Topic: Nuts! $1.6B of bail-out went to bank execs!!!!

[Babblelot]

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.

http://news.yahoo.com/s/ap/20081221/ap_on_bi_ge/executive_bailouts

[Tennis4you]

They should fire them, hire me and pay me half!

[dmastous]

I really don't like when they start adding up the perks, such as corperate club membership, and transportation and making that part of their salary. Though, I think much of it is considered salary when tax time comes around.
The stock gains, are not really salaries, thought they present a much bigger problem for me. These guys work the system, buying and selling their company stock to make a profit, frequently on the backs of the employees. Who knows when a stock is going to go up better than the CEO? Who can affect the stock by buying or selling more than the largest shareholders.

[Babblelot]

I really don't like when they start adding up the perks, such as corperate club membership, and transportation and making that part of their salary. Though, I think much of it is considered salary when tax time comes around.
The stock gains, are not really salaries, thought they present a much bigger problem for me. These guys work the system, buying and selling their company stock to make a profit, frequently on the backs of the employees. Who knows when a stock is going to go up better than the CEO? Who can affect the stock by buying or selling more than the largest shareholders.

...and laying people off all the while pointing to the profitability of their operations: profit margin is up! 

[dmastous]

I really don't like when they start adding up the perks, such as corperate club membership, and transportation and making that part of their salary. Though, I think much of it is considered salary when tax time comes around.
The stock gains, are not really salaries, thought they present a much bigger problem for me. These guys work the system, buying and selling their company stock to make a profit, frequently on the backs of the employees. Who knows when a stock is going to go up better than the CEO? Who can affect the stock by buying or selling more than the largest shareholders.

...and laying people off all the while pointing to the profitability of their operations: profit margin is up! 

Well, it is about profit margin isn't it?
I really hate the fact that companies care more about shareholders (read themselves) than the overall health the company. They make descisions that can destroy the long term health to make the stock go up a tick, because that's more important, both to their personal wealth, and because that's the law. That law has to be changed, though it's unlikely it will be changed.

[monstertruck]

S U R P R I S E  !



Shame on the execs and shame on the politicians for once again pooping away our money.

More to come next year!!!