Bank bailout money goes to CEO bonuses November 1, 2008
Posted by Jeff Nabers in : Money , trackback
Mark Cuban, billionaire owner NBA team Dallas Mavericks, runs a couple of interesting web sites. In July of 2006, he started ShareSleuth, an online publication that exposes fraud in the stock market. It’s surely worth checking out.
More recently Cuban has launched BailoutSleuth, an online publication aimed at creating transparency of the government bailout of the financial services industry. One of the latest findings seems to be that officers of all of these failed banks are continuing to pay themselves millions of dollars in bonuses. While some other countries have their own bailouts, the U.S. is the only country who has not capped the compensation for officers of the corporations who receive bailout money. Read the details here…
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Mark Cuban has his share of troubles right now with the SEC for alleged insider trading. However, with the best attorneys money can buy. He will likely get off the hook…
[...] are being asked to buy inferior equipment, not slough off the dead weight and deny themselves well-deserved bonuses because “people are suffering.” People will always be suffering. US companies have made [...]