"In the end, we get it all, by way of kickbacks, contributions, donations, unaccountable brown bags, ......"
Posted on 12/22/2008 3:39:00 AM PST by flash2368
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.
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.
(Excerpt) Read more at news.yahoo.com ...
This is so corrupt. So morally bankrupt...
It amazes me that the AP can do such extensive research to pinpoint 1.6 nillion dollars for execs, but cannot find out where Obama was born, his college transcripts or how he paid for his mansion.
Simply boggles the mind.
(ducking for cover....) oh no - not another one. Didn’t we get this out of our systems bashing oil exec’s for their compensation packages while we paid $4.00 a gallon for gas? Good grief - it’s CAPITALISM. The problem is the bail-out, not the salary scale.
> Good grief - it’s CAPITALISM. The problem is the bail-out, not the salary scale.
(grin!) I think the issue isn’t so much the salary scale or the Capitalism. It’s that they are getting bonuses at all, given the under-performance of their banks.
Incentives are only *supposed* to be given to people who perform well — at least, that’s management theory as I know it.
(nod) Yeah, maybe so. But, last year this time banks were still booming from the great idea of “mortgages for everybody!”
Heads they win, Tails you lose.
There is no accountability.
Who will fix this?
"In the end, we get it all, by way of kickbacks, contributions, donations, unaccountable brown bags, ......"
They did perform well and should get the bonuses. After all they suckered the government into giving them the bailout money didn’t they?
They took us all to the cleaners; obviously the shareholders approve heartily of that action.
BTTT
BLANKFEIN, LLOYD
GARDEN CITY, NY 11530
GOLDMAN SACHS/INVESTMENT BANKER
DEMOCRATIC SENATORIAL CAMPAIGN COMMITTEE
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BLANKFEIN, LLOYD
NEW YORK, NY
GOLDMAN SACHS
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BLANKFEIN, LLOYD
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GOLDMAN SACHS
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BLANKFEIN, LLOYD
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GS
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BLANKFEIN, LLOYD C
,
FRIENDS OF PHIL GRAMM PAC
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GOLDMAN, SACHS & CO
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BLANKFEIN, LLOYD C
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GOLDMAN SACHS & CO
KERRY, JOHN FORBES
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BLANKFEIN, LLOYD C
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GOLDMAN SACHS GROUP, INC. POLITICAL ACTION COMMITTEE, THE
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CORZINE, JON S
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GOLDMAN SACHS &
HUTCHINSON, TIM
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BLANKFEIN, LLOYD C
NEW YORK, NY 10028
GOLDMAN SACHS & CO
CORZINE, JON S
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DODD, CHRISTOPHER J
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Our government has sold us out.
But we elected them. We can rid of them, too.
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Liz, getta load of this...
This reminds me of 1789. The blindness and arrogance of these reptiles is amazing. What is it going to take before we stop them?
Another revolution, this one in thinking.
All of it pinpoints Paulson's overwhelming greed to get his hands on the bailout billions. First thing he did was station his own man---Neel Kashkari---to (ahem) oversee the $700B bailout. Kashkari was Paulson's henchman at Goldman, and at Treasury.
US Sen. Jim Inhofe (R-Oklahoma) said that Congress was not told the truth about the $700 billion blank bailout. "The American people don't know how much money Treasury Secretary Henry Paulson has given away to anyone. IT COULD BE TO HIS FRIENDS. We don't know. There is no way of knowing.''
GOLDMAN SACHS SCREWS US AGAIN Secy Pavelson told Congress bailout billions would be used for one purpose then the foxy, wily Pavelson changes horses in midstream and decides to use the billions for something else. Typical Wall Street chicanery. The heck with Congress enacting the bailout law for one use. Pavelson personally decides he and the G/S guys will use it for "something else."
As US citizens line up at soup kitchens and sell apples on street corners, Pavelson, Kashkari, and the G/S frat boys are cashing in bigtime......numbered offshore bank accounts, "parking" bailout billions at Goldman Sachs and other Wall Street entities; wire-transfers must be going 24/7.
The late economist John Kenneth Galbraith blamed Goldman Sachs policies for causing the Great Depression of '29. In his book, The Great Crash, 1929, Galbraith, a key figure in JFK's admin, an entire chapter titled “In Goldman, Sachs, We Trust,” details the “large-scale corporate thimblerigging” that Goldman and other Wall Streeters practiced in the 1920s.
G/S frat boys at the highest levels of govt are now pulling the levers of power. Watching them operate, we know Goldman types promote their own interests relentlessly...........the rest of us be damned.
G/S insiders are pocketing as fast as they can----making motions to bail out the crooks who contributed to the economy's meltdown is part of the exercise in greed. Even Pres Bush was willing to give the USofA away to Paulson and Bernanke.
" Golly Ben, bailing out hedges and other greedsters is hard work."
"Keep bailing, Paulson."
As a member and later chairman of the Senate Banking Committee, Sen. Dodd shoulders a good deal of the blame for the collapse of the national housing market, the subprime-mortgage-market meltdown and the convulsions on Wall Street.
Reams of legislation Dodd has written or advocated affecting the housing, lending, insurance and securities industries have drained hundreds of billions out of the economy, ballooned the federal debt, cost tens of thousands of people their jobs and driven hundreds of thousands of homeowners into foreclosure, bankruptcy or both.
For his efforts, Sen. Dodd has been rewarded in the 2008 election cycle alone with $7.65 million in campaign contributions (he took in $11.7 million in all) from the securities, insurance, real-estate and commercial-banking industries. With $165,400, Sen. Dodd also tops the list of members of Congress who took campaign cash from Fannie Mae and Freddie Mac since 1989. Sen. Barack Obama, the self-styled agent of change, is a distant second at $126,000....
SEN DODD'S CAMPAIGN CONTRIBUTORS
Citigroup, $310,294;
SAC Capital Partners, $282,000;
United Technologies, $263,400;
AIG, $224,678;
Bear Stearns, $205,600;
St. Paul Travelers, $205,400;
Royal Bank of Scotland, $203,750;
Goldman Sachs, $175,600;
Morgan Stanley, $155,000;
Credit Suisse, $154,550;
Merrill Lynch, $134,950;
The Hartford, $94,350;
Bank of America, $91,300;
JPMorgan Chase, $129,150;
USB, $101,900;
Hartford Finance Services, $101,500
Lehman Brothers, $128,400;
KPMG, $113,100;
General Electric, $108,250;
Deloitte Touche, $108,000
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