By Kathy Jones and Katie Paul,
and Matthew DeLuca
Chief executives at big banks take on big risks, and for that, they are paid millions. But what happens when the risks don't pay off? Should CEOs still get to walk away from the wreckage with gilded severance packages while employees lumber off with boxes and broken dreams? Don't taxpayers deserve a refund of multi-million-dollar payouts for paying billions to bail out these firms? Almost all these CEOs say no, but lately, Congress and federal regulators seems to be saying yes. Some compensation has been cut, and some could be capped under proposed regulations. Some ex-CEOs may face fraud charges, and a few have been hauled before Congress--such as those at AIG, which was lambasted by lawmakers for sending executives to a $440,000 junket after getting an $85 billion government bailout. Despite all this scrutiny, plenty of chiefs are still walking away with mountains of money. A look at some of these golden parachuters.
Photo: Former CEOs Charles Prince, of Citigroup (left); Stanley O'Neal, of Merrill Lynch (third from left), and Angelo Mozilo (second from right) of Countrywide, appear before Congress in March 2008 with their compensation chiefs to defend their pay in the aftermath of the mortgage crisis (Mark Wilson / Getty Images)
Source: Payout figures from SEC data and news reports
and Matthew DeLuca
Chief executives at big banks take on big risks, and for that, they are paid millions. But what happens when the risks don't pay off? Should CEOs still get to walk away from the wreckage with gilded severance packages while employees lumber off with boxes and broken dreams? Don't taxpayers deserve a refund of multi-million-dollar payouts for paying billions to bail out these firms? Almost all these CEOs say no, but lately, Congress and federal regulators seems to be saying yes. Some compensation has been cut, and some could be capped under proposed regulations. Some ex-CEOs may face fraud charges, and a few have been hauled before Congress--such as those at AIG, which was lambasted by lawmakers for sending executives to a $440,000 junket after getting an $85 billion government bailout. Despite all this scrutiny, plenty of chiefs are still walking away with mountains of money. A look at some of these golden parachuters.
Photo: Former CEOs Charles Prince, of Citigroup (left); Stanley O'Neal, of Merrill Lynch (third from left), and Angelo Mozilo (second from right) of Countrywide, appear before Congress in March 2008 with their compensation chiefs to defend their pay in the aftermath of the mortgage crisis (Mark Wilson / Getty Images)
Source: Payout figures from SEC data and news reports
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