Neil Barofsky, TARP Special Inspector General, sees a “Far More Dangerous” Financial Situation

And to add insult to the taxpayer’s injury, many of whom are without homes, jobs and any semblance of a future, guess how much the bailed-out banks paid themselves in bonuses from these taxpayer’s monies?

BONY-Mellon received $3 billion in TARP money. Earnings last year were $1.4 billion. The bank’s top five execs declined bonuses last year. Bonus Pool: $945M.

Wells Fargo (WFC) took on $25 billion in TARP funds. Losses last year, including Wachovia losses, were $42.9 billion. (It’s worth noting that the senior execs at Wells Fargo didn’t take bonuses last year). Bonus Pool: $977M

Morgan Stanley (MS) got $10 billion TARP infusion and actually showed earnings of $1.70 billion last year. Bonus Pool: $4.47B

$10 billion in TARP money went to Goldman Sachs (GS) last year. The bank was still profitable, and managed to turn in earnings of $2.3 billion in 2008. Bonus Pool: $4.82B

JPMorgan Chase (JPM) got $25 billion from the TARP program, and earned $5.6 billion in 2008. 29 employees got bonuses of $8 million or more. Bonus Pool: $8.69B

After it was bought by Bank of America, Merill Lynch received $10 billion in TARP funds. (The money was drawn down by BofA in January). Still, Merrill managed net losses of $27.6 billion in 2008. Bonus Pool: $3.6B

BofA (BAC) got a whopping $45 billion in TARP funds. 2008 earnings came in at $4 billion. The top four execs at BofA got a combined $64 million last year. Bonus Pool: $3.3B

Citi (C) got $45 billion in government funds. Losses amounted to a staggering $27.7 billion last year. 13 individuals at Citi received bonuses of $8 million or more. Bonus Pool: $5.33B

Too big to fail, huh. For whom? What happened to you, America? What is your American Dream worth when it is realized at the expense of your own kind? And now you want to take the rest of the world down with your greed. By your greed, the world is not enough.

I will crusade to make sure that Singapore doesn’t end up (down) that greedy street. Personally, if they had given the US$11 trillion of stimulus and bail-out money to every man, woman and child amongst America’s 300 million population, that would have put US$36,666.00 into their pockets a year ago and that would have been money better spent. At least the money would REALLY be going back into the economy … the part of the economy that really needs a bail out.

Just look at what they’re doing to themselves:
Income Inequality Widens, Poor Take Big Hit During Recession

Now check out Marc Faber’s terrifying interview (3 parts) on Bloomberg: