Pissing away Bailout Money to the Corporate Bankers!
Submitted by Anonymous on Sun, 12/21/2008 - 4:45pm
AP study finds $1.6B went to bailed-out bank execs
By FRANK BASS and RITA BEAMISH
Associated Press Writers
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.
(enlarge photo)Graphic shows 2007 personal use of corporate aircraft by CEOs of financial firms that received bailout money; 1 c x 3 1/2 in; 46.5 mm x 88.9 mm
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.
http://www.ajc.com/business/content/shared-gen/ap/Finance_General/Execut...
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and people are suprised?
This bail out stupidity was ramrodded through Congress. No real debate. No over site. No explanation of how Congress is going to pay for this. Someone said it would be a great idea to throw this money around and Congress and bush jumped on that bandwagon. Now we get this story of the rich benefiting while the rest of us are debating do we spend for christmas gifts, food, heating oil or electricity. Will I have a job next year?
This was Congress saying lets just create some money and toss it around. Similar to the "stimulus package" earlier in the year. That worked so well, Congress voted for the big bailout.
Rumor has it another near trillion dollar "stimulus package" will happen within days of Pres Obama taking office. It sounds like this is a done deal already.
I hope the new administration looks at the mistakes of the present administration and slows things down.
We went to war because of poor intel.
We spent $147b on a stimulas package to jump start the economy, which did not happen. Bad intel and bad understanding of the cause and effects of the intended action.
We spent $800b on bad intel of the economy because we did not take the time to figure out who, what, why got us here.
When is Congress going to figure out that we cannot just throw money at a problem and hope it goes away. That is a poor way of doing business with our money.
Pres Obama please take the time to figure out the who, what and whys before going down the same road as bush. Please, the $ signs you will see crossing your desk with a b behind it is a lot of money to us. Bush did not figure that out. Please change the current irresponsible spending habits of Congress.
Please, I do not want to hear "if I knew then what I know now, I would not have voted for a bailout" 2, 3 or 4 years down the road from our Senators and Representatives. Hold their feet to the fire, hold them accountable and for the love of what ever you hold dearest, SLOW this mad spiral of spending down and get a handle on the economy before the next Congress continues the old administrations bad habits of reckless spending.