July 31, 2009
[efoods]Amid the worst financial crisis since the Great Depression, few issues have sparked more outrage than executives on Wall Street taking home big bucks, even as their companies took risks that sent the country plunging into recession. Just this week, a report from New York Attorney General Andrew Cuomo revealed that the first nine banks to receive government bailout funds dished out nearly $33 billion in bonuses last year, with 4,800 employees taking home bonuses over $1 million.
Now, lawmakers in Congress have taken action.
Today, the House of Representatives passed a bill to shut down what some people would consider excessive executive compensation. The vote was 237-185. The Senate has yet to act on the measure.
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