October 7, 2008

Why you should be angry

Posted in Misc, Student Loan News at 11:54 AM by Joe From Boston


The mortgage/financial crisis is again rolling over to affect student lenders, as the whole system is linked.  It’s a domino effect.

So you should be very angry at the irresponsible practices in major banks.

This link talks about how Lehman brothers was awarding its executive officers millions of dollars in bonuses while lobbying Washington for help:
http://news.yahoo.com/s/ap/20081006/ap_on_go_co/meltdown_lehman;_ylt=AtzCZiGMgyjm0.haTE6QAssDW7oF

Or this article which talks about AIG execs spending $440,000 on a party after the government loaned them billions of dollars to stay afloat! http://news.yahoo.com/s/ap/20081008/ap_on_bi_ge/meltdown_aig

And those articles don’t even mention the Washington Mutual executive that started working September 19th with a $7,000,000 signing bonus.  He was then let go at the end of the month with a $6,000,000 severance package.  That’s 13 MILLION dollars for 11 days of work.

That’s why you should be angry.  Your tax dollars are bailing out these idiots who feel entitled to huge sums of money while their staff lose their jobs and their investors lose their money and YOU can’t afford to pay for school because you can no longer get a student loan.

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5 Comments »

  1. Hi Very good blog – thanks for the info David

  2. satria said,

    Hei… I read your information from begining to the end and I think that is interesting information.. I think i will tell this information again to my friend and I hope this information will be usefull for them… oh yes I suggest you to check my blog on http://www.top-studentloans.blogspot.com , I hope the article on my blog will be usefull for you… and we can share each other. thank you… 😉

  3. Sorry Billy – anger affects my spelling and grammar.

  4. billyblake said,

    I just got an additional loan last week… so apparently you can still get loans if you haven’t completely ruined your credit. In which case, you probably should not be allowed a loan anyway. Also, you lose credibility when you cannot use proper English in your argument.

    “And those articles doesn’t mention the Washington Mutual”

  5. financialaidpodcast said,

    Think that’s bad? Schumer wants loans to be protected:

    http://www.financialaidpodcast.com/2008/10/07/open-letter-to-senator-charles-schumer/


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