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Bailed-out CEOs' big payday, BP's underwater oil discovery
Good day for getting bailed out, bad day for instant gratification
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ood day for: Getting bailed out, as top executives at the 20 banks that received the largest federal bailouts were paid 40 percent more than their counterparts at other Standard & Poor's 500 companies, according to a report from the Institute for Policy Studies. On average, the CEOs of the bailed-out banks -- which collectively have laid off 160,000 employees since early 2008 -- took home $14 million last year, compared to $10 million for CEOs at other companies. (Bloomberg)

Bad day for: Instant gratification, as BP on Wednesday announced a huge find -- 1 billion barrels of recoverable oil under the Gulf of Mexico -- but said it could take three years to start bringing the crude to the surface. And since the oil is six miles deep and expensive to extract, oil will have to be selling above $70 a barrel to make drilling profitable. (The New York Times)

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