Tuesday, March 10, 2009

Billion-Dollar Bonuses to Those Who Need it Least

John W. McArthur, Chief Executive of The Millennium Promise, published a letter in the Financial Times last month comparing the $4 billion bonuses for Merryl Lynch employees to the $5 billion total aid budget for sub-Saharan Africa in 2008. Emphasizing his stance on the issue of foreign aid, he commented;

"Let us not forget these numbers the next time we are told there is no money left to support the poorest people on the planet. In a time of trillion-dollar deficits and $900bn stimulus packages, $4bn may seem like rounding error. But when considered against the money we spend to support the world's poorest people, it simply makes no sense."
Source: Financial Times