The Associated Press disclosed that $1.6B went to the top executives of bailed-out banks. In spite of apparently poor financial performances, these banks nonetheless gave fat executive pay packets. Exorbitant sums went to the salaries, cash bonuses, stock options, and sundry benefits of the top honcho of these bail-out awarded banks. Not to mention that they also continued their ‘personal use of company jets, chauffeurs, home security, country club membership, and professional money management.’

Absurdly, the aggregate amount that went to some 600 executives was commensurate to the bail-out for many of the 116 taxpayer bailed-out banks. The amount was to get these executives to continue working at the cost they had been used to get paid with, just so they continue to work. The extra money was for motivation. The total taxpayers help for the 116 banks has been pegged at $188 billion.

Goldman Sachs received a $10 billion bail-out package. Its president got a $54 million compensation package last year. A total of $242 million went to the company’s top five executives. As much as $233,000 per executive was spent for leased cars and drivers.

Merrill Lynch also got a $10 billion bail-out fund from taxpayers. Its CEO was the highest compensated last year at $83 million. While Merrill lost $7.8 billion, the CEO got $57,692 salary, $15 million signing bonus, and $68 million in stock options.

JPMorgan Chase received a $25 billion bail-out package. Its chairman spent $211,182 on private jet travel expenses alone.

It truly pays to be at the top of the ladder in corporate America.

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Via Yahoo! News