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Wachovia Outdoes AIG in Executive Rewards With Our Tax Dollars

Business  (tags: Wachovia, bailout, tax dollars, cruise, Greek islands )

- 3538 days ago -
Oh yes indeed - Wachovia is eagerly its awaiting bailout with our billions. In the meantime, its top brokers will enjoy a cruise of the Greek isles. 75 employees, with their spouses or significant others, will cruise on our dime - all expenses paid.

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RC deWinter (418)
Friday October 10, 2008, 8:41 am
While you're sputtering over this, by the bye, AIG is proceeding with a three-day get-together at the Ritz-Carlton Resort in Half Moon Bay, California. Yessirree, 200 lucky people will be able to really party down with our money in Half Moon Bay - I've been there - it's gorgeous. Have you advanced from sputtering to choking yet?

. (0)
Friday October 10, 2008, 9:15 am
noted thank you

Pamylle G (461)
Friday October 10, 2008, 9:22 am
Aw, c'mon you party-poopers ! Why shouldn't they be celebrating their big heist in a big way ?

James M (190)
Friday October 10, 2008, 9:24 am
I am totally pissed. In the last three months my "retirement," the only real savings I had from a job that nearly killed me, has lost $6000. Meanwhile my government sees fit to bail these lowlifes out, on the backs of the working people. This is totally unacceptable. It's time to take our country back! Enough is enough!

Tsandi C (95)
Friday October 10, 2008, 9:25 am
Why is Wacovia being bailed out when Wells Fargo is ready to buy it at $15 billion? Even Citigroup was going to buy it.

Why is anyone being bailed far, AIG is the only one I see that isn't being bought by another company.

And why is this a housing problem, when we would pay for our mortgages if we had jobs? Banks and Bailout be Damned! We need jobs, not banks!

Hans L (958)
Friday October 10, 2008, 9:27 am
James you are right that is exactly what will have to happen!
Did you see the Avaaz action for the G7?

To world leaders: As citizens, we call for a global public "buy-in" to tackle the financial meltdown, instead of a "bailout" of reckless bankers. We urge you to agree on a bold public rescue package without further delay - taking stakes in the banks, fixing failings, and mobilising public investment to benefit the many not the few.

Watching the markets freefall, we know this crisis will utterly change our daily lives -- we're not just spectators any more, and we’re seeing something new –- people and governments directly intervening in the chaos that until now was controlled by reckless and greedy financiers.

Today and all weekend, extraordinary choices will be made by the world’s most powerful finance ministers, meeting to decide our response to the financial crisis. Together, we must make sure that governments don’t just use our money to bail out the banks, but claim a share of public ownership in these institutions for our future, and oversight powers to fundamentally fix the wider system.

We'll deliver our call for a global buy-in package in 36 hours to G7 finance ministers and again to a bigger Global Crisis Summit planned for November -- please sign the petition at the link below, and forward this email to everyone you know. The decisions made this week will shape our lives for years to come:

James M (190)
Friday October 10, 2008, 9:35 am
Correction. My savings dropped another $2000 this week. Shyt. Sorry but I am totally screwed. We're not talking a lot of money here, but to me it was a safety net. Anyone up for a revolution?

Past Member (0)
Friday October 10, 2008, 10:11 am
All the world is up for a revolution its about to happen people! Look what is happening on Iceland! They need 4 Billion from Russia to be possible to save not only the banks but also Iceland! I would not wonder if this would bring completely new rules...Russia, China, Saudi Arabia, Dubai, Emirates countries with lots of money will buy companies and countries!
Some companies are worth less than 50% of the book what the people with money do is wait for the right moment to buy! Since the bell does not ring for the buttom line only a few people will wait until the end others start buying ....
People all around the world have been screwed by the capitalist pigs! Now its time for revenge! Find the money....where? In the desert of Dubai? Palm Island?

All the world is up for a revolution nothing will be the same after coming monday!

