Executives Pay Enhancement Conduit
"Ex-Goldman executive Treasury secretary Paulson donates 700 billion of your tax slips to old friends to keep their systemic crime system going. But listen, this is all for your own good."
September 22, 2008
First, let's pay all the bankers
Given that we taxpayers are probably going to pay $1 trillion or so to bail out Wall Street, it may seem trivial to nitpick over executive pay packages. I mean, at this point, a few more billion?
Lehman Brothers, which filed for bankruptcy last week, doled out about $5.7 billion in bonuses last year. Admittedly, that came after the company reported record profit, but much of that profit, it seems now, was suspect.
The top five executives got $81 million of that, according to Lehman's proxy statement.
Meanwhile, as many as 10,000 employees Lehman's New York office have a bonus pool of $2.5 billion set aside for them, while the 5,000 workers in London are left to wonder if they'll even have a job.
As Leon Gettler point out, it all underscores the perverse culture of Wall Street. If last year's profit leads to this year's bankruptcy, if profits were made by engaging in practices that ultimately kill the firm, should that behavior be rewarded?
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