According to the Associated Press, our government has actually been giving out bonuses for “superior performance” to the auditors who oversaw the financial industry meltdown. You may want to sit down for this lesson in economics. And I quote, “In the 2003-2006 boom, the three agencies that supervise most U.S. banks — the Federal Deposit Insurance Corp., the Office of Thrift Supervision and the Office of the Comptroller of the Currency — gave out at least $19,000,000 in bonuses, records show.” In the interest of fairness I must add this line, ” Some other rewards seemed appropriate, however, amounting to a few hundred dollars for employees who came up with good ideas.”
Let’s see if I have this straight. If you came up with a good idea you got a few hundred bucks but if you were directly responsible for missing the most fraudulent activity ever recorded you got millions. Wow, where do I sign up for that incentive plan? This can’t be right, can it? “The largest share, more than $8,400,000, went to financial examiners, those employees and managers who scrutinize internal bank documents and sound the alarms. Analysts, auditors, economists and criminal investigators also got awards.”
Does anybody else think that the “Office of Thrift Supervision” is an oxymoron? Office is the only word in that name that actually means anything. Thrift and Supervision are obviously misnomers. I think they meant Theft and Stupidity. I mean really, what does this department actually do and why are they getting a bonus for not doing it?
So let’s review what this means. Our esteemed and highly professional government agencies, whose sole purpose is to oversee the financial industry and insure that all the mandatory requirements are met by every company in every transaction, have actually done none of that and instead gave themselves a bonus for superior performance. That has to be the worst example of waste and government fraud ever, and that’s saying something. Just when you think it can’t get any worse, well it does.
I am utterly convinced that Washington is now the world’s most expensive House of Ill Repute where anything and everything is for sale for the right price. I can’t wait to hear some bureaucrat defend these bonuses as necessary and just a drop in the bucket that’s really not worth worrying about in the grand scheme of things. $19 million is just chump change in D.C. It doesn’t even rate an official statement unless we’re talking billions. How does that make you feel Mr. and Mrs. Taxpayer? How hard did you work for your last bonus that was slightly less than $1,000,000? Are we ever going to hold anybody in Washington accountable for anything and if so when are we going to say enough is enough? It’s just money and there’s always more where that came from but do we have to give it to idiots who do nothing to deserve it? Let me clear this up for everyone once and for all. Groucho was right, “don’t let that fool you. They really are idiots.”
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