US banks want socialism for themselves - and capitalism for everyone else

B

BidenPresident

Verified User
Greg Becker, the former CEO of Silicon Valley Bank, sold $3.6m of SBV shares on 27 February, just days before the bank disclosed a large loss that triggered its stock slide and collapse. Over the previous two years, Becker sold nearly $30m of stock.

But Becker won’t rake in the most from this mess. Jamie Dimon, chair and CEO of JPMorgan Chase, the biggest Wall Street bank, will probably make much more.

https://www.theguardian.com/commentisfree/2023/mar/19/svb-collapse-us-banks-socialism-capitalism
 
The result is socialism for the rich while everyone else is subject to harsh penalties: bankers get bailed out and the biggest banks and bankers do even better. Yet average people who cannot pay their mortgages lose their homes.

Meanwhile, almost 30 million Americans still lack health insurance, most workers who lose their job aren’t eligible for unemployment insurance, most have no paid sick leave, child labor is on the rise and nearly 51m households can’t afford basic monthly expenses such as housing, food, childcare and transportation.

https://www.theguardian.com/commentisfree/2023/mar/19/svb-collapse-us-banks-socialism-capitalism
 
Millions paid in bonuses to UK Silicon Valley Bank staff days after £1 rescue

The UK arm of the collapsed Silicon Valley Bank is reported to have paid millions of pounds in bonuses days after it was sold in a rescue deal for £1.

Staff at Silicon Valley Bank UK (SVB UK) are said to have been given payouts from what has been described as a “modest” bonus pool of between £15m and £20m. The Californian-based bank collapsed eight days ago, triggering concerns of a new global banking crisis.

https://www.theguardian.com/busines...silicon-valley-bank-staff-days-after-1-rescue
 
BidenPresident said:
Greg Becker, the former CEO of Silicon Valley Bank, sold $3.6m of SBV shares on 27 February, just days before the bank disclosed a large loss that triggered its stock slide and collapse. Over the previous two years, Becker sold nearly $30m of stock.

But Becker won’t rake in the most from this mess. Jamie Dimon, chair and CEO of JPMorgan Chase, the biggest Wall Street bank, will probably make much more.

https://www.theguardian.com/commentisfree/2023/mar/19/svb-collapse-us-banks-socialism-capitalism
Click to expand...

Jamie Dimon only made about $35 million in compensation last year. Kind of small for a CEO these days.
 
BidenPresident said:
Greg Becker, the former CEO of Silicon Valley Bank, sold $3.6m of SBV shares on 27 February, just days before the bank disclosed a large loss that triggered its stock slide and collapse. Over the previous two years, Becker sold nearly $30m of stock.

But Becker won’t rake in the most from this mess. Jamie Dimon, chair and CEO of JPMorgan Chase, the biggest Wall Street bank, will probably make much more.

https://www.theguardian.com/commentisfree/2023/mar/19/svb-collapse-us-banks-socialism-capitalism
Click to expand...

Here's an idea...arrest Becker.
 
Privatize profits, socialize losses.

The same policy Obama and the white libs supported during the bank bailouts in 2008-9. And now Biden is supporting again.
 
You must log in or register to reply here.
Back
Top