Saturday, October 18, 2008

Big rewards for losing billions...

Executives working for firms that are being bailed out and who have helped the firms lose billions nevertheless get millions in pay and bonuses. This is the democratic capitalism and free enterprise that Bush is so anxious to save apparently. This is from the Guardian.

.....Much of the anger about investment banking bonuses has focused on boardroom executives such as former Lehman boss Dick Fuld, who was paid $485m in salary, bonuses and options between 2000 and 2007.
Last year Merrill Lynch's chairman Stan O'Neal retired after announcing losses of $8bn, taking a final pay deal worth $161m. Citigroup boss Chuck Prince left last year with a $38m in bonuses, shares and options after multibillion-dollar write-downs. In Britain, Bob Diamond, Barclays president, is one of the few investment bankers whose pay is public. Last year he received a salary of £250,000, but his total pay, including bonuses, reached £36m.......

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