Bailed-Out Bank Executives Reaped $1.6 Billion

December 23, 2008

The same Wall Street banks that are being bailed out by taxpayers gave their executives nearly $1.6 billion in salaries, bonuses and benefits in 2007, the Associated Press reported this week.

The AP analysis found that "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."

Little wonder that workers voting on the Jobs with Justice website named Wall Street executives the "Grinch of the Year" for 2008.

Big bonuses were awarded even at banks doing poorly, AP said, writing that "Benefits included cash bonuses, stock options, personal use of company jets and chauffeurs, home security, country club memberships and professional money management."