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Bank Bonuses
August 12, 2009
Banks and other recipients of taxpayer bailouts had to submit plans by Thursday detailing how they plan to compensate their 100 highest-paid employees. Kenneth Feinberg has been appointed by the White House to oversee compensation at the companies that took federal rescues during the worst days of the economic collapse. The Obama administration official could reject pay plans he considers excessive. He is expected to take two months to review the proposals. Senator Bernie Sanders laid out his position in a letter to Feinberg. “By denying bonuses to executives at these firms and imposing strict compensation limits you can send a strong signal to Wall Street that the era of excessive speculation is over,” the senator wrote.
“The average American is paying for the banking debacle not only in taxes for the bailout but with lost jobs and homes,” veteran journalist Robert Scheer pointed out at Truthdig.com in a column about outrageous bonuses.
To read the senator’s letter, click here.
To read Robert Scheer’s column, click here.
To watch the senator talk about banker bonuses, click here.
