October 7, 2008
Why you should be angry
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:
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.