Banks, Bail-Outs, and Bogus Bonuses

From Democracy Now!:

Report: Bailed-Out Banks Paid Out $1.6B in Excessive Bonuses

A new government report has accused Goldman Sachs, Bank of America, AIG, JPMorgan Chase and other financial institutions of giving out nearly $1.6 billion in unwarranted bonuses immediately after accepting billions of dollars from the taxpayer-funded bailout. The report will be released today by Kenneth Feinberg, the Obama administration’s special master for executive compensation. While the report criticizes the excessive bonuses, Feinberg has no authority to recoup the $1.6 billion. Meanwhile, Wall Street firms are expected to give out another round of large bonuses this year. Goldman Sachs is on pace to hand out an average of $544,000 per worker in salary and bonuses. At JPMorgan Chase, the average worker will take home $400,000, and at Morgan Stanley, $262,000.