Chronicles Of Depression 2.0: #017

Buddy, Can You Spare a Billion?

Meet Alan Schwartz, welfare recipient.

As the chief executive of Bear Stearns, he’s getting rather more public assistance than your typical welfare mom — specifically, $30 billion in federal loan guarantees to help J.P. Morgan Chase take over his firm. But then, Schwartz has had rather more than his share of suffering of late.

As his firm collapsed, he was forced to forgo his entire 2007 bonus, leaving his compensation for the past five years at a paltry $141 million, according to Business Week. Things have become so bad that, the Wall Street Journal discovered, Schwartz has had to rent out his 7,850-square-foot home on the ninth green of a suburban New York golf course — leaving the poor fellow with only his 17-room, seven-acre home in Greenwich, his condo in Colorado and the athletic center he built for Duke University.

Schwartz’s tale of woe tugs at the heartstrings all the more because he and his colleagues at Bear Stearns were, he believes, blameless for the bankruptcy of two hedge funds and the subsequent collapse of the 85-year-old investment bank. “I am saddened,” Schwartz told the Senate banking committee yesterday. He was saddened that Bear Stearns was undone by “unfounded rumors and attendant speculation,” despite its impeccable balance sheet.

Emphasis added by me.

Go there. Click on the video (direct link).

Some salient screensnaps:

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Hey, all you hard-working truckers!

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Truckers Strike 2008: How do you like sitting idle, not having an income? See how hard our elected representatives are working against your interest?

Where are the hearings to help you?

This is why I’m voting for Nader in November — and why you should too.

Because this shit has to stop!

Cue Paddy Chayefsky:

I’m a human being, God damn it! My life has value! Does yours?

I’m mad as hell and I’m not gonna take it anymore! Are you?

I want my country back! Do you?

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Vote Nader 2008 website

Explore posts in the same categories: C.O.A.T. - Money, C.O.A.T. - Politics, C.O.A.T. - Scams, Depression 2.0, Politics

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