RC deWinter (418)
Friday October 10, 2008, 10:22 am
Well, James, I more than share your pain. My lousy little retirement fund - which through last week had lost $5000, has now lost $7500...and it wasn't too big to begin with. I guess I'll be one of those seniors who will live on Meals on Wheels (gag!) - if it even exists - maybe I should start investigating which cans of cat food smell edible when I open them to feed my four piggy kitties...and I bet you could make a GREAT stew out of chunky dog food....WAHHHHH!

RC deWinter (418)
Friday October 10, 2008, 10:25 am
Tsandi, they're going to be bought out and then their shitty worthless paper will be sold by the lucky buyer to the Feds...bought with our's an indirect bailout payment....damn them anyway, all of them.

RC deWinter (418)
Friday October 10, 2008, 10:30 am
...watching all those teeny-tiny safety nets that belong to hard-working, everyday Americans burn, with tears in my eyes...while greedy, scum-sucking lowlife politicians, stockbrokers & bankers - along with Bernanke and Paulson - fiddle. Does anyone really still believe that either NObama or McCain't is going to reverse this economy in their 4 years? That's almost as funny as expecting Social Security to be there when I retire.

Past Member (0)
Friday October 10, 2008, 10:54 am
It sucks big time!

Sandra M Z (114)
Friday October 10, 2008, 10:55 am
I'm ready for the barter system, cut these phony criminals right out the picture.

Do ya think anyone will be needing antique upholstery restoration for the furniture in their tents?

Noted, Cate, and I've forwarded off to friends who need to wake up to these crooks and know it's orchestrated, not "just happening"!

Sign the Avazz petition Hans L. is circulating!

Hans L (958)
Friday October 10, 2008, 11:10 am
Dear Cate!
That might be right for the USA but this is global they just had a information on television about FORTIS in belgium where 50 managers had a meeting in Monaco for 150.000 EURO
just one night! The people who had their money in Fortis stocks have nothing and the managers are still partying but the people will stand up worldwide! And you know what anger can do! People we know where to find the gangsters and if the government does not act people-power will! They cannot hide and i am also sure that some of the money that has been payed for hot air will be found! In Dubai.Bahrain,and so on....

Cate you are a very intelligent woman i am sure that you can lead a group to get the money with people-power!

Look at Avaaz.... When i signed a few hours ago i was one of the first now you can see
28,301 have signed the petition, help us get to 150,000...
Can you imagine how we can use this people-power for force the world leaders to take the responsability? Iceland is bankrupt many people from the UK and Holland have put their savings with the icelandic you think the gangsters in the iceland banks get away with way.. the UK has frozen all accounts from Icelandic companies in the UK and that is just the beginning!

Not all the people and media have been brain washed by the US government the way the dutch media show the responsability of GWB for this crisis is very interesting...
The USA will give up the power to CHINDIA with 3% growth in 2009 after many years with allmost two digit growth!

The world will deal with this problem.....some people will make a fortune buying companies especially Oil Producing countries! Like Norway a very rich country! Maybe Norway will buy Iceland who knows? Everything is possible now....China will buy the world!

Yves Wulf (0)
Friday October 10, 2008, 11:22 am
It might be good to remember where this all started. WE are responsible for not reacting years ago, This started in the late 60's with "young MGr" who wanted to make money and started us on the road to ruin. Then Reaganomics and deregulation and "stockholder value" in other words Greed and those who stood by. The "safety net" was destroyed whenm the government allowed practices for the short term investor and "under the table invest and sell"
that was not watched by the SEC!!
What is necessary now is a new economic system with tax shelters that everyone can use (savings accounts?) as well as taking social Security and retirement funds away from the greedy hands in business and congress.

Friday October 10, 2008, 12:06 pm
Thanks, Ombretta. This not only chokes me but makes me seechless. Signed the petition. Thank you Hans for the petition site.

RC deWinter (418)
Friday October 10, 2008, 12:28 pm
Yes, Sandra, I understand. I haven't rushed to set up my photography site - what's the point now? I will have to wait for a few millennia until we have recovered from this massive gutting of our public trust. People who are losing homes and jobs won't have walls put put pictures on.

RC deWinter (418)
Friday October 10, 2008, 12:29 pm
TO put pictures on...sigh...

