Financial executives are still receiving perks despite owing money from bailout and the struggling economy. In a report on msnbc.com many executives are still being overly compensated for their failing institutions. Everything from jets, country club memberships, and extra pay are still going to the executives who are at the helm of financial institutions that were sinking or are still in uneasy waters.
Some perks to executives are mounting to hundreds-of-thousands of dollars and it has taken congress to step and stop these actions. Yet it is troubling when executives of companies like Bank of America and CIT Group are given taxpayer money and still continue to feed their own bank accounts and lavish lifestyles without regard or appreciation for the help that has been given them. Some banks were given bailout money months ago and when the misuse of these funds came to light and Americans cried foul, so it would stand to reason these executives would have woken up and been more humble in their receipt of the bailout but perks continue.
There are some executives who have returned bonuses, stopped using private jets, and generally given up perks and took less pay until they have paid back the bailout money. However, the majority are still using their company’s funds for personal reasons citing the old excuse that perks have to be given to the best in the field so they will be kept happy. Again, these executives failed at their job and are still being treated like royalty, and this begs the question, why? Some executives are taking less pay but getting more perks so their seemingly noble act of cutting their income is offset by an increase in benefits. If an executive makes less in a year than normally, but they have the vast majority of their expenses paid by their financial institution what have they lost?
This old story of the rich getting richer by way of taxpayer bailouts is something that shouldn’t be an issue. In America anyone who works hard, is intelligent, and can earn a living no matter how humble or extravagant has the absolute right to do so. Anyone who can make a billion dollars by using what they know is simply working out the American Dream, but when people fail at their job, cause an economy and a nation’s people to suffer as a result of their concern only for themselves, those people should in no way be rewarded or be given the chance to receive perks for a job not well done.
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