executive pay

Best Rant of the Week! Senator Claire McCaskill - "These people are Idiots!" (video)

Now this is the Senator I remember, Claire McCaskill Speaks Truth!


We have a bunch of idiots on Wall Street that are kicking sand in the face of the American taxpayer. They don't get it. These people are idiots. You can't use taxpayer money to pay out $18 billion in bonuses.


AIG Rewards Derivatives Employees $450 Million Even Though Derivatives Brought Down AIG

Derivatives. You know that shadow banking system that is considered the main cause of the financial meltdown?

You know those not even understood financial vehicles which have caused billions in write downs?

Well, AIG wants to pay the people who create and trade these vehicles $450 million to retain them.

American International Group Inc., the insurer that nearly collapsed because of losses on credit- default swaps, offered about $450 million in retention pay to employees of the unit that sold the derivatives, according to two people familiar with the situation.

$1.68 Billion for Bailed Out Bank Executives

Aren't you glad your elected Congress took action and voted for a $700 Billion dollar financial bail out?

The AP has released a study. Of the 116 banks who has received $188 Billion in taxpayer money:

_The average paid to each of the banks' top executives was $2.6 million in salary, bonuses and benefits.

_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.

More Outrage - AIG Increasing Salaries by Double!

While America hits a record number for food stamps and the Auto industry goes beggin' and pleadin' to save their companies, AIG hands out massive executive bonuses and salaries!

Some executives in the group of 130 recipients will get more than $500,000 to stay through 2009, about 200 percent of their salaries.

The awards may equal 100 percent to 300 percent of an executive’s annual salary, and as much as 100 percent for the next round of payments for lower-paid employees, the person said. The retention payments are several times larger than year- end bonuses, which most of the 130 executives will still get in March, the person said.

No Limits on Executive Pay in Bail Out - Treasury Guts Measures with Interim Rule

In my opinion the legislation was all for show and had no real provisions to limit executive pay for bailed out financial institutions but now we have an even worse situation.

CBS MarketWatch is reporting the Treasury released interim rules for the banks receiving the $250 Billion

Some of the corporate governance and executive compensation rules in the original bailout legislation have since been softened by interim final rules drawn up by the Treasury as part of its plan to inject capital into banks.