Posts Tagged ‘opinion; economy; banking; Wall Street; bonus; recession; CEO; compensation’

Apology

Tuesday, January 12th, 2010

It’s bonus season, folks, which means another round of outrageous compensation for the Masters of the Universe, the ones, you’ll remember, who got us into this mess. The only subject of conversation this time around seems to be whether the top bonuses will be seven figures or eight. Some of the soon-to-be obscenely wealthier than they already were recently have come out with mea culpas, evidently expecting that a less-than-sincere apology will innoculate them against the public anger that’s sure to follow.

In a related story, the AARP Bulletin reports that in 2008, S&P 500 companies handed out $44.5 billion in stock grants and options to top execs, compared to $39.5 billion put into employee pension funds. Financial firms gave out $2.30 in executive stock for every $1 put into employee funds.