Shock Doctrine: The Motive

Money.

(CBS) Several financial giants that received federal bailout money in the last year paid out bonuses to employees in 2008 that greatly exceeded the amount of profit generated by the banks, according to a study on executive compensation released by New York State Attorney General Andrew Cuomo Thursday. Despite claims by bank executives that bonuses are tied to the company’s performance, the report states that “there is no clear rhyme or reason to how the banks compensate or reward their employees.” Cuomo’s investigation “suggests a disconnect between compensation and bank performance that resulted in a ‘heads I win, tails you lose’ bonus system.”

According to the report:

• Goldman Sachs, which earned $2.3 billion last year and received $10 billion in TARP funding, paid out $4.8 billion in bonuses in 2008 – more than double their net income.
• Morgan Stanley, which earned $1.7 billion last year and received $10 billion in bailout funds, handed out $4.475 billion in bonuses, nearly three times their net income.
• JPMorgan Chase, which earned $5.6 billion in 2008 and received $25 billion from the government, paid out $8.69 billion in bonus money.
• Citigroup and Merrill Lynch lost a combined $54 billion last year. They received a total of $55 billion in bailouts and paid out $9 billion in combined bonuses. ($5.33 billion for Citigroup; $3.6 billion for Merrill Lynch, which was subsequently acquired by Bank of America.)

If you haven’t read Matt Taibi’s exposé of Goldman Sachs, what’s stopping you!?!?!?!

Whitewash Manufacturers Say Recession Is Over

An independent inquiry into Britain’s role in the Iraq war has opened in London, with its chairman promising to call Tony Blair, the UK prime minister at the time of the 2003 invasion, as a witness. Sir John Chilcot, a former civil servant, said he would “not shy away” from criticising decisions taken about the war and insisted the probe would not be a whitewash.

Chilcot stressed that the inquiry will be heard in public wherever possible, adding that it could be televised and streamed live on the internet. But some evidence will be taken in private for national security reasons and to ensure “complete candour”, he said, adding that although witnesses could not be compelled to give evidence, he did not expect anyone to decline.

Just as L/Cpl Joe Glenton delivers a letter to Gordo-

A serving soldier who is refusing to return to Afghanistan has delivered a letter to the Prime Minister urging him to “bring our soldiers home”. L/Cpl Joe Glenton, of the Royal Logistic Corps, delivered his letter to 10 Downing Street on Thursday. He said: “I know that the Afghan people are very resilient. I can’t see us getting much further.” The soldier, who lives in York, faces a preliminary court martial on Monday for refusing to go back to Afghanistan. In his letter he claims the war in Afghanistan is being fought in the interests of US foreign policy.

Fellow soldiers who have come to this blog from a link posted @ ARmy Rumour SErvice are less than enthused. May I suggest they read ‘Raising My Voice’ by Malalai Joya (review coming soon!) and reflect upon the misuse of soldier’s professionalism and comradeship by ruling classes with a taste for imperialism. To aid you in your revery-

John Singer Sargent at War

You forge of your self a dull weapon

Information for Members of the British Armed Forces