Yesterday's Marketwatch.com has a piece on huge comp packages for executives at some of the largest companies receiving the bailout dollars. Gee, what a surprise. And what an outrage.
The rationale, and I use the term loosely, is that executives who were not paid well would not stay at the institutions to shepherd them through the payback phase. So, it seems that Patricia Geoghegan, who represented the Office of the Special Master (of the Special Inspector General for the Troubled Asset Relief Program), was pressured by the US Treasury, no less, into granting these fat cats' wishes.
49 different individuals received pay packages of $5 Million or more. During the worst economic downturn since the Great Depression, when real rates of unemployment are from 15% to 19%, depending upon whom you believe, it is astounding that the fear that top executives would quit drove such an egregious decision. Who are they kidding? Where would they go? Even now, most people with jobs are terrified of losing them. And a myriad others would be happy to work for a fraction of what these guys got.
It's easy to understand the OWS movement - who's watching out for the little guys?