KA-CHING! FTIB.O CEO gets 56% raise!

Discussion in 'Economics' started by TGregg, Apr 5, 2010.

  1. TGregg


    NEW YORK (Reuters) – As 2009 came to a close, Fifth Third Bancorp (FITB.O) was preparing to report its sixth loss in seven quarters.

    The Cincinnati-based regional bank had received $3.4 billion of TARP funds with no immediate plan to repay. And its Midwestern market was still struggling with a shrunken auto sector and high mortgage foreclosure rates.

    Nonetheless, the board of Fifth Third, the nation's 17th-biggest bank, decided to increase the compensation of Chief Executive Kevin Kabat by 56 percent, to $5.2 million -- even though the bank was barred from paying him a bonus because of the bailout rules.

  2. S2007S


    The bailouts worked perfectly, Banks are now making billions and CEOs and employees are collecting millions in bonuses. The money is rolling in!!!