Sunday, December 21, 2008

$1.6 billion of the bailout money was spent in salaries, bonuses, and other benefits for bank executives...

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. More...

See also:

  1. Obama: top bankers should forgo their bonuses this year.
  2. Former UBS head gives back SFr12 million...
  3. What happened to the bailout(taxpayer) money given to the banks?

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