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Bailed-out banks & overpaid execs

4 years ago July 23, 2010 Jul 23, 2010 Friday, July 23 2010 Friday, July 23, 2010 11:09:11 AM EDT in News
Source: AP

The Treasury Department's pay czar says 17 banks gave their top executives $1.6 billion in lavish payments while they were receiving billions of dollars in taxpayer-funded bailouts.

Kenneth Feinberg says he doesn't have the authority to ask for the money back, but says the federal govt. should develop new rules on compensation that would allow them to slash payments in future crises.

 

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