The Treasury Department's pay czar said Friday that 17 banks gave their top executives $1.6 billion in lavish payments while they were receiving billions of dollars in taxpayer-funded bailouts.
Kenneth Feinberg said he did not have the authority to ask the firms to repay the money that was handed out during the financial crisis. But he said they should develop new rules on compensation that would allow them to slash compensation payments in future crises.
If the federal government does "not now have the authority to ask the firms to repay the money that was handed out during the financial crisis", then before handing out any more of our tax money as welfare for the rich, the feds should damned well get the authority.
Banks never learn, do they? They send the whole world down the S-bend financially and they go on forking out great big wads of cash to the incompetents who did it. Unbelievable.
ReplyDeleteAnd with our tax money!
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