Is the “Troubled Asset Relief Program” helping pay outrageous executive compensation?

13 02 2009

“The first 116 banks that got money from American taxpayers paid an average of 2.6 million dollars in executive pay” according to Senator Claire McCaskill (Missouri).  She said this to Congress in the recent Executive Compensation Bill discussions. Claire pointed out that Merrill Lynch usually paid out bonuses in January but this year moved the payouts to December so they would not get caught shelling 3 to 4 BILLION dollars in bonuses as they declared a 21 billion dollar LOSS for the final quarter of 08.

Outrageous executive compensation in publicly held companies is ABSURD and the law is ABSURD that allows this shameful practice.

I think it will probably be years before the smoke clears and we can point a finger on who is to blame. But the facts are known in terms of who the thieves are. I only hope they are all forced to pay the money back.

claire-0011

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3 responses

13 02 2009
South Florida Malpractice Lawyer

I’m glad the Congress is holding more meetings stressing the transparency process. Until federal agencies can have better access to the investment process these lending institutions are based on, we are bound to have more surprises.

13 02 2009
Virginia Military Divorce Attorney

Congress will be able to tag the next bailout with measures to cap executive compensation at companies that take the federal loans. This is going to get a lot of press.

23 02 2009
Charlotte Chapter 7 Bankruptcy Lawyer

Yeah, it is a shame that Wall Street was bailed out and the bankers are getting bonuses. People and media are alert and this time there can be no escape…

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