Wher OUR MONEY WENT!

[Hesop Profile]

AP study finds $1.6B went to bailed-out bank execs

Blocked AdBanks 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!"

http://news.yahoo.com/s/ap/20081221/ap_on_bi_ge/executive_bailouts

[Towelie Profile]

Same thing happened here in the UK with Northern Rock the bank practically went bust needed loadsa money from the goverment then paid 300-500k ea xtra in bonuses to the same people that caused the problem to start. Brought in new people to fix ther problems then paid them half a mil in bonuses too.
I think im going crazy i actualy just laugh when this happens now as it was obvious to start that it would happen. (or maybe the laughters just part of my programming)

[Hesop Profile]

Yep, We knew this was gonna happen. Thats why so many were against it. Just ANOTHER good example of who our politicians are REALLY working for.