Bankster of the Day
Today, all the banksters are Banksters for a Day! Bloomberg:
The CEOs of the top 20 financial companies in the ranking all chalked up pay packages in excess of $10 million, in a year when the performance of their commercial and investment banks and insurance companies was uniformly poor.
“The disparity between pay and company performance is as large as I’ve seen in my 33 years in this business,” says Frank Glassner, managing partner of Veritas Executive Compensation Consultants LLC.
The highest-paid U.S.-based CEO was Bruce Wasserstein, head of investment firm Lazard Ltd., with headquarters in Bermuda and principal offices in New York, Paris and London. He was awarded a total of $133 million in salary and stock awards in 2008 as part of a new contract, $96 million of which was a special retention award not scheduled to vest for five years.
Lazard shares returned negative 28 percent in the 12 months ended on May 27.
See, when the banksters loot the economy so badly it keels over, you get fired. They get paid millions more. Yay!
This is, indeed, class warfare. And the banksters are winning -- by the only measure they care about.