Wall Street CEOs still flying private jets

[democracy1st]

Run time: 03:49 https://www.youtube.com/watch?v=5gIlxFggCuU   Posted on YouTube: February 11, 2009 By YouTube Member: Views on YouTube: 0   Posted on DU: February 12, 2009 By DU Member: democracy1st Views on DU: 1294

 

Bailed-Out Wall Street CEOs Still Leasing Private Jets, Hoping To Keep Up To $1.5 Million In Salary This Year»
In November, Big Three automaker CEOs were ridiculed by Congress for taking private jets to Washington to plea for a federal bailout. Subsequently, the CEOs quickly curbed their jet travel.

Wall Street execs seem not to have learned the lesson. In a House Financial Services Committee hearing today, Rep. Brad Sherman (D-CA) asked bailed-out bank CEOs if their companies still “own or lease” private planes. Only one (Goldman Sachs CEO Lloyd Blankenfein) out of eight did not raise his hand:

SHERMAN: I’d like you to raise your hand if your company currently owns or leases a private plane. Let the record reflect that all the hands went up except the gentleman from Goldman Sachs. Gentleman, we know that it’s extremely expensive to operate the planes. You could sell them and generate capital for your company, and that capital could be used to repay taxpayers immediately.

“The big show of not buying one particular new plane flies in the face of how you are really flying,” Sherman scolded the CEOs, likely referring to Citigroup’s recently scrapped plans to take a $50 million corporate jet.


The CEOs also disclosed that several of the them are still being generously compensated. While all said they gave up their bonuses, all except one earned between $600,000 and $1.5 million in salary last year.

Rep. Dennis Moore (D-KS) asked the CEOs if they planned on retaining the following salaries in 2009. All indicated that they would. Notably, Citigroup’s Vikram Pandit said that he would keep a $1 per year salary until his bank became profitable again:

Wells Fargo CEO John Stumpf: $850,000
Citigroup CEO Vikram Pandit: $1
Morgan Stanely CEO John Mack: $800,000
State Street Corp. CEO Ronald Logue: $1 million
Bank of America CEO Ken Lewis: $1.5 million
Bank of New York CEO Robert Kelly: $1 miillion
JP Morgan CEO Jamie Dimon: $1 million
Goldman Sachs CEO Lloyd Blankenfein: $600,000

Wells Fargo’s Stumpf had some trouble remembering his salary. “My compensation in 2008, I’m embarrassed, I think it was 850 — I can’t remember the exact number. Let’s say $850,000,” he said.
http://thinkprogress.org/

[Jim Sagle]

1. REALLY, dahlink...if you have to remember what you make, it's just not enough.

;)

[rpannier]

2. As to Lloyd Blankenstein the cap of $500,000 should be no problem

He'll just have to give up his private trainer and his 2 vacations a year

As to Stumpf maybe he can have 50.00 or 500.00 or 500,000.00 we won't remember until it's timeto pay him

I found this tidbit on the internet that pissed me off no end:

Does this money buy a chief executive stockholders might prize, a well-to-do man with a certain sureness of stride, something that might be lost if the executive were crowding onto the PATH train every morning at Journal Square, his newspaper splayed against the back of a stranger’s head?

They should be the first one's taken out and drowned

[Richd506]

3. That one CEO who is taking only $ 1.00 a year can afford to do that

Cause he's probably got millions in the bank to help him. If only I could live on a dollar a year...

[EnviroBat]

4. And lets not forget.

1 dollar a year = 0 income tax.

These fuckers should be strung up and publicly executed.

[sattahipdeep]

5. How is it that Mary Shapiro gets rewarded?

The FINRA is, and was, responsible for monitoring Bear Stearns, Goldman Sachs, Lehman Brothers, et al.


"Schapiro, who received $2.8 million in salary and incentive compensation last year from FINRA, will make $162,900 this year as SEC chairman."

So Thomsen was clearly thrown to the dogs as the sacrificial lamb earlier this week but, come on, Schapiro's just as useless. And as Markopolos pointed out, corrupt

....
01:02:11 MARKOPOLOS

01:02:39 REP.SHERMAN

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01:05:01 REP.CASTLE

01:05:36 MARKOPOLOS

http://www.c-spanarchives.org/library/index.php?main_page=product_video_info&products_id=283836-1

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=385&topic_id=269332&mesg_id=269727