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Bailed Out Bank Execs Make Big Money

By Ed Brayton

pThe Associated Press a href="http://apnews.myway.com/article/20081221/D9575TMG0.html"did a review/a of financial records and found that 116 banks that have received bailout money from the TARP fund paid huge salaries to their top executives last year even while declaring themselves poor and on the verge of collapse./p blockquoteBanks 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. pThe 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./p pBenefits 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./blockquote/p a href="http://scienceblogs.com/dispatches/2008/12/bailed_out_bank_execs_make_big.php"Read the rest of this post.../a | a href="http://scienceblogs.com/dispatches/2008/12/bailed_out_bank_execs_make_big.php#commentsArea"Read the comments on this post.../aimg src="http://feeds.feedburner.com/~r/scienceblogs/dispatches/~4/492280060" height="1" width="1"/

Full post as published by Dispatches from the Culture Wars on December 22, 2008 (boomark / email).