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Bank Bailout: U.S. Treasury Department Mishandles Taxpayer Money
This is the sixth article in a series by Money Morning which examines banking’s use of the bailout money. Please leave us your thoughts and opinions — we’d be pleased to hear from you.
The U.S. Treasury Department has done nothing to make sure $700 billion in taxpayer-provided bailout money is used to buttress the weak U.S. mortgage market, which was the catalyst for the growing global financial crisis, congressional watchdog Elizabeth Warren said Friday.
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Warren, who heads a congressionally appointed…
12Jan2009 | Money Morning | 0 comments | ContinuedBanks That Got $188 Billion in Bailout Money This Year Paid Out $1.6 Billion to Top Execs Last Year
The 116 banks that are receiving billions in taxpayer-provided bailout money this year actually paid out $1.6 billion in compensation and benefits to their top executives last year – even though the results at some of these institutions were so poor that they would soon have to turn to Washington for a government-engineered rescue.
The $1.6 billion was paid out to nearly 600 executives at the 116 banks that have so far accepted federal money to bolster their financial foundations, The Associated Press concluded after a review of U.S. securities filings. In addition to salary, the compensation included bonuses paid in…
24Dec2008 | Money Morning | 0 comments | Continued
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