How much excess cash was lavished on these execs? Try $1.6 billion. Mind you, this was just from the period of October 2008 to February 2009. The reason I say "overpaid" is because under new rules, those payments wouldn't have been allowed to go to these executives.
I don't even want to think about what the average bonus or cash salary must work out to for these guys (and yes, they are mostly men).
This is yet another reason to reform executive compensation in America. Sound off on the topic below.
Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has been featured in the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times best seller 'Zero Debt: The Ultimate Guide to Financial Freedom.'
Comments: (5)
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By: diamond on 7/29/2010 5:33AM
When banks don't loan out,unemployment rates are high and people have and still are being foreclosed on.Guess what? I recall one CEO at a party on live TV (2)years ago and she was asked how she felt about the huge cash bonus she had just recieved? She stated I worked for it.Yes but how many peoples lives did you help to destroy to get it? Wake up people the money is not lost it was taken. Mr. President do your thing,people if you want to keep getting the change that is taken place then keep voting.Mr. Obama is making a change for us all and not anyone in particular.(Holla)
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By: Rob on 7/29/2010 3:49PM
I wonder where Obama's main campaign contributions came from? According to this link http://www.opensecrets.org/pres08/contrib.php?cycle=2008&cid=n00009638 it was banks.
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By: LJ on 7/30/2010 2:00PM
Apparently we cant trust our system once again. 2012 will be either a shift in human consciousness or a down fall for the world as we know it. Yeah we better work on saving that mulah!
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By: lee on 8/02/2010 9:56AM
What 17 banks were they!!!???
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By: Judy Lynn Clark Ferguson on 8/06/2010 1:38PM
WALL STREET TO K-STREET AND THE HALLS OF CONGRESS.
THE ONLY WAY TO STOP THE MONEY MADNESS IS TO START LOCKING UP SOME OF THESE PEOPLE INCLUDING YOUR CONGRESSIONAL LEADERS WHO BENEFITED FROM THOSE 17 BANKS IN CAMPAIGN CONTRIBUTIONS.
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