Bailout Breakdown: Salaries, bonuses and your tax dollars
Editor's Note: This featured report entitled "No Rhyme or Reason: The 'Heads I Win, Tails You Lose' Bank Bonus Culture" was originally prepared by New York State Attorney General Andrew M. Cuomo.
AC360°
Tonight we're taking a look at the culture of bonuses on Wall Street. This year, the U.S. financial sector is on track to dole out a record amount in bonuses. We are taking a close look at nine of the original TARP recipients, including Goldman Sachs, JP Morgan Chase, Merrill Lynch, and Bank of America. These financial giants were among the first recipients of assistance from the original TARP Package.
New York State Attorney General Andrew Cuomo released a report updating just how the companies distributed their earnings. This report breaks down where all the money went with the specific amounts of salaries, bonuses and government money (i.e. your tax dollars) for each firm.
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Filed under: Bailout Turmoil • Finance |
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President Obama is the one who is responsible on where our tax money is spent. Ask him to give us the answer.
On the outrageous perks, given to CEO executives, I agree that capitalism is being abused by Banks. I am trying to get a loan modification on my home, and I feel like I'm am getting the run around, yet Mr. De Molina, CEO for GMAC is getting alot of perks, including 13 million salary, while we the taxpayers bailed his company out, so that he could have his millions! I wonder how he can sleep at night! I am disgusted!!
Citi banks creditors called me today...they were demanding a payment in the sum of 42,000. Where is my bailout?
It's difficult for me to believe that our elected officials have allowed such nonsense to happen. I thought there was someone hired by President Obama to "oversee" the bailouts and apply rules that would provide a safety net from such flagrant abuse. . I am furious that there is so little respect for the American tax payor from our government that should have known better, and by the dishonest and ruthless bankers that received the bailouts. Wall Street got a slap on the hand, then business as usual. What about all the people whose retirement accounts will no longer support retirement? Does anyone in the government even care? I think not.
This is exactly why there should never have been a bailout. These executives got themselves into insolvency through incompetence, lying and cheating. And as a reward the Obama administration hands even more money to these trustworthy folks. Money that should have stayed in the hands of the hard working American citizen.
I am so mad at the arrogance of these CEO's and their audacious bonuses that my head hurts. My credit has gone bad because of hard times trying to keep my mortgage up...From now on the heck with credit since I can buy a used car without credit check and those that I owe in the banking industry will get what I can afford amonth even if in collections because the most of the balance is made up of high interest rates that they dont deserve.
Regarding bonus retaining executive talent – how do you define talent?
What about the big guys at Freddie Mac
as to the original 9 banks. if the previous secretary of treasury had a strong hold of the type of backup capitol that bank reserves needed to withstand an economic downturn coupled with high unemployment worst case scenarios plus oversight that the current secretary has , we never would have been in so much trouble.