Now we see why a lot of workers covet executive status. Look at all the perks you get whether you succeed or not! These banks that failed should have started their layoffs at the corporate level instead of firing lower level bank employees.The rich really do get rewarded in this society. At least in this case they did. Bank executives already make a huge salary. Why the hell did they receive the extra perks & bonuses that you get when the company is doing well? They laid off regular workers, like you & me, in order to continue pampering these overpaid executives. It’s reprehensible!These banks were on the verge of complete collapse until they were bailed out by the government. Are they really in a position to reward the very same executives who contributed to their failure? Here’s more from MSNBC:
“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.
Rep. Barney Frank, chairman of the House Financial Services committee and a long-standing critic of executive largesse, said the bonuses tallied by the AP review amount to a bribe “to get them to do the jobs for which they are well paid in the first place.
“Most of us sign on to do jobs and we do them best we can,” said Frank, a Massachusetts Democrat. “We’re told that some of the most highly paid people in executive positions are different. They need extra money to be motivated!”(End of Excerpt) Read the rest here:(http://www.msnbc.msn.com/id/28337800/
So, Lou Dobbs was wondering exactly how this bailout money was being spent by these banks in this video. He was wondering where $2 trillion taxpayer dollars have gone. Well, now we know where a small portion of it went. In the pockets of the rich executives who didn’t deserve to be rewarded for a hideously poor performance!
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