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Endless greed… Bailed-Out Banks Awarded $1.6 Billion in Bonuses Amid Financial Crisis

First, read this to become enraged…


“At the time these payments were made, they were ill advised, bad judgment on the part of these companies, but they didn’t violate any statute, they didn’t violate any regulation at the time,” Feinberg told ABC News.

They were “in the face of the public interest, perhaps. But ‘contrary to the public interest’ — a statutory standard — no,” he said. “The taxpayer has a right to be outraged. Who wouldn’t be?”

Feinberg named the banks in a review of pay among the top 25 executives at 419 firms that received government assistance before February 17, 2009. Some of the payments exceeded $10 million, as in the case of one individual

The 17 firms identified in the report include American Express, AIG, Bank of America, Boston Private Financial Holdings, Capital One, CIT, Citigroup, JP Morgan Chase, M&T Bank, Morgan Stanley, Regions, Suntrust, Bank of NY Mellon, Goldman Sachs, PNC Financial Services Group, US Bancorp, and Wells Fargo.

Video here

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