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Monday, August 3, 2009

Bankers Reaped Lavish Bonuses During Bailouts

So while the Bank of America was in the process of laying off 30,000 employees, borrowing $35 billion dollars from the taxpayers (still not paid back), it was also paying out $3.3 billion dollars in bonuses to the very people that led it into financial disaster (Bankers Reaped Lavish Bonuses During Bailouts, New York Times, July 31, 2009: A1).

That is unconscionable.

If each of those about-to-be-laid-off employees had been earning $100,000 per year, these bonuses would have kept all, yes all, of them in employment.

How top management and the board of directors could make that trade-off, I will never understand.

Sent to New York Times

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