At rescued banks, perks keep rolling »
Posted By Progressive 2 months, 1 week ago in Political News
According to The Washington Post, the biggest financial firms in the United States increased perks and benefits for their chief executives by an average of 4 percent in 2008. As a group, these same firms received $350 billion in federal funds. Executives Kenneth D. Lewis of Bank of America and Jeffrey M. Peek of CIT Group each received $100,000 extra in 2008 for corporate jets. Ralph W. Babb Jr. got a $200,000 country-club membership on Comerica’s dime. GMAC Financial Services spent $2.5 million to help Alvaro de Molina pay his personal tax bill. Chaffeured services, parking, and personal security were other common perks in 2008.
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Progressive
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sinophil492 months, 1 week ago
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This is unconscionable. The TARP bill formulated in 2008 by Henry Paulson and signed by Bush had NO accountability in it. NONE.
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The supreme irony is that if anyone of us wanted to get a mortgage or loan or credit card from any of these banks, we would be subjected to a barrage of questions on our finances, our credit history, past jobs, residences, criminal activity, etc., etc. We would have our credit and bankruptcy statuses checked (paid for by us).
Yet these clowns get away with no restrictions, no requirements for changes in awarding compensation and perks. Not only that. They reward themselves AFTER RUNNING THEIR RESPECTIVE COMPANIES INTO THE GROUND. That is why they needed the bailout money in the first place.
My understanding is that this late in the game, there is no recourse by the government or taxpayers to force these greedy executives to surrender all their perks, no way to recoup the losses, no obligation for them to repay TARP money. What a crappy, sloppy piece of legislation Bush passed.
There should be no more bailout money at all. These executives and their grandmothers could come crawling to the White House and to Capitol Hill begging for more money. Fooey on them.
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