by Frank James
It appears that a lot of money gets thrown at top bankers in good and bad times. Some Associated Press reporters examined the Securities and Exchange Commission filings of banks that received federal bailout money from the $700 billion Trouble Asset Relief Program.
An excerpt of what they found:
Banks that have their hands out in Washington this year were handing out multimillion-dollar rewards to their executives last year.
The 116 banks that so far have received taxpayer dollars to boost them through the economic crisis gave their top tier of executives nearly $1.6 billion in salaries, bonuses and other benefits in 2007, an Associated Press analysis found.
That amount, spread among the 600 highest paid bank executives, would cover the bailout money given to 53 of the banks that have shared the $188 billion that Washington has doled out in rescue packages so far.
Some banks trimmed their executive compensation in the face of faltering performance that foreshadowed the current economic crisis, but they still granted multimillion-dollar packages. Benefits included cash bonuses, stock options, personal use of company jets and chauffeurs, home security, country club memberships and professional money management, the AP review of federal securities documents found.
Comments
The real story is that these Banks that have been given taxpayer's money, refuse to inform an oversight committee, where and how, the money is being spent. if it is being spent, at all !! These are supposed to be America's " best and brightest " !!? That is a joke !! Their incompetence, motivated by their greed, has torpedoed the economy and all we get, is the steady drumbeat of a media lynching of a confused and bragadocious Governor. Let's get on the story, media, because you didn't, is why we are suffering economically, right now !! Let's go after those Bankers and CEOs and their management crews as fervently, as you are going after Governor Blagojevich !! The nation will be served a great deal more, Illinois' business hasn't been considered since Mike Madigan decided not to work with Governor Blagojevich, but there was no headline grabbers there. Now, Impeachment, that's a best seller and it doesn't involve Corporate America !!
SUPPORT OUR TROOPS, BRING THEM HOME, ALIVE AND WHOLE. NOW.
Posted by: Don Fitzgerald, Chicago | December 22, 2008 9:39 AM
Where all of those posters complaining about auto workers making too much money?? This is what you should be yelling about folks.
Posted by: Flo | December 22, 2008 1:17 PM
2008 Republican Party motto:
.
WE MUST SAVE OUR RICH WALL STREET FRIENDS NO MATTER HOW MUCH TAX PAYER MONEY OF YOURS WE HAVE TO THROW AT THEIR FEET....because who cares about the auto industry when we can bust their union....YOU SEE, WE DON'T CARE ABOUT THE ECONOMY OR THE BLUE COLLAR WORKERS, WE CARE ABOUT SAVING OUR RICH AND POWERFUL WALL STREET FRIENDS BECAUSE THEY DONATE MASSIVE AMOUNTS OF MONEY TO THE RNC CAMPAIGN FUNDS EVERY YEAR.
This has been a message from your 2008 Republican party
-losing landslide elections since 2006-
Posted by: Teresa | December 22, 2008 3:25 PM
Teresa, was it really just the GOP behind the bank bailout? Who controls Congress?
Posted by: Herbie H. | December 24, 2008 4:23 PM