While people go begging for work, losing their homes, getting laid off, our bailed out bank executives made millions. The Washington-based Institute for Policy Studies has a new report, America’s Bailout Barons.
Their key findings:
Layoff Leaders: Since January 1, 2008, the top 20 financial industry recipients of bailout aid have together laid off more than 160,000 employees. In 2008, the 20 CEOs at these firms each averaged $13.8 million, for a collective total of over a quarter-billion dollars in compensation.
Wall Street Pay Dwarfs Regulator Pay: These 20 CEOs averaged 85 times more pay than the regulators who direct the Securities and Exchange Commission and the Federal Deposit Insurance Corporation. These two agencies, many analysts agree, have largely lacked the experienced and committed staff they need to protect average Americans from financial industry recklessness.
Now what was that about limits on executive pay and modifications of corporate governance?
The feudal oligarchy run amok!