Tech & Biz

Bailed-Out Bank Execs got $1.6 Billion in Bonuses

by Jordan Yerman | December 21, 2008 at 12:11 pm

288 views | 25 Recommendations | 8 comments

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.

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Tomitheos

at 12:17 on December 21st, 2008

great info jordan

thanks for posting

sara star

at 12:56 on December 21st, 2008

I could scream!

mike_yvr

at 15:30 on December 21st, 2008

It gets worse. These guys are still flying around in corporate jets. Have they no shame?

Mikasi

at 17:06 on December 21st, 2008

To answer your question, no they do not.

dunkelberg

at 17:13 on December 21st, 2008

Yet, these are the guys who get the nice treatment when they ask for money. It's just those nasty ol' (shudder) union shops (shudder) who deserve a hard time.