Say Anything Blog

The American taxpayers were told that we needed to bailout the banks to save jobs and keep our economy from collapsing.  Little did we know that the jobs we were saving were those of the millionaire executives who guided these companies into insolvency.

Banks that have their hands out in Washington this year were handing out multimillion-dollar rewards to their executives last year.

The 116 banks that so far have received taxpayer dollars to boost them through the economic crisis gave their top tier of executives nearly $1.6 billion in salaries, bonuses and other benefits in 2007, an Associated Press analysis found.

That amount, spread among the 600 highest paid bank executives, would cover the bailout money given to 53 of the banks that have shared the $188 billion that Washington has doled out in rescue packages so far.

Some banks trimmed their executive compensation in the face of faltering performance that foreshadowed the current economic crisis, but they still granted multimillion-dollar packages. Benefits included cash bonuses, stock options, personal use of company jets and chauffeurs, home security, country club memberships and professional money management, the AP review of federal securities documents found.

If you ask me all of this bailout nonsense is little more than a power-grab by the government.  Yet another way for them to get their foot in the door for additional control over our markets.  This bailout money directed to the executives is little more than a bribe from the government to get them to go along.