Dawn H (102)
Friday October 10, 2008, 12:46 pm
They better hope their Karma comes quick! Hopefully before the lynch party of angry "shitizens" greets them at the airport -- but with our luck, it will be the Merill Lynch party -- :( Billions to the "good ole' boys, but Bush will veto any stimulus pac for all us peons. . . Ain't life grand!

Jim P (3257)
Friday October 10, 2008, 1:06 pm
Please sign the petition.
According to our records, you--or someone with your email address--signed this petition at the page: on 2008-10-10

Avaaz only counts each signer once. But please help spread the word by using the tell-a-friend tool below!

31,799 have signed the petition, help us get to 150,000

I am thoroughly disgusted with this "BAILOUT"!

TY, Ombretta.


Hans L (958)
Friday October 10, 2008, 1:13 pm
Check this:

Lust - while usually associated with sex, lust is a thought that is obsessive, excessive or a sociological compulsion. The lust of money and material gain compelled investors large and small to create the current world wide economic crisis.

Gluttony - derived from the Latin gluttire, meaning to gulp down or swallow, gluttony is the over-indulgence and over-consumption of anything to the point of waste. Super-sized Wall Street bonuses and homeowners hunger for more home than they could afford seem to meet the standard for gluttony.

Greed / Avarice - greed, like lust and gluttony, are sins of excess usually associated with the accumulation of wealth. Greed breeds trickery, manipulation, bribery, disloyalty and theft. The golden luster of greed blinds people’s common sense quite nicely.

Sloth - laziness is the opposite of hard work and sacrifice. Since many people want something for nothing sloth gave Wall Street plenty of victims (marks) to prey on for easy money.

Wrath - while often associated with hatred, anger and revenge, it can also be directed at oneself. Wrath can blind an individual’s ability to see the truth. The current financial meltdown was fueled by denial and now taxpayers who were fiscally responsible will be picking up the bill.

Envy - is basically keeping up with the Joneses or better yet having even more than they do. Envy drove CEO’s compensation as much as greed and gluttony combined. Obscene financial compensations were just ego fueled numbers that established self worth and bragging rights between corporate executives. Main Streets inhabitants are just as guilty of falling victim to the green-eyed monster. Envy helped drive Main Street to rationalize that if their neighbor had a BMW they should own a Ferrari. If the person living in the home next door had four bathrooms they should have five.

Pride - the source and core of the Seven Deadly Sins and therefore the most dangerous. This excessive self love is so corrupt it even caused Lucifer (if you believe in that kind of thing) to fall from grace and heaven.

Wall Street and Main Street could both use a dose of old-time financial religion learned by our tight fisted depression era and post war ancestors. Fiscal responsibility should be rewarded rather than penalized. Risk taking can result in extreme gains but can also yield the tremendous losses currently being experienced by the global economy.

The real problem being experienced around the world is not so much a financial crisis it is a crisis of confidence. It is time for each and everyone one of us to take a look in the mirror and admit that “we have met the enemy and he is us.”


Lucien P (217)
Friday October 10, 2008, 1:40 pm
all i can really add to what every1 said is:shame , shame shame on them

Christine A (57)
Friday October 10, 2008, 2:33 pm
'Obscene' is not too strong a word for the blatant extravagance of these 'Wachovia' execs. (& AIG and the rest of the bloodsuckers!). In fact, these arrogant SOB's are laughing at the taxpayers! Why not? Once again they have got away with ripping off the little guys! They get 'bailed out' of the mess they created and as well they get rewarded for it! Disgusting!

Joycey B (750)
Friday October 10, 2008, 2:35 pm
This totally sucks. Thanks Cate.

Past Member (0)
Friday October 10, 2008, 2:35 pm
This is how then interest I pay on my car loan is being used? Wish I could refinance it now, instead of having to wait for all this financial mess to straighten itself out....

BTW...AIG canceled that junket to Half Moon Bay...

Gail L (30)
Friday October 10, 2008, 2:39 pm
I agree it sucks.

