US Banks Brace For Firestorm As Bonus Payouts Due

[Purveyor]

Source: AFP

By Rob Lever (AFP) – 3 hours ago

WASHINGTON — Major US banks are gearing up to announce annual bonuses for top executives while bracing for a political firestorm over compensation practices that critics say fueled the global financial crisis.

A number of multimillion-dollar bonus payments are likely, even though most of the payouts are likely to be in the form of stock, with restrictions aimed at discouraging excessive risk-taking at many banks.

With announcements expected in the coming days and weeks, the administration of President Barack Obama has warned that hefty payouts could lead to a political backlash.

"This big-bonus season of course is going to offend the American people. It offends me," said Christina Romer, chair of the president's Council of Economic Advisors, in a television interview.

White House spokesman Robert Gibbs told reporters Monday that many bank executives "just continue not to get it," referring to public displeasure on bonuses.

Read more: http://www.google.com/hostednews/afp/article/ALeqM5iijgRHeEmVBfPZHGlR1s3jAyu7lg

[gateley]

1. The bank executives "just continue not to get it", Gibbs, because no one is

MAKING them get it. They're not going to put an end to their own gravy train. Somebody else has to stop it. That's what I thought we were going to do.

[PSPS]

2. Don't worry, banksters. Obama's got your back.

Do you want fries with that $14 trillion of taxpayer money?

[xfundy]

5. At least he's trying.

What are YOU doing? For starters, you could move your money (if you have any left) to a local bank or credit union.

[Dr.Phool]

3. Give them all French Revolution Severance Packages!

[annm4peace]

4. Wells Fargo executives and top sales people celebrate in San Francisco 2/3-2/6

Union Square Hilton Hotel.

Might want to bring up any issues with them at that time.