Funny Bailout Chaos

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