Sunday, December 21, 2008

Remember that you heard it here first! Finally, the Main Stream Media has figured out what I predicted: Bankers got $1.6 billion in bonuses that came right out of the $700 billion bailout package. I guess we should start calling it the $698.4 billion bailout package.

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.

Who would have thought bank CEOs were so vital to the economy? And I still can't get a bailout for my credit cards! Maybe I should work for a bank.

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