Pay czar: 17 bailed-out banks overpaid executives

Discussion in 'Economics' started by SomeYoungGuy, Jul 23, 2010.

  1. WASHINGTON (AP) -- The Obama administration's pay czar said Friday that he did not try to recoup $1.6 billion in lavish compensation to top executives at bailed-out banks because he wanted to protect the banks from possible lawsuits.

    Kenneth Feinberg said 17 banks receiving taxpayer money from the $700 billion financial bailout made "ill-advised" payments to their executives. But he stopped short of calling them "contrary to the public interest," language that would have signaled a fight to get it back.

    Feinberg said such a fight could expose banks to lawsuits from shareholders trying to recapture the executives' money. Feinberg said his public shaming of the 17 banks was punishment enough.

    more at:

    I don't begrudge someone their right to make a pile of money. I do however have a problem when they fail spectacularly, and then take my money to bail out their incompetent asses and pay themselves from the proceeds.
  2. olias


    This sucks. It sure leads one to conclude that the banking elite are in cahoots with the government.
  3. MattF


    fear. The government and the banks should just engage in all out war. Winner take all.
  4. Rather than demanding they return the money, Feinberg invited the 17 banks that overpaid workers to give their boards of directors more power to withhold pay during
    ........................future crises........................

    Anybody catch that-----------------
  5. useless pay czar
  6. pupu


    What did the people do with the Russian Czar?