$1.6B Of Bank Bailout Went To Execs

Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an Associated Press analysis reveals.

Benefits included cash bonuses, stock options, personal use of company jets and chauffeurs, home security, country club memberships and professional money management, the AP review of federal securities documents found.

The total amount given to nearly 600 executives would cover bailout costs for many of the 116 banks that have so far accepted tax dollars to boost their bottom lines.

http://www.cbsnews.com/news/16b-of-bank-bailout-went-to-execs/

U.S. Plans $500,000 Cap on Executive Pay in Bailouts

http://www.nytimes.com/2009/02/04/business/04pay.html?_r=0

Limits on Executive Pay May Prove Toothless

Now, however, the small change looks more like a giant loophole, according to lawmakers and legal experts. In a reversal, the Bush administration has not used auctions for any of the $335 billion committed so far from the rescue package, nor does it plan to use them in the future. Lawmakers and legal experts say the change has effectively repealed the only enforcement mechanism in the law dealing with lavish pay for top executives.

http://www.washingtonpost.com/wp-dyn/content/article/2008/12/14/AR2008121402670.html