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.
By now it is obvious to anyone that a royal scam has been put over on the entire world by a small number of greed and status obsessed individuals. These people, happily ensconced in their gated communities, private clubs and sea-going yachts, represent the dregs of society far more than any homeless drunkard. For to sustain their stratospheric standard of living they have fleeced all of us, either directly or indirectly, in a legal confidence game that makes Bernie Madoff's criminal operation seem like small change. They are scum.
PainterWoman said:
My retirement money is down by 50%. I wonder if I can sue them to get it back.
musickna said:
True indeed. We are down about that much too, Pam. I would be most happy if these leeches reimbursed us. 😀
noah counte said:
We've mortgaged our kids' futures to bail them out, too.
Aqualion said:
Hunt them down, kill them and burn their houses. That would be my advice. Barbarian style. Like we do in Scandinavia.
ricewood said:
No need to burn their houses, Martin. I'd like one of those.Seriously, I think the way the financial world of business has been behaving is tasteless. It's gross. It's so out of touch with the way most people live.It's been said that it's the differences in society that generate growth. I don't think so. I think the differences generate greed.
musickna said:
We are. Great track, Edward. 😀
edwardpiercy said:
Are we having fun yet?:D
edwardpiercy said:
I guess I really should have used :down: !
ricewood said:
No, Edward. Let's make songs like that again :up:
Aqualion said:
Great song, Ed.For the record, I meant 'as we did in Scandinavia'. Nowadays we have the media to hunt down and kill people we don't like. And they do. Still equally barbarian.
Akamu said:
A little class-conscious barbarism never hurt anyone who didn't deserve it.
Words said:
It's hard to imagine that anyone could have done a worse job than most of these guys. Somehow though, I'm not surprised, after we've known they were all 'merchant bankers' for a long time (bit of cockney rhyming slang, for those who want to check it out).
noah counte said:
"I forget my name at the moment…"Puts me in a "Crimson Permanent Assurance" frame of mind, too. 😆