Money, Sometimes Tart

Antique Mommy’s Bail Out Plan

Step One: Seize all the assets of the CEO’s, CFO’s and anyone else involved in the failed institutions with a $15 million golden parachute (or any parachute with the word million), including homes, foreign assets, art, cars, furniture and clothes that are not from Target or Wal-Mart — including the college fund for their kids. Sorry – the whole sins of the father thing. And also because thanks to their irresponsible and unethical actions, a lot of middle class kid’s college funds are gone, so it seems fair to me. Finally, they should be banned from working in the financial industry for all eternity.

In exchange for jail time, they should be given a minimum wage job so that they too could have the joy of earning a living and not be a further drain on American resouces.

That’s it. The rest of my plan needs work.

Edited to add: I just thought of step two. I’ll post it tomorrow.

73 thoughts on “Antique Mommy’s Bail Out Plan

  1. You’re so much nicer than I would be, AM.

    Thankfully, we realized (with the help of Dave Ramsey) that debt is well, dumb and are not dependent on the finance industry in that aspect. That’s not to say we have no debt (OH I WISH!), but we have not financed or credited in about 2 years and are working to pay off prior mistakes!

    Now as far as investments and savings goes, that’s an entirely different story. These guys need to be hung from the ceiling by their toenails or something…

  2. It’s odd, isn’t it, that if you or I did a job spectacularly badly, we’d be sacked. If you or I started a business that went under, we’d be bankrupt. But these people get huge amounts of money.

    Capitalism at its finest.

  3. I posted Dave Ramsey’s solution on my blog – he needs to include your points!

    And the bill being reintroduced today includes mandatory mental coverage on health insurance. That’s surely on my list of financial crisis.

    These guys are clueless about our country’s needs.

  4. Great plan! I’m looking forward to step two. It’s too bad that many of our financial institutions find their CEOs by using the Peter Principle.

  5. Perfect so far – just add in the government officers who visited all the banks 10 years ago and threatened them with fiscal penalties if they DID NOT OPEN UP THEIR MORTGAGES TO MORE SECTORS OF SOCIETY too. That would be the ones who couldn’t afford them. And hey, AM I would vote for you and I live in the UK, for heaven’s sake.

  6. Dude, that’s insanely brilliant and completely reasonable and logical.

    I think you send these ideas to your/our senator and representative.

    Keep up the good work!

  7. Yes A.M.- This is the conversation we had in our home last night minus Target and Wal-mart it would be exactly the same conversation.

  8. This Canadian girl is not only on board but ready to promote your plan here. They can start by handing back the multi-million dollar bonuses they awarded themselves just this spring.

  9. You are right on. I have a suggestion for another phase – the health care plan. Provide each American with a jump rope with required usage of at least 3 times per week. : ) Penalty for non-compliance would be the only thing you can drive is a Mr. MaGoo car.

  10. Excellent idea – I bet if we combined all of the golden parachute monies and all of these people’s other assets, we’d get pretty close to $700 billion, right? Problem solved!

  11. You are right. Some heads need to roll over this one. “Jail! Jail!” my husband cries. But you are right. Jail’s too good for these cretins. Sit around, do nothing, collect their three square meals a day. (Oh wait, that’s what they are doing now except the three square meals are of colossal proportions.) Where’s the worry in that. Let them really sweat and try to stretch a thousand dollar pay check to cover six or seven hundred dollars worth of groceries and some rent and electricity besides. They’ll see the error of their ways.

    Maybe after this post you’ll be elected financial grand poohbah.

    Kate

  12. I stumbled. I’m with you, baby.

    Not only that, but they must all drive cars that break down – and loose their insurance while their wives are pregnant – and have a relative move in with them that needs supporting. And every two weeks before they get paid, they must be at least 60$ negative in their account so that they pay their bank about 120$ in overdraft charges.

    For eternity. Or until they have a heart attack from eating fast food because that’s all they can afford.

  13. There just aren’t enough words in the dictionary for me to write on just how much I agree with that. So tired of all of this …. and those getting away with all they do.

  14. DANG!!!!

    That’s brilliant, girl!

    I’m in agreement witchu!

    Remember, God is on His thrown…..and nothing gets past him. These folks have gotten there treasure here!

    I pray for our country!!! God help us all!

  15. Amen to that Sister! My cousin earns those figures in the financial industry. He even gets a 12 million dollar Christmas bonus each year.

    I’d love to your proposal go into effect.

  16. You know if there is enough profit in an industry for one single person to get $15 million dollars – there’s just too much profit. That oughta be the first clue that something isn’t right.

  17. I really like the idea of them working at a minimum wage job. It actually made me smile and considering the seriousness of this mess, that was a good thing.

  18. How about getting rid of the Congressmen and Senators
    who decided that people really DON’T have to qualify
    for their loans? The CEO’s are an easy target (I do
    agree with you, A.M.), but what about Barney Frank who pressured Fannie Mae and Freddie Mac to make those bad loans and then was rewarded by them with big campaign contributions??? Or how about the guy who ran those
    failed companies, Franklin Raines, who is now Obama’s
    financial consultant??? (BTW, he got $90 some million
    over 3 years as they went under!)

  19. You’re idea is so LOGICAL I can’t figure out why they’re not doing it in Washington. No, wait, I guess that would be because it IS logical. Sigh.

  20. Wow! A common sense approach! Of course, unfortunately, you won’t be heard in Congress or the Senate BECAUSE THEY DON’T UNDERSTAND COMMON SENSE!!! (Besides, they have all been financed by the guys that head the financial businesses.)

