For sixteen years the Institute for Policy Studies has published an annual report on executive compensation. This year’s report focuses on TARP recipients. Some of their findings:
We paid the bosses well. The people leading the twenty banks to whom we gave the most money did very well. Over the past three years (2006 -2008) they averaged $32,000,000 each in compensation.
They cut their staff. These same twenty TARP recipients have laid off more than 160,000 people since the start of 2008. At the same time, the CEOs of these companies pulled down and average of $13,800,000.
And, of course, the gap between the compensation of the CEO and the average worker has gone from 30 – 40 times in the late 20th century to 319 times today. role of shareholders.
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