Failing Bank Execs Still Take Home Millions!

How about a nice steaming bowl of outrage for breakfast this morning?

Of the 116 banks you and I bailed out recently gave their top tier of executives nearly $1.6 billion in salaries, bonuses and other benefits in 2007, an Associated Press analysis found. So my question is, "why are these banks paying their top executives so much when they are hemorrhaging money?"

Probably because the management of big business, particularly financial institutions has become a "Billionaire Boys Club". Boards packed with rich men predominately, grant big salaries to other rich men who sit on interlocking boards. It's a big Ponzi scheme where we as customers, investors and stakeholders get fleeced by those who are put in charge to prevent that very thing.

Money is moved from one pocket to another and every time some of it sticks to the execs and boards who go home fat and happy.

From an AP story:

Such bonuses amount to a bribe for executives "to get them to do the jobs for which they are well paid in the first place," said Rep. Barney Frank, the Massachusetts Democrat who chairs the House Financial Services committee.

"Most of us sign on to do jobs, and we do them best we can," said Frank. "We're told that some of the most highly paid people in executive positions are different. They need extra money to be motivated!"

Congressman Frank hits the nail on the head again! In the vernacular, the whole thing is Bulls*#t! I remember having a T-Shirt when I was much younger that said "Eat The Rich". I need to find that one again!