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Saturday, March 03, 2012

Banksters collect millions while their stocks crash

iStock Analyst reports, "Banks may have been the hardest hit this year in the stock market, but the CEOs who run them are doing just fine.""
"According to data from Rochdale Securities analyst Dick Bove, while the 23 financial institutions he follows saw their stock prices and market cap drop by more than -30% and -11%, respectively, bank CEO compensation averaged $7.74 million. That means the banking heads brought in 50 to 100 times the average worker.
"Take [Bank of America's] CEO Brian Moynihan who will earn $2.26 million this year while his bank's market value dropped -60% – the worst in Rochdale's study.
"Chase CEO Jamie Dimon will earn $41.9 this year — the most among the bank CEOs in Bove's coverage list — for a bank that saw its stock lose roughly -23% this year.
"There's also Goldman's Lloyd Blankfein whose compensation was nearly $22 million, while  the investment bank he runs  – Wall Street's most powerful — lost more than -46% of its market cap."
Source: http://bit.ly/wEk8pd
So, the way I see it, these plutocrat banksters and fraudsters are being generously rewarded with mulit-milion dollar payouts for mismanaging their companies and destroying the assets of those companies.
Am I the only guy around that thinks these guys should be terminated for their gross incompetence and mismanagement--if not tarred-and-feathered and run out of Wall Street on a rail?
Or, maybe a more humane way of dealing with these social parasites would be to send them to the mail room to sort the mail at Minimum Wage.  There's not much they could mess up there, and at least their compensation would be commensurate with their actual work.
Jagor

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