$1.5 Billy in Bail Out Money Went to Hook Up Bank Execs
Posted: Mon Dec 22, 2008 9:37 am
Good thing we made those line workers pay! Why the fuck should we be paying for health care for a car worker when we can be putting that money to work, paying for private jets for some jackass who just wrecked the banking system! No wonder we're so fucked up as a country.
http://news.yahoo.com/s/ap/20081221/ap_on_bi_ge/executive_bailoutsBanks 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.