17 Banks Bailed Out By Taxpayers Overpaid Execs By $1.6 Billion

Filed under: News, The Economy, Banking, Lynnette Khalfani-Cox

I guess this should come as no surprise, but a lot of our tax dollars were recently wasted on executive compensation. According to the Treasury Department's pay czar, 17 banks that received hundreds of billions of federal bailout dollars overpaid their CEOs and top executives.

How much excess cash was lavished on these execs? Try $1.6 billion. Mind you, this was just from the period of October 2008 to February 2009. The reason I say "overpaid" is because under new rules, those payments wouldn't have been allowed to go to these executives.


I don't even want to think about what the average bonus or cash salary must work out to for these guys (and yes, they are mostly men).

This is yet another reason to reform executive compensation in America. Sound off on the topic below.

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Lynnette Khalfani-Cox, an award-winning financial news journalist and former Wall Street Journal reporter for CNBC, has been featured in the Washington Post, USA Today, and the New York Times, as well as magazines ranging from Essence and Redbook to Black Enterprise and Smart Money. Check out her New York Times best seller 'Zero Debt: The Ultimate Guide to Financial Freedom.'

 

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