Wall Street Executives Paid to Fail

Posted by: Emily Thornton on September 25, 2008

Politicians want the $700 billion bailout of Wall Street to curb the compensation of the CEOs of financial services companies who participate. Given the massive scale of the financial crisis, such a condition, to some, looks like quibbling.

But San Diego State University accounting professor David DeBoskey has just done some number crunching that tells a different story. He figured out that the top executives in AIG, Freddie Mac, Fannie Mae, Lehman, and Goldman earned a total of $2.1 billion over the past several years.

Below is his spreadsheet, for anyone who is curious:

Download file

Reader Comments

J. Solari

September 26, 2008 5:15 PM

I would suggest that Prof. DeBoskey replace the word "earned" with the word "swindled."

Post a comment

 

About

Bloomberg Businessweek’s Ben Steverman focuses on the latest moves in financial markets and emerging trends in stocks, bonds, and funds, always with an eye toward giving readers a better understanding of the sometimes confusing and often chaotic world of money. Standard & Poor’s senior index analyst Howard Silverblatt will also provide his take on companies’ finances and the markets. Voted one of the “Top 100 Finance Blogs” in 2007.

BW Mall - Sponsored Links

Buy a link now!