Ken Feinberg appears on stage Friday to announce that 2008 bank bonuses were "ill-advised," but assures us of "the wisdom of TARP."
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Posted by Dr. Pitchfork.
I didn't want to cover the Feinberg Report on 2008 Bank Bonuses. For one thing, as much as I relish the idea, the pre-release rumors of "clawback" were obviously unfounded -- obvious, because there is NO WAY IN HELL the Bush-Obama regime is going to do jack squat about the (ongoing) bank bailouts. Ever. Trust me, "[y]ou can take that to the bank." The Feinberg Report is just one more sorry act in the sordid bailout drama, and the report's sole focus on 2008 is itself a typical Kabuki maneuver (What about 2007 and 2009?). Just as farcical is Feinberg's contention that since many of the banks have paid back their bailout money, we can now rest assured of "the wisdom of TARP." Oh dear. Pass the puke bucket, s'il vous plait.
Nonetheless, the Feinberg Report provides us an occasion to revisit (once again) the scene of the crime. In particular, let's just take a moment to remember which crooks made off with how much, because they all got off scot-free. (Well, maybe Obama is right after all -- maybe they really are "very savvy businessmen.")
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N.B. These are just off the top of my head, in no particular order. Feel free to add any names and numbers in comments.
- Jamie Dimon (JPM): $27.8M in 2007; $17M in 2009
- Ken Lewis (BAC): $20.4M in 2007; $9M in 2008; retires w/ $53.2M pension in 2009
- Dick Fuld (Lehman): $34M in 2007
- Lloyd Blankfein (GS): $70M in 2007; $9M in 2009
- Gary Cohn (GS): $72.5M in 2007; $15.1M in 2009
- John Winkereid (GS): $71M in 2007;
- Martin Sullivan (AIG): $14M in 2007
- John Mack (MS): $1.6M in 2007; $0.9M in 2009
- Colin Kelleher (MS): $21M in 2007;
- Stan O'Neal (Merrill): $160M in 2007
- John Thain (Merrill): $17M in 2007;
- Daniel Mudd (Fannie Mae): $11.6M in 2007
- Richard Syron (Freddie Mac): $18M in 2007
- G. Kennedy Thompson (Wachovia): $21M in 2007
- Chuck Prince (Citi): $38M in 2007
- Jeffrey Edwards (Merrill): $14.7M in 2006;
- Tom Montag (BAC): $29.9M in 2009
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Dr. Pitchfork is Ivy educated, has 2 advanced degrees, is completing a PhD, and has a keen taste for truth, rebellion, and occasionally some tea. He recently returned from a family trip to Ireland, where he became intimate with the Irish medical system.