No Rhyme or Reason: Executive Compensation of Bailed Out Banks
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From the July 31 Democracy Now!:
Report: Bailed-Out Banks Spent $32B in Bonuses in 2008
A new government report shows the nine largest US banks handed out more than $32 billion in bonuses last year while posting more than $81 billion in losses and receiving billions in taxpayer aid. According to the New York Attorney General’s office, nearly 4,800 Wall Street executives and employees were awarded bonuses of at least $1 million. More than 900 of those worked for Bank of America and Citigroup, two of the largest bailout recipients.
This remark from the website of NY Attorney General Andrew Cuomo which posted the report was certainly a proper thing for him to do:
THE REPORT WAS PREVIOUSLY TRANSMITTED TO HOUSE OVERSIGHT AND GOVERNMENT REFORM COMMITTEE CHAIRMAN EDOLPHUS TOWNS (D-NY)
Unfortunately, recent revelations about loans Rep. Towns got from mortgage lender Countrywide Financial Corp, raise questions about its efficacy. But then, leaving the fox to watch the hen house is a Washington tradition.