  21. Amen Sister!

    How about someone in Washington D.C. using some COMMON SENSE!! Now, that would be a CHANGE!!!

  22. All I can add is, may God be gracious to us as a country in spite of so much corruption and moral bankruptcy. There WILL be accountability, either down here, and/or Up There. But I’m hoping, with you, that leaders make it happen here, first. Your plan would probably be very effective!

  23. Can I ad that the minimum wage job for these “fat cats” should be ANY fast food joint: McDonalds, Taco Bell, etc. And then let the kids who work these jobs,whose future they have messed up, spend a day with their credit card numbers ONLINE and spend to their hearts desire!!!! Turn the tables, I say!!!

  24. I notice you didn’t include flogging as part of your plan. Can we toss in some flogging? I think they need to be flogged a little.

  25. I think the government has every right to seize the assets of the decision makers at the center of this crisis more so than they have the right of imminent domain to seize the property of some little old farmer whose property stands in the way of a retail development. It’s for the betterment of the people.

    Sure the paltry $X Millions of dollars they might collect would be just drop in a bucket of $700 Billion but it makes a point, a point that needs to be made. Tax payers need to send a strong message to corporations and their golden parachuted CEOs and the Enrons of the world that we will not put up with this.

  26. Hmmm… I think it may be better to leave the college funds in place because once their parents’ assets are seized those kids will qualify for financial aid, reducing the funds available for everyone else.

    And making them work minimum wage jobs sounds like a good idea but if you think customer service is bad now just wait.

    Otherwise, I love your plan! Can’t wait to see Step 2.

  27. T with Honey, Their kids can work their way through college just like the rest of us middle class schmucks. Working your way through college is not a bad thing. If we see that Sean hasn’t developed the proper attitude towards money, he will enjoy the privilege of working his way through school.

  28. As long as the “anyone else” punished includes a lot of government officials, I’m on board. I’m definitely not in favor of “target the rich to benefit the poor,” because a lot of rich people earned their fortunes fair and square, but I am in favor of punishing those who have EXPLOITED the poor for their own gain. Shameful…

  29. Minnesota Mom, I couldn’t agree more – I am not for wealth re-distribution in any way shape or form. These golden parachuted CEOs did not earn their wealth, they stole it. They are criminals.

  30. Amen.

    when I think how we scrape and work hard to stay in budget, keep out of debt, and live within our means, and they get bonuses for losing other people’s money? sigh.

  31. I have one alternative. If they don’t want to take a minimum wage job, have them go to work as a paraprofessional at an inner-city public school. That MIGHT open their eyes a little.

  32. I don’t believe just one party (ie financial institutions) is responsible for the financial mess these days; and I don’t beleive there should be punishments for the rich simply because they’re rich. If we do then there’s no incentive for anyone else to better themselves.

    All that said, I’m one of those middle class Americans working really hard and not ending up with much to show when all is said and done. It’s frustrating with all the bills (including hospital bills lately) to see how little is left over, and that we still can’t afford a house. (We decided not to go the creativce financing direction, because we felt it was too risky, and we were right).

    However, if I were every to make it into the big time and, gasp, make millions, I surely wouldn’t want to be labeled a crook, and have people think that what I have should be taken from me simply because I’m wealthy.

  33. Anna, No one here is suggesting there should be punishment for the rich just because they are rich. No one is saying that people who are rich are automatically crooks and should have what they have earned taken from them. To be clear, I certainly am not saying that. I AM saying that the CEOs and CFOs and others who are complicit in this financial debacle and who are going to walk away from this mess with millions in their pockets should have their wealth confiscated, because as it stands now my wealth and yours will be confiscated by the US government in the form of taxes to pay for this mess.

  34. You have much more common sense than most of those people in Washington. (Mr. Right gave this post a resounding, “Hear, hear!” You have earned the stamp of approval.)

  35. I think there minimum wage job should be as cooks and line servers to maximum security prisons. That should teach them something.

    I would so vote for you.

  36. Wonderful! I love it. There’s a reason you don’t work in politics or on Wall Street: you just have to darn much common sense.

    Take Care,

    Trixie

  37. Ahem…lets place the blame squarely on the shoulders of those who authored this mess, shall we? ‘Tis not the CEO’s and CFO’s of the mortgage companies. ‘Tis the congress, my dear. Specifically the Democrats in congress lead by their erstwhile champion, Bill Clinton.

    How can we forget Bill Clinton, and his plan the โ€œNational Homeownership Strategy: Partners in the American Dream.โ€ This financial scheme promoted insanely low down payments and coerced lenders into giving mortgage loans to first-time buyers with unstable financing and incomes. Enter Barney Frank and Chris Dodd…ahem…who carried the torch for Clinton after he left office, forcing Fannie Mae & Freddie Mac to continue making bad lons. Next, the Democrats opposed a plan by President Bush and Congressional Republicans for the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis!

    Most nauseating of all are Barney Frank and the Democrats who are now acting as though they’re super heroes, swooping in to rescue our economy when they paved the way for this crisis. Create the problem then take credit for “fixing” it. Right.

    This is what happens when the government intervenes in the private sector. This is why universal health-care will be disastrous. Everything the government touches gets screwed up.

  38. Oh when will the powers that be start getting their advice from brilliant bloggers (like you and Lorraine)? Come on, folks, when a person can sum up the answer in a single blog post, that bears some attention! ๐Ÿ˜€

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