Bank CEOs keep failing upward
At least some of the biggest losers have been shown the door, said Colin Barr in Fortune.com.
You’ve got to hand it to the CEOs of our too-big-to-fail banks, said Colin Barr. Those “hard-charging if inept” corporate generals raked in $1.15 billion in cash and stock—an average annual paycheck of $19 million—“in a decade in which the biggest banks ripped off everyone in sight on their way to very nearly turning out the lights on the U.S. economy.” Bank customers and U.S. taxpayers suffered the most for the executives’ incompetence, but “shareholders weren’t far behind.” One hundred dollars invested in a basket of six of the biggest commercial and investment banks on Jan. 1, 2001, would today be worth “a princely $81.60.”
At least some of the biggest losers have been shown the door. But consider who’s still on the job: Vikram Pandit, beneficiary of a $22 million retention package from the same Citigroup whose stock has plunged 87 percent on his watch; and Bank of America’s Brian Moynihan, who’s making little discernible progress draining the bank’s swamp of subprime mortgages. Just think what sums these clowns will command when they actually start lending again.