Tag Archives: bailout

Maine eyes federal jobs bill

Maine summit seeks

ideas from businesses

 AUGUSTA, Maine — Legislative leaders called on Congress Tuesday to pass another stimulus package featuring tax breaks for small businesses that add employees, investment in infrastructure improvements and additional financial relief for states.

Gov. John Baldacci, meanwhile, held a jobs summit with business leaders from around the state on Tuesday to solicit ideas on steps government can take to help companies and the state grow their way out of the recession.

 “That’s why every one of you gets up every day and it’s certainly before me every single day,” Baldacci told representatives from 80 businesses across the state.

At a midday press conference, Democratic leaders from the House and Senate urged Congress to move forward with a jobs stimulus bill reinvesting money from the federal bailout of financial institutions, known as the Troubled Asset Relief Program, or TARP.

Click on the link for the rest of today’s story by Kevin Miller of the Bangor Daily News.

 

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How is this right? How, how, how?!

(Sometimes I wonder why we bothered at all to bail out banks and bankers. Was it so they could pay higher employee compensation packages? Or to print up forms telling us to expect more charges on our bank and credit card accounts? How is it that an average bank employee is worth $400,000 when teachers, nurses, social workers, etc., make a fraction of that and can barely make ends meet? How, how, how is this right?! – KM)

Headline: JPMorgan investment bankers to see record payday

NEW YORK (Reuters) – JPMorgan Chase & Co (JPM.N) on Friday announced a record $9.3 billion payday for its investment-banking employees, setting the stage for competitors like Goldman Sachs Group Inc (GS.N) to also make eye-popping payouts.

On a per employee basis, JPMorgan investment bankers, sales staff and traders, on average, are set to make about $379,000 for 2009, up more than $100,000 from 2008, when the broader financial sector was mired in crisis.

“People looking at it from the outside look at the dollars and say they are high,” said Kenneth Raskin, the head of law firm White & Case’s executive compensation practice. “There is no question the dollars are high. The question is whether they were deserving.”

Median U.S. household income in 2008 was $50,303.

Here’s a link to the rest of the story.