"Most of us
sign on to do jobs and we do them best we can," said Frank, a
Massachusetts Democrat. "We're told that some of the most highly
paid people in executive positions are different. They need extra
money to be motivated!"
Banks that are
getting taxpayer bailouts awarded their top executives nearly $1.6
billion in salaries, bonuses, and other benefits last year, an
Associated Press analysis reveals.
Benefits included cash bonuses,
stock options, personal use of company jets and chauffeurs, home
security, country club memberships and professional money
management, the AP review of federal securities documents
found.
The
total amount given to nearly 600 executives would cover bailout
costs for many of the 116 banks that have so far accepted tax
dollars to boost their bottom lines.
Rep. Barney Frank,
chairman of the House Financial Services committee and a
long-standing critic of executive largesse, said the bonuses
tallied by the AP review amount to a bribe "to get them to do the
jobs for which they are well paid in the first place.