Saturday, October 10, 2009

Executives Paid Themselves Rather Well During Recession

Says this article in business.in.com:

“In the search for culprits in the global financial meltdown, bloated executive pay and the excessive risk-taking behaviour it fuelled stand out as prime suspects. Of the two, pay dominates the headlines and provokes the most public and political outrage.”

While the lower minions were being hit badly with the recession and it’s after effects (ah, I can breathe easy now the worst is over!) there is a lingering sneaky memory that while the lowly lost jobs and took pay cuts, the top cream of the executive churn enjoyed same pay and lavish perks, as they always did.

According to the above article bankers in the US gave themselves nearly $20 billion as bonuses in 2008, even as the economy was nose diving downward and the government was spending billions on bailouts. Obviously the person most miffed is Obama himself who says:

"exactly the kind of disregard for the costs and consequences of their actions that brought about this crisis — a culture of narrow self-interest and short-term gain at the expense of everything else."

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