Thousands of Public Citizen’s supporters signed a petition recently demanding that AIG return the $534,000 executives spent to pamper themselves. The petition was sent to the bosses at AIG. As pointed out by Public Citizen, AIG isn’t the only culprit when it comes to spending lavishly while receiving a taxpayer bailout. There are several others that have done some pretty bad things. Clearly, AIG isn’t the only bad apple in the corporate barrel.
While Lehman Bros., the investment bank, faced bankruptcy and asked the federal government for a bailout, it arranged to pay executives millions of dollars in bonuses. The New York Times and Washington Post reported that in September, the bank arranged to approve $18.2 million in payments for two fired executives and another $5 million payment for an executive who was leaving voluntarily. Four days later, Lehman went bankrupt, one of many financial shocks that led to the bailout which is costing taxpayers at least $700 billion and most likely much more.
In October, former Lehman CEO Richard S. Fuld Jr. contended that a compensation system that paid him about $350 million between 2000 and 2007 was “appropriate” despite the company’s severe financial woes. Public Citizen is to be commended for continuing its campaign against wasteful corporate spending. We must all continue to fight corporate greed and protect the rights of all taxpayers. Our law firm has been doing this for years and we have no intention of slowing down our efforts.
Source: Public Citizen
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