. (0)
Friday October 10, 2008, 3:30 pm
The link between work and reward, was always partially an the modern age,this relationship has now become almost non-existent.As Chinese workers,slave for a hundred hours a week,under the quasi- military droogs,employed by factory owners,the mega mega mega wealthy, suck at the teet of public welfare,and laugh at our lack of action.
We should be out on the streets,with angry ideation,directed sternly against the expropriators..out to take back what is ours,and screaming for democracy, libertie, egalitaire and some variation on the slightly sexist fraternitie.
The anger is there,but the fuse has not yet been lit..the good news is that the illusion is vanishing..and only the most witless kleptocrat, dare extol the virtues of unregulated markets.
The times ,they have a changed..time will tell as to whether we remain passive spectators,or get up onto our feet,and say NO.

Richelle R (62)
Friday October 10, 2008, 5:16 pm
There are many of us who don't have much, just what we need. It's scary that there are others who would take away what little we do have even when they already have more than they can handle. Yes, the results of greed definitely suck.

Dolores H (2)
Friday October 10, 2008, 5:25 pm
Grrrrrrr . . . trust me, you really don't want to hear my thoughts on this!

David G (155)
Friday October 10, 2008, 6:06 pm
I see you have enough comments here...we are all suffering in this one...pension fund worth about a third of what it was in August...and these bastards go on a cruise as though they ahd won the lottery...come to think of it they have.

Denice G (45)
Friday October 10, 2008, 6:17 pm
I agree this just sucks!!!!!!!!!!

Rachel D (57)
Friday October 10, 2008, 6:52 pm
If ever a cruise ship deserved a botulism outbreak....

Phyllis P (237)
Friday October 10, 2008, 7:05 pm
can't stand it...

Nevaeh M (75)
Friday October 10, 2008, 7:37 pm
petitions and sign for all the CEO'S to give back the billions they stold ? petition and sign for all the lives they destroyed ? petition and sign for all the ones whom commented suicide due to loosing their homes and Jobs they had for the last 10 years ,petition and sign for everyone who lost thousand of dollars in the stock market waiting to only be use for a nice nest in their golden years.petition and sign for every child who won't have a Christmas this year & maybe next year? petition and sign for the people whom won't be able to retire due to the thief of their future only now to work till they drop dead. after all this is what our government wanted they got their dream. 65 you hoped to stop working and you hoped you could enjoy life. now their are many who will now have to work till the age of 70 or longer if they don't die first. petition and sign for these thief's to give back every dollar they stold. petition and sign for the thief's to spend the amount of years in prison according to how much money they stold. this is the kind of petition i would love to sign.

Barry Seth (118)
Friday October 10, 2008, 7:40 pm
Thanks Cate.......Totally disgusting

Hans your petition is also signed

Pete Conrads (91)
Friday October 10, 2008, 8:33 pm
Thanks Cate and Hans and everyone.... trust has been broken..... terrible wrongs have been committed for greed
and this too, shall pass..... Namaste

Sandra M Z (114)
Friday October 10, 2008, 8:37 pm
Hi Cate, I am closing my store and putting my upholstery shop in my garage, that way, if my relatives end up homeless, there will be a room at the inn.

It's probably not done yet, they haven't licked the gold off the Colorado State Capital yet.............

Paige S.~AIG will probably shroud their rescheduled fete in secrecy, they must have been worried they might be reamed BY THE PEOPLE! I hope the Enquirer will start a new weekly column, leaking the locales of these junkets, so we can despoil every event.

Rachel D., that is funny! Felt good to laugh, if only for a moment.

Nevaeh M (75)
Friday October 10, 2008, 8:47 pm
the simple facts is CEOs were “padding” their pay; and that backdating is the equivalent of being allowed to bet on a horse race after it has been run. untill they stop these smug, greedy reckless behavior of overly entitled corporate CEOs. many lives will be destroy!

Wolfweeps P (251)
Friday October 10, 2008, 9:04 pm
They can rot in a hog sty for a;; I care. I haven't had a vacation of over 8 years, and these people get rewarded for their bad judgement.
Oh how I believe in Universal Justice..what goes around, comes around...eventually.....

