AP study finds $1.6B went to bailed-out bank execs
Dec 21 11:07 PM US/Eastern
By FRANK BASS and RITA BEAMISH
Associated Press Writers
Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits in the calendar year 2007, an Associated Press analysis reveals.
The average paid to each of the banks' top executives was $2.6 million in salary, bonuses and benefits.
Banks that got bailout funds also paid out millions for home security systems, private chauffeured cars, and club dues. Some banks even paid for financial advisers.
This cultural problem needs some drastic changes in the composition of financial executives and a break with the idiotic belief in the Free Market Fairy. I'm not so sure Obama realizes this:
CFTC Pick Worked to Exempt Credit Swaps
By Aliya Sternstein, CQ Staff
CQ TODAY ONLINE NEWS – ECONOMIC AFFAIRS
Updated Dec. 19, 2008 – 8:33 p.m
Gary Gensler, a veteran Treasury Department official tapped this week by President-elect Barack Obama to head the Commodity Futures Trading Commission... helped broker a deal on the Commodity Futures Modernization Act of 2000 (PL 106-554), which governs trading in energy and agriculture futures, that exempted credit default swaps from regulation.
In his May 1999 testimony on the reauthorization of the CFTC, Gensler told a House panel that the $70 trillion worldwide derivatives market “shows the vibrancy and the importance of this market for all sorts of participants to hedge their risks and transfer risks," including grain producers and homeowners.
Earlier in his career, he spent nearly two decades at Goldman Sachs.
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