There is general agreement world-wide that last year's financial meltdown was caused entirely due to greed on the part of the major financial institutions, taking unnecessary risks to improve their bottom lines so that they could pay their top executives ridiculously high salaries and bonuses. Even after they were all bailed out by the Government, they still awarded themselves huge bonuses, in spite of the huge losses they were responsible for!
There are millions of examples to be found of cases where the general public are being screwed by banks, such as being lured with attractive offers of cheap credit, credit cards offers, etc. but then pouncing on them when they make the slightest mis-step, increasing interest rates to ridiculous levels - as one woman stated on TV recently "I could have gotten a better rate from a loan shark"!
The fact is that these huge payouts should be funneled back to the investors whose cash is being manipulated to generate the returns. Banks and financial institutions are in a unique position where they create financial instruments that only they understand, then use other peoples' money to create huge profits, skim off the cream for themselves, and pass the rest off to the clients. Madoff is just one example - in my opinion he represents what is happening at the top levels of most of the large financial institutions, they have just found a way to do it legally.
This is just not right!
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