Regional bailed out bank executives living off the fat of the land

As if the national bankers weren’t bad enough, now this. How do they possibly justify these pay increases and why are they not being called out? Everyone has had enough of socialized losses and privatized profits. Increasing the CEOs pay by over 50% is obscene in this climate. Reuters:

Yet at the same time, Fifth Third, PNC, Regions, KeyCorp and other large heartland banks have been quietly approving pay increases for their top executives as well. Even banks that had yet to repay TARP money rewarded their bosses handsomely.

While far from Wall Street—and away from the spotlight—the pay practices of the so-called second tier banks are still a concern.

U.S. Rep. Peter Welch, a Democrat from Vermont who has proposed a tax on bonuses, called it a “rip-off” for banks still receiving taxpayer support to reward their CEOs with pay increases.

“Whether they call it a bonus, a stock option, or they inflate their salary, that is wrong and a rip-off,” Welch said.

An American in Paris, France. BA in History & Political Science from Ohio State. Provided consulting services to US software startups, launching new business overseas that have both IPO’d and sold to well-known global software companies. Currently launching a new cloud-based startup. Full bio here.

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