The sums of personal wealth generated through such financial skullduggery, under the protective arm of the government, are staggering. An Associated Press report published Sunday reveals that financial institutions which have to date received a total of $188 billion in taxpayer money through the $700 billion Troubled Assets Relief Program (TARP) paid their CEOs nearly $1.6 billion last year, or $2.6 million on average. In addition to TARP funds, the banks have been handed trillions in direct loans through the Federal Reserve.
Among the executives remunerated in the millions, even as many of their companies began to report losses from the subprime mortgage collapse, were:
* John Thain, CEO of Merrill Lynch, who was awarded $83 million. His firm, now merged into Bank of America, received $10 billion in TARP money.
* Lloyd Blankfein of Goldman Sachs, who took home $54 million. Goldman Sachs spread around $242 million to its top five executives. It has received $10 billion in TARP funds.
* Richard D. Fairbank, the head of Capital One Financial Corp., who was paid $17 million. Capital One was given $3.56 billion in TARP money.
* Bank of New York Mellon CEO Robert P. Kelly, who was paid $8.6 million. His firm received $3 billion from TARP.
Another Associated Press article, published Monday, documents the refusal of the banks to reveal what they have done with the billions in taxpayer funds they have received. The AP put questionnaires to 21 banks that each received more than $1 billion in the government bailout, posing four questions: "How much has been spent? What was it spent on? How much is being held in savings, and what's the plan for the rest?"
Not one bank answered the questions. I think they should be forced to repay the taxpayers for defrauding the public.
And it appears our federal government won't do jack shit to correct the problem.
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Toyota is also speeding towards the economic cliff.
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