Doubtlessly the bankers will say they are being made scapegoats for all the financial woes inflicting much of the world. Bankers and financial people have certainly seen to lining their own pockets, excessively, and spend money on "things" totally beyond fairness or even simple decency - let alone any consideration for a fiduciary duty to their shareholders or investors.
The SMH republishes an AP report on the sort of salaries, bonuses and perks which were being paid:
"Banks that are getting taxpayer bailouts awarded their top executives nearly $US1.6 billion ($2.34 billion) in salaries, bonuses and other benefits last year, an AP 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.
Representative Barney Frank, chairman of the House Financial Services committee and a longstanding critic of executive largesse, said the bonuses tallied by the AP review amount to a bribe "to get them to do the jobs for which they are well paid in the first place.
"Most of us sign on to do jobs and we do them best we can," said Frank, a Massachusetts Democrat. "We're told that some of the most highly paid people in executive positions are different. They need extra money to be motivated!"
The AP compiled total compensation based on annual reports that the banks file with the Securities and Exchange Commission. The 116 banks have so far received $US188 billion ($275.42 billion) in taxpayer help."
Continue reading, here, to see the sort of largess which was going around. Astounding!
The SMH republishes an AP report on the sort of salaries, bonuses and perks which were being paid:
"Banks that are getting taxpayer bailouts awarded their top executives nearly $US1.6 billion ($2.34 billion) in salaries, bonuses and other benefits last year, an AP 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.
Representative Barney Frank, chairman of the House Financial Services committee and a longstanding critic of executive largesse, said the bonuses tallied by the AP review amount to a bribe "to get them to do the jobs for which they are well paid in the first place.
"Most of us sign on to do jobs and we do them best we can," said Frank, a Massachusetts Democrat. "We're told that some of the most highly paid people in executive positions are different. They need extra money to be motivated!"
The AP compiled total compensation based on annual reports that the banks file with the Securities and Exchange Commission. The 116 banks have so far received $US188 billion ($275.42 billion) in taxpayer help."
Continue reading, here, to see the sort of largess which was going around. Astounding!
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