Posted by Warm Southern Breeze on Saturday, September 3, 2016
Executive Excess 2016: The Wall Street CEO Bonus Loophole
This 23rd annual report reveals how taxpayers are subsidizing financial crisis windfalls.
By Sarah Anderson and Sam Pizzigati, August 31, 2016
This report is the first to calculate how much taxpayers have been subsidizing executive bonuses at the nation’s largest banks.
The study focuses on a 1993 Clinton administration reform that was intended to rein in runaway CEO pay by capping the tax deductibility of executive compensation at $1 million. But the new rule included a huge loophole for stock options and other “performance” pay. As a result, the more corporations hand out in executive bonuses, the lower their tax bill. This perverse incentive for excessive compensation has been a major factor in the explosion of CEO pay.
The financial bailout program closed this loophole for recipients, but only until Read the rest of this entry »
Posted in - Business... None of yours, - Politics... that "dirty" little "game" that first begins in the home., - Read 'em and weep: The Daily News | Tagged: #BonusLoophole, 2016, abuse, bailout, banks, Big Banks, Bill Clinton, bonus, bonus loophole, CEO, CEO Bonus, CEO Compensation, Clinton, Congress, executive excess, fraud, free ride, government, law, legislation, loophole, money, pay, policy, report, research, study, subsidize, subsidy, tax deduction, tax dollars, tax free, taxes, taxpayer bailout, Wall Street, waste, Wells Fargo | Leave a Comment »
Posted by Warm Southern Breeze on Thursday, December 17, 2009
Brian Williams has reported Thursday, December 17, 2009 on the NBC Nightly News that,
“New York state finance officials said today Wall Street is on track to shatter all profitability records this year.
Profits came in at just under FIFTY BILLION dollars
– that’s profit for the first three quarters of 2009 –
and that is much more than was expected for the entire year,
and a stunning TWO-AND-A-HALF times more than the previous record set back in the year 2000.
Bonus payments for bankers and traders could be as much as FORTY percent HIGHER than last year.”
Download the New York State Comptroller‘s report – Review of the Financial Plan of the City of New York, December 2009, Report 16-2010, by Thomas P. DiNapoli, New York State Comptroller – here:
See NBC Nightly News video here:
Posted in - Did they REALLY say that?, - Read 'em and weep: The Daily News | Tagged: bailout, bankers, bonus, bonuses, Brian Williams, comptroller, finance, fiscal, inconceiveable, money, NBC Nightly News, New York, New York City, New York State Comptroller, news, NY, phenomenal, profit, profits, record, records, Report 16-2010, Review of the Financial Plan of the City of New York, shatter records, state, stunning, Thomas DiNapoli, United States, Wall Street | 2 Comments »