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Sunday, December 21, 2008
$1.6B went to bailed-out bank execs
Cheney, first name Dick, blames Congress for not bailing out Detroit. Now get to work and pay off those credit cards, if you still have a job that is!
AP study finds $1.6B went to bailed-out bank execs
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 total amount given to nearly 600 executives would cover bailout costs for many of the 116 banks that have so far accepted tax dollars to boost their bottom lines.
_Lloyd Blankfein, president and chief executive officer of Goldman Sachs, took home nearly $54 million in compensation last year. The company's top five executives received a total of $242 million.
Like Goldman, Merrill got $10 billion from taxpayers on Oct. 28.
Banks that got bailout funds also paid out millions for home security systems, private chauffeured cars, and club dues. Some banks even paid for financial advisers. Wells Fargo of San Francisco, which took $25 billion in taxpayer bailout money, gave its top executives up to $20,000 each to pay personal financial planners.