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Rewarding failure: Bank Bonuses Far Exceed Profits

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posted on Jul, 31 2009 @ 09:35 AM
According to the report:

  • Goldman Sachs, which earned $2.3 billion last year and received $10 billion in TARP funding, paid out $4.8 billion in bonuses in 2008 - more than double their net income.
  • Morgan Stanley, which earned $1.7 billion last year and received $10 billion in bailout funds, handed out $4.475 billion in bonuses, nearly three times their net income.
  • JPMorgan Chase, which earned $5.6 billion in 2008 and received $25 billion from the government, paid out $8.69 billion in bonus money.
  • Citigroup and Merrill Lynch lost a combined $54 billion last year. They received a total of $55 billion in bailouts and paid out $9 billion in combined bonuses. ($5.33 billion for Citigroup; $3.6 billion for Merrill Lynch, which was subsequently acquired by Bank of America.)

Full report:

Other banks pared back bonuses even more amid the harsh downturn. State Street Corp. earned around $1.8 billion and paid out nearly $470 million in bonuses. They received $2 billion in bailout money.

Bank of New York Mellon made posted a net income of $1.4 billion and paid out $945 million in bonuses. They took $3 billion in government aid.

Yes lets take taxpayer cash and use it to pay our employees huge bonuses. Imagine if we could all be able to pull this kind of **** off and get away with it.


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