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AP Study Finds $1.6B Went to Bailed-Out Bank Execs

Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an Associated Press analysis reveals.

The rewards came even at banks where poor results last year foretold the economic crisis that sent them to Washington for a government rescue. Some trimmed their executive compensation due to lagging bank performance, but still forked over multimillion-dollar executive pay 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.

The total amount given to nearly 600 executives would cover bailout costs for many of the 116 banks that have so far accepted tax dollars to boost their bottom lines.

Rep. Barney Frank, chairman of the House Financial Services committee and a long-standing critic of executive largesse, said the bonuses tallied by the AP review amount to a bribe ''to get them to do the jobs for which they are well paid in the first place.

''Most of us sign on to do jobs and we do them best we can,'' said Frank, a Massachusetts Democrat. ''We're told that some of the most highly paid people in executive positions are different. They need extra money to be motivated!''

The AP compiled total compensation based on annual reports that the banks file with the Securities and Exchange Commission. The 116 banks have so far received $188 billion in taxpayer help. Among the findings:

--The average paid to each of the banks' top executives was $2.6 million in salary, bonuses and benefits.

--Lloyd Blankfein, president and chief executive officer of Goldman Sachs, took home nearly $54 million in compensation last year. The company's top five executives received a total of $242 million.

More at: http://www.nytimes.com/aponline/2008/12/21/us/AP-Executive-B...



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there's a special place in Hell for these people...

Digg here: http://digg.com/business_finance/AP_Study_Finds_1_6B_Went_to...

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"An error does not become truth by reason of multiplied propagation, nor does truth become error because nobody sees it. Truth stands, even if there be no public support. It is self sustained." -Mahatma Gandhi

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"...a nation that is afraid to let its people judge the truth and falsehood in an open market is a nation that is afraid of its people." -John F. Kennedy

These guys will get their

These guys will get their due. The people DO have a limit.

http://federalfallacy.com

SteveMT's picture

KARMA IS REAL!!!

May these people rot in hell, so they will learn for the next time through the pipe. I'm all for education.

The politicians bailout the

The politicians bailout the banks, banks use the taxpayer funds to payoff the executives who then probably use the money for kickbacks..., er, contributions, to the politicians.

...

BUMP

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Ron Paul Supporter Since 1997

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It's crazy

Read about the ex-president of Lehman Brothers trying to sell his $32 million home

http://www.reuters.com/article/newsOne/idUSTRE4BG02X20081217

“The more corrupt the state, the more laws.”

I attempted to shed a tear for Mr. Gregory,

but I was unable to force any.

Remember all of the emails and phonecalls to our representatives

?? Remember the public outcry? The overwhelming majority of TAXPAYERS against this? The resulting vandalism? And whats Washington's follow-up to ignoring the will of the people?...to vote themselves a payraise as reward for doing the exact opposite of what we DEMANDED. Disgusting.

Republicae's picture

Those who voted for this

Those who voted for this crap should HANG, and the criminals in the investment banks should be jailed.

http://www.1776solution.blogspot.com

"If I want to be free from any other man's dictation, I must understand that I can have no other man under my control." ~William G. Sumner

http://militantjeffersonian.com

"We are not a nation, but a union, a confederacy of equal and sovereign States" John C. Calhoun