Are Taxpayers Paying For Wall Street Execs’ Bloated Bonuses?
Bloomberg calculated that the top 10 US banks receive $83 billion a year in subsidies from the government, due to their cheap cost of funding and the preferential treatment creditors give them.
Via Moyers & Company:
For the past 40 years, corporate America has spent untold millions convincing lawmakers and the wider public that government intervention in the private sector results in painful unintended consequences that harm us all. At the same time, corporate-backed think tanks and media outlets have advanced the narrative that public benefits create a culture of dependency, and by doing so ultimately do their recipients more harm than good.
The hypocrisy of these claims is becoming increasingly evident as low-wage employers — notably retailers and the fast-food industry — enjoy profits subsidized by t...