Alert
Close

   

Enter the Family Fun Travel Sweepstakes. No purchase necessary. See official rules

Highlights

Open
AARP Family Vacation - Photo Contest

Driver Safety

Piggy bank on the road - AARP Driver Safety

Take the new AARP Smart Driver Course!

You Could Choose Your Dream Vacation
Happy African American couple

AARP Books

Visit the Money Section

Enjoy titles on retirement, Social Security, and becoming debt-free.

Jobs You Might Like

most popular
articles

Viewed

Outrage: Banking on Bonuses and Greed

What were bankers and Wall Street CEOs thinking? While $2.8 trillion in retirement savings vanished and $400 billion in taxpayer-financed loans were rushed to bail out troubled banks, financial executives gave themselves some $18.4 billion in bonuses.

Conspicuously, former Merrill Lynch boss John Thain spent $1.2 million to spiff up his Manhattan office, with, among other things, a $35,000 “commode on legs.” In January, Thain announced his firm had lost $27 billion. Bank of America then took it over with a $20 billion federal loan.

What he didn’t announce was bonuses of $3.6 billion to top Merrill executives, including at least $1 million each to 696 of the firm’s 39,000 employees. President Obama has blasted Wall Street chieftains and proposed a $500,000 salary cap for any CEO aided by the Troubled Asset Relief Program.

Populist anger may be getting through. Citibank, which received $45 billion in bailout funds, has canceled the well-publicized purchase of a $50 million private, 12-seat jet, and CEO Vikram Pandit said he was taking a $1 salary until his bank turned a profit.

Pandit and other banking executives traveled by Amtrak and commercial flights for a Washington tongue-lashing last month. Angry lawmakers included Rep. Michael Capuano, D-Mass., who said simply, “America doesn’t trust you anymore.”

Blair S. Walker, who frequently writes for the Bulletin’s In the News section, lives in Miami.

 

Topic Alerts

You can get weekly email alerts on the topics below. Just click “Follow.”

Manage Alerts

Processing

Please wait...

progress bar, please wait

Tell Us WhatYou Think

Please leave your comment below.

Advertisement

The Cheap Life

Jeff Yeager Cheap Life Ultimate Cheapskate AARP YouTube web series save money

Catch the latest episode of The Cheap Life starring Jeff Yeager, AARP's Ultimate Cheapskate. Watch

Discounts & Benefits

From companies that meet the high standards of service and quality set by AARP.

member benefit aarp financial service auto insurance

AARP® Auto Insurance Program from The Hartford offers members no-cost quotes.

AARP Credit card from Chase

Members can get cash back rewards on purchases with the AARP® Credit Card from Chase.

Woman holding smartphone in city, Google map tool

Members can find discounts on the go via the AARP® Member Advantages Offer Finder app.

Member Benefits

Join or renew today! AARP members receive exclusive member benefits & affect social change.

Advertisement

Advance your skills. Transform your career.

Explore your learning possibilities.