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Buddy, Can You Spare a Billion?

Meet Alan Schwartz, welfare recipient.

As the chief executive of Bear Stearns, he's getting rather more public assistance than your typical welfare mom -- specifically, $30 billion in federal loan guarantees to help J.P. Morgan Chase take over his firm. But then, Schwartz has had rather more than his share of suffering of late.

As his firm collapsed, he was forced to forgo his entire 2007 bonus, leaving his compensation for the past five years at a paltry $141 million, according to Business Week. Things have become so bad that, the Wall Street Journal discovered, Schwartz has had to rent out his 7,850-square-foot home on the ninth green of a suburban New York golf course -- leaving the poor fellow with only his 17-room, seven-acre home in Greenwich, his condo in Colorado and the athletic center he built for Duke University...

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By Dana Milbank  | April 4, 2008; 7:03 AM ET
Categories:  Dana Milbank  
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Comments

Maybe YOU are not paying any attnention to Colombia, but some of the rest of us certainly are, particulary the plight of hundreds of people being held hostage by the rebels, and the fact that Bill Richardson recently made a trip to Bogota, with the thought of helping negotiate a release. Wake up -- there's a whole continent to the south of the US.

Posted by: Meg Nugent | April 4, 2008 10:15 PM | Report abuse

"he's getting rather more public assistance than your typical welfare mom -- specifically, $30 billion in federal loan guarantees to help J.P. Morgan Chase take over his firm."

No brief for Alan Schwartz, but isn't it inaccurate to say that he's getting public assistance? The assistance is going to Bear Stearns' creditors--Bear Stearns, its shareholders and its management (and maybe the US government) are really the big losers.

Posted by: BillW | April 8, 2008 3:19 PM | Report abuse

Schwartz is evidence of a species that has thrived and spread over the past seven years. The corporate welfare bums.

Posted by: TomB | April 8, 2008 11:12 PM | Report abuse

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