WSJ: AFL-CIO Slams Bankers' Pay On New Web Site

http://online.wsj.com/article/BT-CO-20100413-713560.html?mod=WSJ_latestheadlines

* APRIL 13, 2010, 5:18 P.M. ET

By Jessica Binsch


Trying to tap into anger about bailouts for U.S. banks, labor leaders unveiled a Web site on Tuesday that is devoted to criticizing multimillion-dollar pay packages for executives at six big banks.

The AFL-CIO updated its "paywatch" Web site to focus on pay and lobbying at the big banks.

"This year's paywatch is especially timely," said Richard Trumka, president of AFL-CIO, "because it taps into the anger of working Americans about pay packages for CEOs of financial institutions."

The six case studies look at compensation and lobbying expenses at Bank of America Corp. (BAC), Citigroup Inc. (C), Goldman Sachs Group Inc. (GS), J.P. Morgan Chase & Co. (JPM), Morgan Stanley (MS) and Wells Fargo & Co. (WFC), each of which received billions of dollars from the Troubled Asset Relief Program. All but Citibank have since repaid the federal government, thereby ending oversight over their executives' compensation.

The labor union hopes to build on public frustration to gather support for financial-regulatory reform, including creation of a Consumer Financial Protection Agency. The union is planning a rally, which is expected to draw 10,000 people to Wall Street, on April 29.

FULL story at link.