American Express has no money to loan Republic Windows and Doors, which just declared bankruptcy, leaving its employees laid off without their pay (our opinion story yesterday). Instead of making money available for loans, the purpose of the bailout, American Express used its 25 billion tax dollar bailout as part of it's cost to buy Merrill Lynch.
French news reports this morning that John Thain, CEO of Merrill Lynch, which has taken another $10 billion in federal aid, is seeking a $10 million bonus this year, after running his bank into economic collapse so that it got scooped up by American Express.
And you can bet nobody will go to jail, as would happen to any of us peasants for stealing a loaf of bread. When you take billions from the taxpayer, you can ask for a ten million dollar raise, without having to say "stick 'em up."
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