Saying it lacked the $4 billion needed to pay them, pharmaceutical giant Pfizer laid off 9,500 workers, but then turned right around and came up $68 billion for an offer to buy out rival drug company Wyeth Laboratories. If you think that’s bad, U.S. Rep. Dennis Kucinich (D-Ohio, 10th), thinks it is even worse that the four major banks financing the Pfizer-Wyeth buyout begged for and got $238 billion in bailout money.
"Fifty five thousand Americans lost their jobs yesterday," stated Rep. Kucinich in a press release. "Nine thousand five hundred were lost at the drug company Pfizer. Pfizer did not have $4 billion to keep 9,500 employees, but they had $68 billion to buy another drug company, Wyeth, with the help of four banks: Goldman Sachs, JP Morgan Chase, Citigroup and Bank of America, which have collectively received $238 billion in bailout moneys and loan guarantees."
Kucinich knew bailout abuse when he saw it, after PNC Financial Services Group used $5.2 billion in bailout funds to buy out National City Bank in Cleveland, Ohio -- his own hometown -- putting 7,800 jobs on the chopping block. There are few things Congressmen hate worse than unemployment increasing in their districts.
"Today, as Congress takes up an economic stimulus package, we are in a race to try to create jobs and stimulate the economy while corporations are getting bailout funds and cutting jobs," stated Kucinich. "The economy is unraveling; we clearly cannot rely on the private sector to create jobs. When the private sector cuts jobs, and we are approaching unemployment levels of 10% in some states, then it is the duty of government to create jobs."
Also See:
Getting Bailouts While Dodging Taxes
Abuse of Bailout in California
Comments
big business and finacier think people need them and they are more important. it is the other way around through out history PEOPLE survive big biz and go they are not on rational thinking the sooner they go away, disolve, scams, and smoke and mirriors go away the better and we can start are own recovery and possibly other countries economies that they have ruined. may your higher power bless you and yours take care mark
What’s wrong with this country? The working people of the USA are having to pay so much money out of our pockets, and these gov’t officials are giving away all of our money to banks without knowing where it’s going to be spent. Is just me looking at this mess going on? What can we do to STOP the madness? I am concerned that these mad giveaways without checks and balances will be the utter downfall of this country that our forefathers gave there lives for. thank you
This is stealing and these bank should be punished for this. This is so nauseating!
It is time for American’s to publically acknowledge that the Bailout Executives are literally at war with the public. With that in mind, employees must learn how to identify those that are waging war and fight back. That is because when the elites practice open fraud and wage war on America’s it is time to begin waging war on them. It is called self defense. This war that is waged against the public has been going on for years.
For example, executives now permit foreign workers to log onto American IT systems via the Internet without any visa requirement to steal jobs. I have personally witnessed foreign workers performing the routine duties of accountants, IT, customer service, purchasing agents, finance, banking, clerical, administrative assistants, engineering, and other categories of work.
Everybody is now open to the attack on employment by American Executives. That is because American Executives have only one goal, and that is to enrich only themselves no matter what the human costs. As CEO’s continue to seek profits they follow a clear pattern of waging war on American’s. It is no longer enough to wait out the recession. American’s must learn to fight back using any weapon at their disposal. Writing letters to President Obama and our legislators is proving ineffective.
How can American’s fight back? They can do that by becoming civilly disobedient. The goal is to create fear in the minds of the American Executives who have literally stolen trillions from the public. It is clear that no “day-of-reckoning” is coming for the CEO’s. They have too much power to influence our political leaders. The theft includes stolen jobs, and the crisis is escalating with no end in sight.
Make no mistake. This is not your “normal” recession. The very survival of American’s and their ability to feed their family is at stake. It is thus mandatory to go to war against the enemy. That enemy is American CEO’s who are literally stealing from the public.