Wednesday, September 24, 2008
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OURTRAGE: Wall Street CEO's get Bailed out and STILL GET THEIR BONUS
And the pay is just the beginning.  Note that Lehman Brothers, which
just want belly-up, is still planning on paying out 2.5 billion in 
BONUSES.
See: http://digbysblog

CEO pay: What those involved in the financial meltdown made
Phoenix Business Journal - by Mike Sunnucks and Chris Casacchia

As Congress considers a $700 billion bailout for Wall Street and the 
banking sector, there are calls to restrict the pay and severance packages for CEOs at 
investment houses, banks and mortgage lenders poised to be benefit from the plan 
put forward by U.S. Treasury Secretary Henry Paulson and Federal Reserve chairman Ben 
Bernanke.

Executives from some of the major investment and commercial banks 
involved in the financial upheaval and bailout earned hefty paychecks last year, 
according to proxy statements outlining their salaries, bonuses and stock options:

   * Lehman Brothers Chairman and CEO Richard Fuld Jr. made $34 
million in 2007. Lehman (OTC:LEHMQ) filed for Chapter 11 Bankruptcy protection earlier 
this month.

   * Goldman Sachs (NYSE:GS), which Sunday gained Federal Reserve 
Bank approval to
become a bank holding company, paid its Chairman and CEO Lloyd 
Blankfein $70 million last year. Co-Chief Operating Officers Gary Cohn and Jon 
Winkereid were paid $72.5 million and $71 million, respectively.

   * American International Group’s chief executive Martin Sullivan 
got a $14 million compensation package in 2007. He was ousted in June. The 
insurance giant (NYSE:AIG) is on the receiving end of an $85 billion federal bailout. 
Edward Liddy took over as AIG’s chief executive earlier this month.

   * Morgan Stanley Chairman John Mack earned $1.6 million. Chief 
Financial Officer
Colin Kelleher got a $21 million paycheck in 2007. Morgan Stanley 
(NYSE:MS) also received approval to become a banking holding company, a shift that 
allows Morgan and Goldman to bring in bank deposit assets which offer more 
solid financial footing.

   * Merrill Lynch CEO John Thain was paid $17 million in salary, 
bonuses and stock options in 2007. Merrill (NYSE:MER) is being acquired by Bank of America
(NYSE:BAC). BofA CEO Kenneth Davis earned $25 million in 2007.
  
* JP Morgan Chase & Co. Chairman and CEO James Dimon earned $28 
million in 2007. Chase (NYSE:JPM) acquired troubled investment house Bear Stearns 
earlier this year with the federal government promising to take on as much as $30 
billion in Bear assets to help get the deal done.

   * Fannie Mae CEO Daniel Mudd received $11.6 million in 2007. His 
counterpart at Freddie Mac, Richard Syron, brought in $18 million. The federal 
government announced earlier this month it was taking over the mortgage backers 
with Herbert Allison to serve as Fannie CEO and David Moffett the new CEO 
at Freddie.
  
* Wachovia Corp. Chairman and CEO G. Kennedy Thompson received $21 
million in 2007. He was succeeded by Robert Steel as CEO in July. Steel is slated 
to get a $1 million salary with an opportunity for a $12 million bonus, 
according to CEO Watch. Wachovia (NYSE:WB) is one of the banks that could be sold in 
the midst of the financial crisis.
 
 * Seattle-based Washington Mutual (NYSE:WAMU) will pay its new CEO 
Alan Fishman a salary and incentive package worth more than $20 million through 
2009 for taking the helm of the battered bank, according to the Puget Sound 
Business Journal.

   * CEOs of large U.S. corporations averaged $10.8 million in total 
compensation in 2006, more than 364 times the pay of the average U.S. worker, 
according to the latest survey by United for a Fair Economy. In 2007, the CEO of a 
Standard & Poor’s 500 company received, on average, $14.2 million in total 
compensation, according to The Corporate Library, a corporate governance research 
firm. The median compensation package received was $8.8 million.


The Puget Sound Business Journal, a sister publication, contributed to  this story.

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Wednesday, September 24, 2008 2:22:11 PM (Eastern Daylight Time, UTC-04:00)    Disclaimer  |  Comments [1]  |  Related posts:
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RIP Majel Barrett

Thursday, September 25, 2008 12:52:18 PM (Eastern Daylight Time, UTC-04:00)
I thought they weren't going to get their bonuses? Aren't these people going to get replaced? It should be just like the rest of us; if they don't do their job, they no longer have one.


Angela
Angela
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