Lawmaker Pushing to Freeze Remaining Bailout Funds

Staggering at best the growing list of companies begging for aid and now Citicorp has announced it is cutting an additional 550000 employees as the economic crisis worsens, that’s in addition to the 22000 let go in October. With that being said the average American can’t seem to qualify for a a helping hand refi loan even with good credit and a decent income so how did Citicorp qualify to acquire the banking operations of Wachovia for $2.2 billion on Monday Sep 29, 2008 ...and are now screaming economic crisis just six weeks later . Will they really be next on the list to receive aid and get it?

Then there is the American automobile industry bailout for the “big three” General Motors, Ford Motor Co. and Chrysler LLC. They say they are yet another victim in our weakening economy. Yet they keep going about their days and making plans as if there isn’t a problem in the world. For example I find it rather interesting they have the funds to attend the upcoming Los Angeles Auto Show when most of us lil peeps couldn’t even afford SEMA this year. Let’s face it a two or three week stay in down town LA is not a cheap city to hob-nob in by any means. Yet it is posted all over the internet the “Big Three” will be in attendance from December 2, 2009 to December 13.

Makes me wonder how they can afford the booth space or better yet where will the corporate attendees from the “Big Three” be staying and eating during such an extravagant event. For those traveling from out of state will they be flying into LAX 1st class? Or will they be like the rest of use American middle classed working folks who fly coach and are taking our sake lunches and lodging at the local Super 8 Hotels, where you have to turn back your own bed and if you want a chocolate on your pillow you need to purchase those at the local store prior to arrival the only perk is they will leave the light on for ya.

I can guarantee you none of these big corporations had the funds to attend any of these big shindigs or payout millions in bonuses in the first 5 years of operation. So if they really are in a pinch then why aren’t they scaling back from all these big expenses and operate like every other struggling company in America.

I find it interesting as a middle classed person who has been seeking employment for the better part of a year that the tax money even out of my unemployment check would be going towards the bail out of these and many large corporations. It makes me wonder as Congress sits at their round table deciding which company gets some of the bail out money and which don’t if they even require the removal of continued corporate high spending for corporate travel, tradeshows and other expensive corporate expenses. Perhaps demoting or terminating the top executives who created the mess the company is in with no additional compensation. Shouldn’t that be part of the condition of getting any financial help?

Certainly if these hurting corporations did not continue to provide bonuses of any kind they might perhaps be able to afford to save a few hourly workers jobs for an extended year or two. After all it's not the worker bees that put us in this mess. It's their decision makers.

Lastly; I worked in the mortgage industry for the better part of 8 years yet while many of us who have already lost our jobs continue to watch the fall out from the corporate & mortgage industry greed. I’m curious did any or all of the big corporate top executives who made bad decisions get to keep his or her jobs with the lending banks, fannie mae and freddie mac making their above $80,000 a year with the guaranteed year end and/or quarterly bonus checks or both? If so, how did that just happen? I thought year end perks and/or bonus checks or both were based on growth and revenue? If the average Joe didn’t make quota because of the decline in the market place he would be canned with pay only through the end of his work day and no additional compensation.

Additionally if these guys are hurting so bad maybe before a bail out request if they would perhaps rewrite all top executives contracts and pay structure written in the past 5 or more years it might help. Or when considering a bailout request does all those big money makers get to keep his or her job and every penny? is it really include in the bail out money provided? Or is termination for not meeting quota with out additional financial compensation only for the middle class working folks?

As a parent of three adult children if they came to me because they couldn’t pay their rent I wouldn’t be giving them bail out money if they continued to eat out or hob-nob in LA . . .

Simply put if our elected officials would be so kind as to help us average everyday middle class Americans by not giving our tax dollars to any corporations or company who does not terminate their decision makers who created the mess they are in, restructure their pay scale from the top down or continues to pay out any kind of bonus checks, uses company money for trade shows they can’t afford, plush hotel stays or corporate luncheons and dinners ect. . . that would be great. These businesses need to scale back; go back to the basics and figure it out the good ol fashion way just like the rest of us have too.

Kindly yours

An American Tax Payer

of CA 7:35PM November 17, 2008