This week the AFL-CIO launched their annual Executive Pay Watch and chose 6 of the Wall St. Banks as case studies. Bank of America, Citigroup, Goldman Sachs, Morgan Stanley, Wells Fargo/Wachovia, and JP Morgan all received government bailouts in order to steady our economy, free up credit to loan to small business and stimulate job growth.
Instead, they’ve handed out huge bonuses to their highest execs and are paying for armies of lobbyists to kill financial reform.
Even in the face of a national disaster when in the final 18 months of the Bush administration, we lost 20% of our national wealth. This is all the wealth that was accumulated in America over the course of 2 centuries and we lost it in 18 months.
– Rep. Alan Grayson (FL-D), PayWatch Launch
Contact Senators Webb and Warner and tell them to put an end to the reckless games on Wall Street by re-regulating our financial system.
In addition to documenting these arrogant corporate practices, the 2010 Executive Pay Watch site includes all kinds of interesting info and tools including a searchable database, a list of the highest paid CEOs in Virginia and trends in CEO pay.