pay for this new corporate jet.  Apparently Citibank has learned nothing from the fiasco that the Big 3 Automakers got themselves into when they decided to use private jets to get to Washington.

(Read On…)

As Merrill Lynch plummeted into financial ruin you’ll be happy to know that its CEO, John Thain, didn’t let it get in the way of decadence. In fact he decided to spend $1.2 million dollars to remodel his downtown Manhattan office. Amongst his extravagance: $87,000 for an ‘Area Rug’, $28,000 for a pair of guest chairs, and $28,000 dollars worth of curtains. Apparently when you are busy running your company into the ground you need to make sure you do it with a sense of style!

(Read On…)

If you own a home you have probably had to pay for PMI (Private Mortgage Insurance) at some point. Basically you pay to insure the bank against you going belly up on your loan. In other words, you pay to insure the bank against you not paying off your mortgage. Sweet deal if you’re a bank. Of course if you do go bankrupt you get nothing from that insurance you’ve been paying on. You don’t get to keep your home, the bank does and the insurance you paid for is supposed to make up for that loss.  If you owe more than 80% of the balance on your home you are required to pay for PMI by law.

(Read On…)

In case you don’t already know, the bailout is a joke… on you. Thus far none of the $350 million Congress has released has gone home owners. Although that shouldn’t be a surprise when you consider the man who is running the bailout program, Henry Paulson, worked on Wall Street before coming to Washington. He has made it a priority to make sure his cronies on Wall Street got their fill at the US tax payers expense.

Want some of that bailout money? Too bad you’re not a bank cause the form to request the money is ridiculously simple.  Just two pages that you need to fill out, see for yourself: Bailout Application

(Read On…)