. (0)
Friday October 10, 2008, 9:07 pm
In 25 days we can send a message to congress about their passing a bailout bill that the majority of the people were opposed to. We can vote them out of office. Emails, faxes and phone calls were running 9 to 1 against a bailout, but the smart people in Washington decided to ignore the stupid public and pass the bill anyway because they knew what was good for the country (the bankers). Its time the stupid public kicked the smart asses out and put them in the unemployment line.

Vanda H (459)
Friday October 10, 2008, 9:20 pm
Noted..Thanks Cate

LucyKaleido S (82)
Saturday October 11, 2008, 12:37 am
There's an update -- The same LATimes published yesterday, Oct 10, that Wachovia Corp., the lender that has suffered $9.5 billion in losses this year, had planned to send 75 top brokers and their spouses on a Greek cruise.The bank canceled the cruise Thursday, citing sliding financial markets, said spokesman Jim Griffin.

Saturday October 11, 2008, 1:50 am

Blacktiger P (247)
Saturday October 11, 2008, 1:51 am
Can everyone say: DOMINO EFFECT? The whole world is going down the tube. I truly hope the Galactic Federation is coming to help because the Elitists and their grungy little "greys & other nefarious extraterrestrials" are going to get what's coming to them!!!!

Saturday October 11, 2008, 1:55 am

Kathy C (354)
Saturday October 11, 2008, 3:06 am
That bail out money should have been used to create green jobs for Americans

Saturday October 11, 2008, 6:07 am
Wolfweeps, you're right, what goes around comes around. It's coming around now but we are getting caught in the middle of their fall. That is what sucks. We are paying.......Thank you Black T. I've been talking about the Domino Effect for years but no one seemed to understand or care. One thing falls another follows. Just wish it didn't have to be us that follows.

michael s (1022)
Saturday October 11, 2008, 4:04 pm
Cate -- after all, it's a "recognition trip" and "common practice" -- this reminds me of Nero fiddling away while Rome was burning -- aren't we ALL recognized in such a humble way? -- gee, I wonder if they've saved a room for Larry, Curly, and Mo (a.k.a. Hank, Dick, and George
W) -- they must be feeling the stress of the current economic situation!!!

Deborah Hooper (59)
Saturday October 11, 2008, 5:15 pm
I say we give every American a posh vacation! We deserve it! All in favor?

I'm buying silver, can't afford gold. We need to be telling everyone about this stuff. Please, pass these on to everyone in your lists, it's what networking is all about. Here are 2 more articles along the same vein. Pass them on, we need to wake people up. Tell your friends & family outside Care2. We will need all the help we can get to stop this thing.

Amero$ for Dollar$

NAU - The Hijacking of America

It's all happening before our eyes. It's time for the revolution. If our elected officials are a part of it we have to fire them. We need to arrest them all for treason. Find a lawyer to bring charges against them. They are infiltrating everything.

William M (306)
Saturday October 11, 2008, 7:45 pm
Welcome to the "new world order." Don't blame me, I never voted for that vermin in the whitehouse, and never will. Do enjoy America -- that is what you voted for in 2000, and 2004!

Might I suggest a glass of milk...if you've got any after being fleeced by Bush and bastards.

William M (306)
Saturday October 11, 2008, 7:50 pm
PS: Please forgive my nasty word, I've flat worn-out by using less such words...

Wolfweeps P (251)
Saturday October 11, 2008, 8:36 pm
I am not embarrassed to say that I have not bought a newspaper in many years, and I stopped watching network newss about 2 years ago.
Why? Because there hasn't been a truth told about what is importsnt in a very long time. But I do read the news on the internet....from all around the world....more informative....

Past Member (0)
Saturday October 11, 2008, 11:51 pm
I say it's time for the taxpayers and voters to launch a strong & swift offensive against corporate america.

Just stop supporting corporate America. ALL OF IT!

Do not buy their products, do not support them in anyway, shape or form.

Let's go back to the days when we made everything ourselves. We milked our own cows, we churned our own butter and we stitched our own clothes.

No, I haven't flipped my lid, I am just tired of supporting companies and public officials that do not give a damn about us.

