Banks that have their hands out in Washington this year were handing out multimillion-dollar rewards to their executives last year.Some people might be mad that a bunch of failed businessmen raked in $1.6 billion for stinking at their jobs more than anyone is history has ever stunk at their jobs. But they rooked the government into completely covering those mistakes, so bully for them. Their collective muscling of world powers into bailing out nearly every moderately sized bank or financial institution in existence surely deserves a few extra dollars in the stocking.
The 116 banks that so far have received taxpayer dollars to boost them through the economic crisis gave their top tier of executives nearly $1.6 billion in salaries, bonuses and other benefits in 2007, an Associated Press analysis found.
That amount, spread among the 600 highest paid bank executives, would cover the bailout money given to 53 of the banks that have shared the $188 billion that Washington has doled out in rescue packages so far.
Best of all is the fact that they aren't just getting piles of cash, but other fringe benefits as well. Company jets, company chauffeurs, company butlers, monocle fitting services, country club memberships, gold plating services, and most surprisingly professional money management. Really? Executives of large banks and financial companies need outside help from professionals to manage their money? The only perk that does make sense is free security, because now more than ever do they need Blackwater or some even more ruthless company protecting these billionaires home's from the peasants should they start an uprising. So take heart, in this the giving season, thanks to the shady machinations of the Bush Administration and every crooked financial institution, people who are terrible at their jobs are getting their full bonus packages. Merry Christmas!
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