I'm sure you meant for your hard-earned tax bucks to go directly into the pockets of the banking fat cats. What, you think they gonna pay of your mortgage for that piece of s*** shingle you call a home?"Officers got $1.6b at bailed out banks; Rewards paid despite troubles" by Frank Bass, Associated Press |
December 22, 2008 NEW YORK - Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits in 2007, 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.
The STENCH of the GREED is OVERWHELMING!
Benefits included cash bonuses, stock options, personal use of company jets and chauffeurs, home security, country club memberships, and professional money management, a 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 accepted tax dollars to boost their bottom lines....
That what you wanted your tax money going for, America?
The 116 banks have 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. This year, Goldman will forgo cash and stock bonuses for its seven top-paid executives. They will work for their base salaries of $600,000, according to the company. Goldman, which reported a quarterly loss in December, received $10 billion in bailout money Oct. 28. Even where banks cut back on pay, some executives were left with seven- or eight-figure compensation that most people can only dream about. Richard D. Fairbank, the chairman of Capital One Financial Corp., took a $1 million hit in compensation after his company had a disappointing year, but still got $17 million in stock options. The McLean, Va., company received $3.56 billion in bailout money on Nov. 14. John A. Thain, chief executive officer of Merrill Lynch, topped all corporate bank bosses with $83 million in earnings last year. Thain, a former chief operating officer for Goldman Sachs, took the reins of the company in December 2007 , avoiding the blame for a year in which Merrill lost $7.8 billion. He earned $57,692 in salary, a $15 million signing bonus, and an additional $68 million in stock options. Merrill got $10 billion from taxpayers on Oct. 28. --more--"
My head is spinning I'm so ILL by the PIGGISH GREED!!!!!
