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09.02.09 - 9:44 AM
Bailout Baron Bounty
The heads of the 20 banks that got the biggest federal bailouts - and laid off over 160,000 workers - made almost 40 percent more than other CEOS last year, with the top five executives at those banks earning about $32 million each and seeing stock options soar $90 million, a new study shows. The annual Institute for Policy Studies "Executive Excess" report also shows that average CEO pay was 430 times larger than for typical workers.
"America's executive pay bubble remains un-popped," says Sarah Anderson, lead author on the study. "And these outrageous rewards give executives an incentive to behave outrageously, putting the rest of us at risk."
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8 Comments so far
Show AllThey're taking all they can while they can, and the government encourages this, and we the people allow it. This will not change until we refuse to allow it any further. Time to close accounts in large banks and open accounts in small banks...the few that are left, and credit unions.
Credit unions are okay. I had an uninsured medical emergency come up lately, and I was able to get myself a dedicated credit card for about half what the going rate is at the local big money bank, which is Wells Fargo, where I also have an account.The Depression era regulations these credit unions operate under, the fact that they are community oriented, and staffed by people who remember your name,and are pleasant to deal with, also count for a lot.So far, so good.
baruchz September 2nd, 2009 11:37 am
"Time to close accounts in large banks and open accounts in small banks...the few that are left, and credit unions."
You're absolutely right, baruchz. The problem is that there aren't many credit unions around and some of us don't like the idea of doing their banking over the internet.
Ever since the banks were deregulated during Reagans reign and they were allowed to dabble in securities they have become even more money grubbing and ignore the effects of this on our economy. I think that it is dangerous for the American public to support banks. We should instead do business with credit unions that are still regulated and relatively safe from the corporate curruption that banks suffer.
$32 million. thats over $15,000 per hour (assuming they "work" 40 hr weeks).
As the wealth of Americans has shifted to the few filthy rich the rest of us suffer greater and greater from depression. There are medications for that now, other than the oblivion of drink and drugs, if only we had Medicare For All the citizens of this country might survive this Great Depression being inflicted on us by our Fascist Government and it's corporate masters.
Thank you Mr. President! We citizens out here dealing with this southbound economy really enjoy the fact that you climbed into bed with the banksters, lobbyists, and kleptocrats allowing them to steal our money. Heckuvajob. One term, baby. And we see you're trying the same with the new and improved health care giveaway. Heckuva
Good article.
It's been the increasing trend for at least two decades to lay off workers, have the remaining workers double up on jobs with no increase in pay, to export jobs to low wage countries, to cut benefits and to reduce the quality of the product delivered. Then the executives high five and give each other bonuses because they were so successful at cutting costs.
Until now, this has been on an enterprise by enterprise basis, with the burdens borne by the employees of that particular place. Now, in addition to the tax breaks so the rich do not have to pay back anything on their windfalls, the government has expanded the reward pool for executives by bringing each and every one of us to contribute to the salaries and bonuses through the bailouts. Our tax money is being used to further reward the executives who looted and burned the entire economy in the first place.
All of the executives' creativity and taste for venture has gone into how to get more for themselves. None of it has gone into building a healthy economy.
Joe