Re: DIFFERENT MONEY -- INDEED -- $1.6B went to bailed-out bank execs FIRE THE BUMS

[David Farber <dave () farber net>]

Begin forwarded message:

From: "innovationfactory" <marvin () innovationfactory com>
Date: December 22, 2008 8:44:39 AM EST
To: <dave () farber net>
Subject: RE: [IP] $1.6B went to bailed-out bank execs  FIRE THE BUMS

Dave,

According to ABC NEWS, the bonuses being paid at just selected banks
could be far larger than the $1.6B cited below. Although, in
'fairness', the banks claim that they are using 'different money'.

See http://abcnews.go.com/Business/Economy/story?id=6230878&page=1


-----Original Message-----
From: David Farber [mailto:dave () farber net]
Sent: Monday, December 22, 2008 6:09 AM
To: ip
Subject: [IP] $1.6B went to bailed-out bank execs FIRE THE BUMS



Begin forwarded message:

From: dewayne () warpspeed com (Dewayne Hendricks)
Date: December 21, 2008 8:49:27 PM EST
To: Dewayne-Net Technology List <xyzzy () warpspeed com>
Subject: [Dewayne-Net] AP: $1.6B went to bailed-out bank execs

[Note:  This item comes from friend Ed DeWath.  This item is making a
splash among the Netroots today.  Its been sent to me by several
readers.  One reader commented, "Its starting to feel like we're all
the pets and we should be content with the few scraps that we're
thrown by our Masters."  DLH]

From: Edward DeWath <dewath () prodigy net>
Date: December 21, 2008 8:00:49 AM PST
To: Dewayne Hendricks <dewayne () warpspeed com>
Subject: AP: $1.6B went to bailed-out bank execs

AP study finds $1.6B went to bailed-out bank execs

<http://news.yahoo.com/s/ap/20081221/ap_on_bi_ge/executive_bailouts>

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 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 would cover bailout costs for many of the 116
banks that have so far accepted tax dollars to boost their bottom lines.

The banks have so far received $188 billion in taxpayer help. Among
the findings:

Goldman Sachs described its pay plan last spring as essential to
retain and motivate executives "whose efforts and judgments are vital
to our continued success, by setting their compensation at appropriate
and competitive levels."

Goldman Sachs' tab for leased cars and drivers ran as high as $233,000
per executive. The firm told its shareholders this year that financial
counseling and chauffeurs are important in giving executives more time
to focus on their jobs. (emphasis added)

____________

Editorial comment: what the f**k were they focused on before the rescue?
RSS Feed: <http://www.warpspeed.com/wordpress>




-------------------------------------------
Archives: https://www.listbox.com/member/archive/247/=now
RSS Feed: https://www.listbox.com/member/archive/rss/247/
Powered by Listbox: http://www.listbox.com




-------------------------------------------
Archives: https://www.listbox.com/member/archive/247/=now
RSS Feed: https://www.listbox.com/member/archive/rss/247/
Powered by Listbox: http://www.listbox.com