From the "Nausea-Inducing" Department:
An Associated Press survey of 116 banks that have accepted financial bailouts so far (to the tune of $188 billion dollars) shows that their officers received nearly 1.6 BILLION DOLLARS in salary and other perks in 2007 -- the year that they were busy making 'brilliant' decisions to lead their companies to the current financial crisis. The survey used information provided to the SEC from the annual reports of the banks in question.
According to AP, executives received an average of $2.6 million in "salary, bonuses and benefits." Each.
The total amount of extras given to the nearly 600 executives would have been more than enough to bail out 53 of the 116 banks, without having to ask the government for help.
The article goes on to mention that some companies are freezing cash and stock bonuses for their chief executives. John Thain, the CEO of Merrill Lynch, for example, earned only a measley $57,000 and change in 2008. (Plus an insignificant $15 million signing bonus and $68 million in stock options.)
Goldman Sachs paid an average of $233,000 PER EXECUTIVE for leased cars and drivers. (Per year, remember.) The company 'reassured' its stockholders that was perfectly valid -- financial counsel and chauffers gave their executives "more time to focus on their jobs."
If you can keep your dinner from making a return visit, read the full article here:
And I was just planning how we can cut expenses 20 hours worth of pay next month!
(It really has been windy around here.)
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