Bank Executives Win Big In Bailout

UNDATED (AP) - Banks that are getting taxpayer bailouts awarded
their top executives nearly $1.6 billion in salaries, bonuses and
other benefits last year.
An Associated Press analysis finds executives were rewarded even
at poorly performing banks. Some trimmed their executive
compensation but still forked over multimillion-dollar pay
packages.
The benefits included cash bonuses, stock options, personal use
of company jets and chauffeurs, home security, country club
memberships and professional money management.
The total amount given to nearly 600 executives would cover
bailout costs for many of the 116 banks that have so far accepted
tax dollars.
The chairman of the House Financial Services committee, Barney
Frank, says the bonuses amount to a bribe to get bank executives to
"do the jobs for which they are well paid in the first place."
A member of Frank's committee, California Democrat Brad Sherman,
says bankers should have to come before Congress, like the
automakers did, and spell out their spending plans for bailout
funds.