Executives in Failed Banks Paid Millions in Bonuses
December 23rd, 2008Banks that are receiving taxpayer bailouts gave their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, according to an Associated Press analysis. Benefits included cash bonuses, stock options, company jets, limousines, country club memberships and more. The 116 banks have so far received $188 billion of our taxpayer money.
Congressman Barney Frank, chairman of the House Financial Services committee, said the bonuses 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. “We’re told that some of the most highly paid people in executive positions are different. They need extra money to be motivated!”
The average in salary, bonuses and benefits paid to top executives was $2.6 million each. Lloyd Blankfein, president and CEO of Goldman Sachs, took home nearly $54 million last year. The company’s top five executives received a total of $242 million. Goldman Sachs just reported a $2.29 billion loss in the fourth quarter.
How can we taxpayers be so stupid?
