Citi, BOA top managers pocketed $18 million pay in 2008
Nightmare On Wall Street To Continue
Crackdown is a joke
Biden aide defends big bank profits, bonuses
Big Pay at Banks, but Money From Taxpayers?
The Pay Czar Is Unconstitutional
Dylan Ratigan Dresses As Thomas Jefferson
Can Citigroup Carry Its Own Weight?
And yet more proof that retention bonuses are stupid
What do you know? The suits at troubled finance firm GMAC must like working for less money. How else to explain that GMAC is reportedly trying to get a third helping of government rescue funds?
GMAC is one of the seven firms that the Obama administration announced sweeping changes in executive compensation for last week.
The federal pay czar is doing his job. He’s cutting enormous paydays for executives of banks and other institutions that took TARP money. That’s as it should be. Those banks performed terribly. Several would have simply vanished if the government hadn’t bailed them out. Since capitalism is all about rewarding risk and merit, these executives don’t deserve extraordinary payments.