Barney Frank, the House Financial Services Committee Chair and poster boy for the liquidity imbalance that is the “Dream of American Home Ownership,” is shocked, shocked he tells you to discover that bank executives are being paid in here.
“Most of us sign on to do jobs, and we do them best we can,” said Mr. Frank. “We’re told that some of the most highly paid people in executive positions are different. They need extra money to be motivated!”
The shocking revelation:
An analysis compiled by The Associated Press has determined that the 116 banks that have thus far received taxpayer bailouts paid their top executives nearly $1.6 billion in salaries, bonuses and other benefits in 2007…
…and…
The AP review of annual reports that the banks file with the Securities and Exchange Commission found that the average paid to each of the banks’ top executives was $2.6 million in salary, bonuses and benefits.
These apparently “amount to a bribe to get them to do the jobs for which they are well paid in the first place.”
We have a soft spot in our hearts for Barney Frank. Unfortunately, we can’t find it today.
Mr. Frank, 2007 was characterized by record profits for most financial institutions. And Andrew Ross Sorkin, what kind of hatchet job do you have to be undertaking to use 12 month old figures to throw kerosene on the flames of class warfare? Did you hope readers might overlook the date? Absent any comparison figures these are useless in terms of expository journalism. Then there is the small matter of the banks that weren’t given an option except to accept bailout funds.
I suppose a more interesting article might have compared likely compensation figures this year (since we have the names of several bank executives who have voluntarily waived bonuses) compared to last year’s. Surely, it would have been a more accurate critique, and more socially effective, to wonder aloud what the compensation delta between the years might look like? And this, at least, would have given you the opportunity to show off the outstanding predictive and analytical ability of Dealbook, backed up, as it is, with the full faith and substantial resources and investigative journalistic backbone of The New York Times. Or maybe some of my assumptions are wrong?
Study Says Bailed-Out Executives Got $1.6 Billion [Dealbook]
WTF?
Barney Frank is the guy who has been butt-fucking a senior Fannie Mae executive and sponsoring legistlation that benefits Fannie Mae. He’s not shocked. He’s jerking off into the face of the taxpayers.
Elvis was a hero to most.
I’m a congressman… What is a “delta”?
Wait, hold on. Are you actually suggesting that Andrew Ross Sorkin is NOT the preeminent journalist of his generation????
Frankly, I’d like to see someone in the House turn down their pay after doing a bad job balancing the budget. I’d like to see them not accept money/gifts from their lobby.
It’s like they need to be bribed to run for office! It’s like they need money to vote for what they believe in!
The holier than thou shit from Washington can stop now. As much as CEOs didn’t know about the risks they were taking, the President and House and Senate didn’t (and still don’t) know about what is going on across the US in all areas they are supposed to be responsible (education, finance, infrastructure, crime, etc).
To big to fail/to big to manage = The USA.
538 person executive committee = The USA
Operating at a loss = The USA
@6
More taxes from you will fix the problems. Have no fear.
aren’t these the asshats (congress) who just voted themselves a raise despite having slightly lower approval ratings than dick fuld?
barney has desperately needed a big glass of shut the fuck up all year.
Allow me to play Devil’s Advocate EP. Looking back, weren’t some (not all) of the “record profits” in 2007, dare I say it, fictional? The market had not collapsed yet. Thoughts?
The Wall Street is the one that’s been engaged in class warfare on everyone who is not a member of its den of thieves.
It must be held accountable and there must not be a place on this planet for the thieves to enjoy their loot .
@9. Let it go. A more enthusiastic cheerleader for the more egregious practices of the finance industry would be hard to find.
Here’s someone who believes in the fairytale that nary a book was cooked, and fictitious profits created, and assets moved around for accounting purposes and stock values pumped without basis.
Too bad they still wouldn’t let you keep your private equity job EP.
@3 – Nicely done.
All I will say is 48% tax rate.
Your Welcome