Bailed-out banks & overpaid execs

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Posted: Jul 23, 2010 12:09 PM by Breanna Biehl
Source: AP

  Rating: 5.0 (1 vote)

Topics: execs, bailout, bank, tax dollars, bailed out, banks, executives, overpaid, Feinberg, treasury

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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