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Blogs by Bill Flynn
18 Billion in Wall Street Bonuses
1/31/2009 9:41:43 AM
Are the Wall Street Executives kicking sand in the face of Middle America?
The financial institutions received 750 billion from the American tax payers to bailout their sinking banks and investment companies. Inept management of these institutions caused that crisis and their ensuing need to be re-floated.
So what did the intermingled Wall Street boards of directors do after receiving that help? The mutual admiration society had the gall to vote executive compensation for these failed CEO's, FCO's and lesser managers at an astounding total of 18 billion dollars in bonuses. This came AFTER the bailout money had arrived. A bunch of "you take care of me and I'll take care of you" directors made up of executives from the different institutions on the Street voted on the compensation packages.
An example: Executives from Citi Bank are on the board of directors for Goldman Sachs. They vote on compensation for the Goldman Sachs executives. And guess what?...Goldman Sachs exsecutives are on the board of directors for Citi Bank and they skip down Wall Street, belly up to the board room conferance table and vote bonuses for the Citi Bank executives to recipricate. All for one.. and one for all to the tune of 18 Billion dollars worth of executive bonuses among all those failed institutions on the Street.
A shameful total to reward failure. Where's the outrage for that defiance and blatant action?
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