Bailed-Out Bank Execs got $1.6 Billion in Bonuses
Executives at banks benefitting from the massive US taxpayer-funded bailout received almost $1.6 billion in bonuses last year. Imagine what they'd have gotten if they did their jobs well.
$1,600,000,000 is some serious money, especially since these execs aren't exactly on minimum wage to begin with.
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.