The Associated Press decided to look into just how much of the bail-out money went to pay the salaries, bonuses and benefits for bank executives who cried "Wolf!" and conned the govt out of $350Bil supposedly to be used to ease credit. The Good News is: a small percentage. The Bad News is: $1.6 Billion.
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.
(emphasis added)
A shame? A crime? A travesty? Theft? All of the above?
But no, we don't need accountability or consequences. We just give the money to Henry and he hands it out. To his friends. End of story.
And even though Obama and the rest of the Blue Dog Dems insisted on passing the bill without any form of oversight or restrictions, and even though the Federal Reserve's own study says the claim that "lending had seized" and the bail-out was required to loosen it up is pure balderdash, we aren't supposed to hold the Democrats accountable as well as the Republicans because...well, it isn't entirely clear why but we're not.
OK.
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