Banks Pay Themselves Bonuses, Deny Shareholders Dividends
While "miserable" shareholders hang on to these "awful" equities, he said, bank employees are about to receive a record $144 billion in bonuses.
The financials are "by far the worst performing group" in the S&P 500 index, down 3.98 percent in the last year and 25 percent over the past three years. These assets pay almost no dividends to the shareholders, yet these financial institutions feel it's appropriate to pay out record bonuses.
Cramer said the shareholders, not the employees, deserve this money. The people "showering themselves with money" didn't do something so "monumental" as to justify these paydays.
"All these guys did was take the government money to stay in business, crush their own stocks, get rid of the dividend and now reward themselves with fortunes," Cramer said. "I say no bonuses until those dividends are returned to their old levels. Everything should be put back to the shareholders until they are back to even."
2. Markets will reach - the 12 count for the SPX , the missing link for a correction as it needs to complete the 13 count - today the temp high very likely. Vıx started around 18 which is dangerous ground going forward but at some point we still might see the 1200 level in november still before real crash levels are reached. The ISE MAs have reached good ground with 10 and 20 above 120 but crash levels we usually get around 140. Anyway we are anyway just looking for a 5-7 percent correction starting within 24h. The FED and DC are playing a very dangerous game by creating these bubbles since there is no substance.