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TOP EXECS CASH IN ON HUGE STOCK OPTIONS
NY Times - The top five executives at 10 financial institutions that took some of the biggest taxpayer bailouts have seen a combined increase in the value of their stock options of nearly $90 million, the report by the Washington-based Institute for Policy Studies said.
The report - which highlights executive compensation at such firms as Goldman Sachs, JP Morgan Chase, Morgan Stanley, Bank of America and Citigroup - comes at a time when Wall Street is facing criticism for failing to scale back outsized bonuses after borrowing billions from taxpayers amid last year's financial crisis. . .
It's also the latest in a string of studies showing that despite tough talk by politicians, little has been done by regulators to rein in the bonus culture that many believe contributed to the near-collapse of the financial sector.
The report includes eight pages of legislative proposals to address executive pay, but concludes that officials have "not moved forward into law or regulation any measure that would actually deflate the executive pay bubble that has expanded so hugely over the last three decades."
The report - which highlights executive compensation at such firms as Goldman Sachs, JP Morgan Chase, Morgan Stanley, Bank of America and Citigroup - comes at a time when Wall Street is facing criticism for failing to scale back outsized bonuses after borrowing billions from taxpayers amid last year's financial crisis. . .
It's also the latest in a string of studies showing that despite tough talk by politicians, little has been done by regulators to rein in the bonus culture that many believe contributed to the near-collapse of the financial sector.
The report includes eight pages of legislative proposals to address executive pay, but concludes that officials have "not moved forward into law or regulation any measure that would actually deflate the executive pay bubble that has expanded so hugely over the last three decades."
posted by TPR | 2:40 PM
2 Comments:
It is incredible that humans still do not have the concept of overpayunderpay.
When will this species develop the elemental good sense to stop shovelling 99% of all wealth and freedom to 1%?
Re: Under-Whiskeyed
As a Human, I resent your comment. And, in response I'd like to point out that I learned the intracies of the "overpayunderpay" concept Very Early in my working career.
And... I received a refresher every two weeks!
And... for years I even worked two jobs, with one check being smaller than the other.
I guess what I should have done was declare my property an Independent Republic. Form my own Religion, and declare war on the rest of the world. Then, after being bombed, emprisoned, interrogated, tortured, and forcefully "converted to christianity" I would gratiously accept Millions / Billions in War Reparations and Foreign Aid!
Then... I would be in the upper 1%.
And... I did it, therefore I just can't understand why all you poor people can't do the same thing. Just get up off your lazy behinds - and Make Something Of Yourselves!
I have no sympathy. Hrrrumph...
-DaTheorist
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