What Are The Names Of The Ceo's And Executives Who Took Bonus Money In 2008
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After Goldman Sachs, JPMorgan Chase, and Morgan Stanley announced hefty profits last autumn, the Obama administration's pay czar said that he'd cap pay at Citigroup, Banking company of America, and v other bailed-out companies. The move was largely symbolic: It capped salaries for only 25 executives, kept big stock bonuses in identify, and did nothing to address the culture of rewarding folks who sowed our economic destruction. Below, some of the players who fabricated out like bandits during the chimera and the bailout.
CLICK ON EACH WALL STREET EXEC BELOW TO SEE THEIR Compensation MEASURED AGAINST THEIR House'S BAILOUT
CLAIM TO FAME: Mr. Credit-Default Swap. In 2008, his unit cost AIG $99 billion. (AIG and so paid $1.v billion in bonuses and awards.)
QUOTE: Before the crash: "It is hard for us…to even run across a scenario within any kind of realm of reason that would see united states of america losing $1 in whatsoever of those transactions."
HIS BONUS, 2008: $34 one thousand thousand
HIS Haul, 2000-2008: $280 million
AIG'Due south TARP: $69.8 billion
ADDITIONAL BAILOUT: $112 billion
Vikram Pandit, Citigroup CEO, 2007-present
Claim TO FAME: Ordered a $l million individual jet, announced huge layoffs, and jacked upward credit carte APRs—after getting bailed out
QUOTE: Told Congress concluding February, "My salary should be $1 per year with no bonus." Didn't mention that he took $1.6 one thousand thousand in stock options as Citi lost $18.7 billion in 2008.
HIS Booty, 2008: $10.8 one thousand thousand
Robert Rubin, Citigroup Board of Directors, 1999-2009
Merits TO FAME: Equally Clinton's treasury secretarial assistant, he pushed to overturn regulations prohibiting finance-bank hybrids such every bit…Citigroup. QUOTE: Wishes he could take reined in Citi just "I don't know what I could have done" as only a board fellow member.
HIS Haul, 1999-2009: $124 million
CITI'S TARP: $45 billion ($20 billion repaid)
Boosted BAILOUT: $328.7 billion
Ken Lewis, Banking concern of America CEO and President, 2001-2009
CLAIM TO FAME: Okayed $three.6 billion of Merrill Lynch bonuses when buying the troubled firm. Said he'd return $one million in past earnings, merely all the same gets a $53 million pension.
QUOTE: He'southward against regulating "the banks that caused this mess" considering they'd been "held accountable by the toughest, most unforgiving principal of all: the free market."
HIS Booty, 2008: $x one thousand thousand
HIS HAUL, 2001-2007: $145 million
B of A's TARP: $45 billion (repaid)
Boosted BAILOUT: $18.one billion
Jamie Dimon, JPMorgan Chase CEO and President, 2005-nowadays
CLAIM TO FAME: Cutting comments ("That's the dumbest thing I've ever heard!") and cutting perks ("You're a businessman. Pay for your ain Wall Street Journal.")
QUOTE: Over luncheon at the Iv Seasons: "Corporations can waste a tremendous corporeality of coin. It's subversive. It's wrong."
HIS HAUL, 2008: $nineteen.7 1000000
HIS Haul, 2005-2007: $95.7 million
JPMC'S TARP: $25 billion (repaid)
ADDITIONAL BAILOUT: $73.ane billion
Lloyd Blankfein, Goldman Sachs CEO and Chairman, 2006-nowadays
CLAIM TO FAME: Oversaw Goldman'south risky bets on the housing bubble, and then turned the investment firm into a bank so it could get TARP money
QUOTE: Says the financial industry looks "self-serving and greedy in hindsight" but that he'due south been "doing God'due south work."
HIS HAUL, 2008: $42.9 million
HIS HAUL, 2006-2007: $114.four million
GOLDMAN'S TARP: $10 billion (repaid)
ADDITIONAL BAILOUT: $43.4 billion
John Thou. Stumpf, Wells Fargo CEO, 2007-present
CLAIM TO FAME: Made a tidy $12.vi million in first six months on the chore
QUOTE: Asked before Congress about his 2007 pay, he conceded that he'd gotten $67 million in stock—simply "at the values that pertained in 2007, which wouldn't look familiar to you lot now."
HIS HAUL, 2008: $13.viii one thousand thousand
WELLS' TARP: $25 billion (repaid)
ADDITIONAL BAILOUT: $13.4 billion
John J. Mack, Morgan Stanley CEO, 2005-2009, and Chairman, 2005-present
Merits TO FAME: Earned the sobriquet Mack the Knife past slashing jobs. His battle cry: "There's blood in the h2o; let's go kill!"
QUOTE: Told Congress, "If you gave me no bonus in the best year, I would still exist here," simply later griped that smaller mail-bust bonuses led to "an exodus of cardinal people."
HIS Booty, 2008: $1.2 million
HIS Booty, 2005-2007: $77.7 meg
MORGAN'S TARP: $ten billion (repaid)
ADDITIONAL BAILOUT: $25.9 billion
John Thain, Merrill Lynch CEO, 2007-2009
CLAIM TO FAME: Asked for a $10 1000000-plus bonus as Merrill lost $27.6 billion in 2008. And then redid his part for $1.two million and approved bonuses all effectually. As the firm'south hidden debts near scuttled its sale to B of A, he headed to Vail.
QUOTE: Bonuses were "the right thing to practice for…the reward of the people who were performing."
HIS Booty, 2007: $83.1 1000000
MERRILL'Southward TARP: $10 billion
Additional BAILOUT: $6.8 billion
This chart is part of Mother Jones' coverage of the financial crisis, i twelvemonth later.
Source: https://www.motherjones.com/politics/2010/01/wall-street-bailout-executive-compensation/
Posted by: reeselationd.blogspot.com
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