William M (306)
Sunday October 12, 2008, 1:04 am
Amen, Michael C., you put your finger right where it belongs! Aside from the fact that I have served with the best dudes on this planet -- 82nd Airborne Division, a Brother looked exactly like you! He and I did some R&R in Panama! He loved the San Blass Indians as much as I did.

We actually spoke of moving there, marrying some cool San Blass Indians and live off of coconut pies, the nastiest hooch made from coconut milk, and munching some coca leaves. Sadly, when we returned state-side in '62-63 he went to his home town (Washington, DC) to sign-up the people this damned country forgot! He couldn't even vote in his hometown!!! That's why I am so pi$$ed with the GOP. He was my Brother, but I couldn't even buy him a round of his choice for saving my nasty-white-ass in Panama.

I never forgot, nor forgave Washington for that little trick! The man was putting his tail on the line for ALL AMERICANS, but even in Class-A uniform with a brand-new cool combat ribbon on our sleeves, they wouldn't let me buy a drink for my Brother?

I know you too well than to let something like that slip back in memories!!! That's why we were proudly called "All American!" Now, these same morons want to take away what we all in the 82nd knew was fair and right to do! Never again, we said in 1960-61-62-63-64! No right-winged tweeker was gonna' try that again!!!

Airborne All The Way, my cool friend!!!

Gayla S (50)
Sunday October 12, 2008, 1:06 am
Noted and tks. I also ran across a website that really raised my eyebrows. The siter is This about Wachovia -
Interesting or as some new rap song say something talking about the bailout that the American people can bend over and (maybe the gov't.?) drill baby drill.

Kathleen Opon (0)
Sunday October 12, 2008, 10:12 am
If you are truly outraged you will not vote for McCain OR Obama, since they voted for this bail-out and, along with all the other congresspeople, should be held accountable for its results.

Past Member (0)
Sunday October 12, 2008, 5:49 pm
William writes:

"Amen, Michael C., you put your finger right where it belongs! Aside from the fact that I have served with the best dudes on this planet -- 82nd Airborne Division, a Brother looked exactly like you! He and I did some R&R in Panama! He loved the San Blass Indians as much as I did."

Thank you William. I never served, but my Dad did but he was in Okinawa in '62-'63. I have another Uncle who was a Marine; enlisted in '66 and went to nam for '67 & '68.

Thank you for your service and the compliment.

Yves Wulf (0)
Friday October 24, 2008, 10:58 pm
Stop dealing with the past and deal with changing the future. The CEO's aren't Czars! The big stockholders are! These people hide behide CEO's and they are the ones that put them there to make money for the big stockholders. Remember the Yahoo debacle and Carl Ichan's bid to take over the board so he could make money? Do not be misled by smoke and mirrors. The people who are harping on the trips and the bailout do nt realize this is WORLD WIDE! Not just the US And some like Argentina are making the same mistakes we did!! The only real way out is to revamp and reform. Has anyone told you that social Security is a pyramid scheme illegal for you and me but the goverment when it passed it had no crystal ball to see that the life expectance what it is today. The reform needed to be done decades ago! Envy and greed killed it. The "Bail Out" was economically necessary. The writer for the most part are not looking at the global picture. Global economy is one house of cards. Right now we need time to collect ourselves and chart a course for the next hundred years not just for today. Most people want stability in the currency and their income. Upward mobility,yes;ability to come back from disaster;yes kicking people when their down and putting artificial barriers to keep people from bettering their lives NO!!! The retiree today goes back to work at what they love to do unlike the other generations. WE need to see a different world and to start at home with continuing education ande get rid of "you're going to retire" mentality as many can't afford to retire!!

Yves Wulf (0)
Friday October 24, 2008, 11:59 pm
Rachel D

How irresponsible to advocate violence and biowar. When that plague hits your town then what?
We should look beyond and see that people doing their jobs are not the economic enemy. They are driven by other called major stockholders. These major stockholder command the board and the CEO. It is their wishes that the execs pander too and our politicians. Election reform with public funding of elections and candidates is one way to lessen their influence.

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