Massive Pay Packages for Execs Who Got Taxpayer Bailout Money

[xchrom]

http://www.commondreams.org/headline/2012/01/27-0

Although there was a $500,000 salary cap on executives who received considerable assistance from the Troubled Asset Relief Program (TARP), the Treasury Department actually approved pay packages in the millions for those execs.

Treasury Department approves huge paydays for execs at firms who received TARP bailout money

The Treasury Department approved pay packages worth $5 million or more for 49 executives at a handful of firms that received the biggest taxpayer bailouts between 2009 and 2011.

A scathing new audit this week by the inspector general for the Troubled Asset Relief Program blasted those payments, all of which occurred despite a $500,000 salary cap that President Obama and Congress established in 2009 at firms receiving “exceptional assistance” under TARP.

[OhioChick]

1. K&R n/t

[Hotler]

2. Goldman Sachs CEO Lloyd Blankfien deserved it.

He told the senate sub-committee that he was doing god's work. I would so love to kick that man right in the nuts.

[xchrom]

3. +1