Give Us Your Money and Shut Up
December 23, 2008
By Bob Ingle
The Associated Press took a look at banks getting federal handouts. It found their top executives got almost $1.6 billion in salaries, bonuses and other benefits last year when the signs the economy was going to tank were abundant.
For instance, Lloyd Blankfein, president and chief executive officer of Goldman Sachs (alma mater to Corzine and the guy who dreamed up the corporate welfare scheme, Treasury Secretary Hank Paulson), took home nearly $54 million in compensation last year.
The company’s top five executives received a total of $242 million. This year the seven top executives have to get by on $600,000.
Poor lambs. But the company says the compensation is necessary to retain and motivate those “whose efforts and judgments are vital to our continued success, by setting their compensation at appropriate and competitive levels.”
Heck, you’d hate to see them take that expertise elsewhere. On Dec. 16 Goldman Sachs reported its first quarterly loss since it went public, thanks to Corzine’s efforts, in 1999.
It received $10 billion in taxpayer money on Oct. 28. The AP reported Goldman Sachs’ tab for leased cars and drivers ran as high as $233,000 per executive, and stockholders were told that financial counseling and chauffeurs are important in giving executives more time to focus on their jobs. Isn’t that the justification Corzine uses for his cabinet?