Poll: TARP Bonuses Bad, Bank Fails Worse; TBTF OK

The folks in the United States seem to have some clear ideas about what they like and dislike, want and don’t want.

Dislikes? Bankers, Bonuses, and Congressmen.

Wants? Public Works programs, Jobs.

Paying for all that? The Rich.

That’s the result of a pair of surveys out this week from Bloomberg. The numbers are less than encouraging for bankers concerned about their reps:

• 75% of Americans believe banks that got TARP money shouldn’t pay any bonuses;

• 51% say banks that have repaid the government shouldn’t be rewarding their employees so soon;

• 64% said bailing out the banks was a bad idea.

• Over half said banks should be subject to stricter regulation;

• Only 31% would allow troubled banks to fail;

• Only 10% favor breaking up big banks.

I am surprised — but I guess I should not be — that so few people want to see capitalism operate by allowing failed banks to, well, fail; Even more surprising is so few Americans want to brerak up the behemoths . . .

Here is Bloomberg:

“Wall Street firms are recovering. Their standing with the American public isn’t.

Executives at financial firms, coming off two years of failures, bailouts and writedowns, are less popular than Congress, lawyers and insurance companies. As they prepare to give out year-end bonuses, they risk another wave of public fury, according to a Bloomberg National Poll.

Two-thirds of Americans say they have an unfavorable view of financial executives. More than half say big financial companies are only out to enrich themselves and also say they shouldn’t have received government aid. And most Americans don’t want to see bankers collecting fat checks at the end of the year if their companies were bailed out by taxpayers.”

Wow, who ever could have seen that coming?


Bankers Lose to Congressmen Among Americans Furious Over Pay
Alison Fitzgerald
Bloomberg, Dec. 10 2009

Americans Want Government to Spend for Jobs, Send Bill to Rich
Mike Dorning and Catherine Dodge
Bloomberg, Dec. 10 2009

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