We should be so lucky!

While many Americans probably cut back on Christmas this year due to uncertain economic times, the approximately 600 bank executives we bailed out most likely didn't have to take those measures. Most of them seem to be doing quite well financially, and they don't feel there's any need for them to account to the people who are supporting them for what they spend.

Last year, when it was becoming quite obvious these institutions were in trouble, their top executives were still rewarded to the tune of $1.6 billion in salaries, bonuses, and other compensation such as chauffeurs, the use of private jets, country club memberships, and home security systems. That's about $2.67 million each. One executive, John Thain, who was hired at the beginning of December 2007 by Merrill Lynch, pocketed $83 million for his one month of service. Admittedly, $68 million of that was stock options which probably aren't worth anything anymore, but that still leaves a tidy little sum for one month of work. Heck, it's a tidy little sum for 100 years of work for most people!

You would suppose that with all the publicity, these executives would feel at least a little bit of shame. That doesn't seem to be the case. They're still flying around on their fleets of private jets. It costs about $20,000 every time one of those jets makes a cross-country trip. Just out of curiosity, I checked American Airlines for a round trip flight next week from New York to Los Angeles. Prices range from $694 to $1294. They could fly 13 executives out on American and put them up in a posh hotel for what it takes to fly a corporate jet out one time. And I seriously doubt they have 13 executives on board at any one time. As long as the taxpayer is supporting these greedy you-know-whats, they should have no private jets, no chauffeurs, no country club memberships, no home security, and NO multi-million dollar salaries!

"Bailout execs paid $1.6B." The Dallas Morning News; December 22, 2008; p. 1A.
"Execs still flying pricey corporate jets." The Dallas Morning News; December 22, 2008; p. 12A.