I totally agree with Mr. Davison's letter to the editor Nov 13 in which he said executives whose "companies that have needed government assistance" should not be getting bonuses.
Mr. Davison spotlighted Solyndra, Fannie Mae and Freddie Mac as examples. I'm surprised he didn't include others like Bank of America, Citigroup, JP Morgan Chase and Wells Fargo, all of which have received "government assistance."
Solyndra executives must have learned they could do the same after watching "too big to fail" bank executives draw extravagant bonuses after taxpayers bailed out their companies.
One thing I don't understand is why the board of directors of publicly traded corporations such as Freddie Mac and Fannie Mae don't stop executives from taking bonuses when their companies show losses. We complain about government irresponsibility, but what happened to corporate fiduciary responsibility?
To add to a painful story, Bank of America recently shifted toxic speculative derivative obligations worth $22 trillion (for a total of $75 trillion as reported by Bloomberg News, Oct 18), yes trillion, from Merrill Lynch and put them into its FDIC insured retail deposit division so when these derivatives fail, which obviously is expected or Bank of America wouldn't be moving them, taxpayers will be on the hook again for Bank of America's irresponsibility.
FDIC tried but couldn't stop Bank of America from doing this. Given past behavior, we can probably count on Bank of America executives taking a big bonus for this unethical maneuver. Chase is no better if looking for moral leadership.
I'd say this is worth getting upset and doing something about even if it is as simple as moving accounts to a local bank or credit union that support much that is lovely, of good report and praiseworthy in this town.