Bank Executives Promise Not to Use Bailout Money for Bonuses

During testimony to the Senate Banking Committee, executives from Wells Fargo, Goldman Sachs, Bank of America and J.P. Morgan Chase promised not to use bailout funds "to pay their executives and employees," according to the AP. These four institutions account for $75 billion of the Treasury Department's Troubled Asset Relief Program. AIG received $40 billion from TARP on Monday--just after it was revealed the company went forward with a $343,000 conference in Phoenix. AIG claims there was important training and that its sponsors paid for 90% of the event--still, there's nothing like seeing men in suits enjoying hotel patios.

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By Jen Chung in News on November 13, 2008 2:27 PM

Comments [rss]

NannyState

They said they would "never ever do it again, erm, not until the next time..."

abcohen

BULLSHIT!!!!

BULLSHIT!!!!

PLEASE SIGN CONTRACTS SAYING NOW BALLOON PAYMENTS OR RAISES EITHER!!!!!

and PLEASE WILL THE IRS PUT THEMSELVES INTO SOMETHING USEFUL LIKE AUDITING THESE BIG WIGS!!!

Shinobi Shaw

They are going to use the money to buy assets and give themselves bonuses at the American Taxpayer's expense!

Nothing like LOOTING and pillaging the people down to the poorhouse, huh, Bankers?

Google these words:

Money Masters

Federal Reserve 1913 act

PFCheungs

OF COURSE they shouldn't be using taxpayer dollars to pay for bonuses. That's so blatantly obvious..... the point is they shouldn't be doling out these egregious bonuses to begin with if they need to be bailed out.

Outter Burrougher

were their fingers crossed?

Tgirl

promise? cross your heart and hope to die??

BotanistPrime

If they say they promise then I believe them. I mean they are bankers after all. I mean where would we be if America had dishonest bankers?

Oh wait... nevermind.

Papercutninja

MONEY=MONEY. They will use it regardless. The only way to prevent this is TO NOT PAY THESE IDIOTS BONUSES.

jackdonaghy

Promise? It should be illegal to use that money for bonuses.

FelixtheCat & Christine Quinn'

there should be no bonus if the company is unprofitable. if there are bonus then why did they need bailout. if they have enough money to pay bonuses in a failing company then no need for bailouts