Those CRAZY Welfare Dads on Wall Street
You know how Republicans are always blaming economic woes on ‘welfare moms’? (as though women ever had as much power to self-enrich as men have under Republican administrations, let alone women who might be netting $800 a MONTH from Welfare!)
Wall Street big-wigs have an obscenely profitable entitlement program of their own, aided and abetted by Republican President George W. Bush and his cronies…
For running Merrill Lynch into the ground, the top 5 officers split 85 MILLION DOLLARS in bonuses, plus there was a bonus pool of 9 BILLION DOLLARS.
Kind of makes the ’sins’ of the welfare moms seem like peanuts in comparison, doesn’t it, especially when you factor in that Welfare moms are MOMS and raising kids on that monthly check.
Well, check out this table by Barry Ritholtz of TARP recipients and their bonuses:
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2007senior-officer bonuses*/ total bonus pools**
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Bailout money
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2008Bonus Pools
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Merrill Lynch
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$85M/$9.5B
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$10B
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Reportedly, in December, just before Bank of America took over, John Thain quietly awarded $3 to $4 billion in bonuses, a month earlier than was customary.
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Bank of America
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$36M/$11.3B
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$15B
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The company granted 2008 retention bonuses to 6,200 Merrill brokers, and C.E.O. Ken Lewis declined to answer a question about this year’s bonuses at a shareholder meeting in December.
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Goldman Sachs
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$313M/$12.1B
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$10B
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Average compensation is reportedly down 45 percent in 2008 but will actually be a greater share of revenues than in 2007.
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Morgan Stanley
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$64M/$9.9B
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$10B
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The firm’s 2008 bonus pool is down 50 percent but is still estimated at $5 billion.
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Citigroup
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$54M/$20.7B
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$45B
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The ratio of compensation to revenues is reportedly not remarkably different for 2008.
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Wells Fargo
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$40M/$8B
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$25B
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C.E.O. John Stumpf and top executives have not said they will forgo their 2008 bonuses as of mid-January.
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J. P. Morgan Chase
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$91M/$13.6B
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$25B
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While net income was down 64 percent in 2008, bonuses are reported to be down only 30 to 50 percent.
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Total
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$683M/$85.1B
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$140B
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*Total of top five bonus packages (including stocks) received by highest-ranking officers.**Estimated as 60 percent of compensation where exact figures are not available.
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