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Posts Tagged ‘Lloyd Blankfein’

Wall Street Executives Thrive Under Obama But Still Won’t Support Him

Huff Post- First Posted: 01/30/2012  4:43 pm Updated: 02/ 2/2012  8:48 am

By- Jennifer Bendery

WASHINGTON — They bristled when he called them “fat cats.” They fought every step of the way, unsuccessfully, to prevent his financial reform bill from becoming law. And some who supported him in 2008 are now throwing their money at Republican presidential candidate Mitt Romney.

But for all their grumbling, Wall Street executives have fared exceptionally well under President Barack Obama. In fact, some of Wall Street’s highest earners are making as much now, if not more, than they did under President George W. Bush.

Take Wells Fargo president and CEO John Stumpf. He made $18.9 million in 2010, compared to $21.3 million in 2009, $13.8 million in 2008 and $12.6 million in 2007. JPMorgan Chase CEO Jamie Dimon has also watched his paychecks fatten over the past three years: He took home $20.8 million in 2010, compared to $1.3 million in 2009 (when some bank executives took a pay cut because of the financial crisis), $19.7 million in 2008 and $27.8 million in 2007.

The list goes on. Goldman Sachs CEO Lloyd Blankfein made $14.1 million in 2010, compared to $862,657 in 2009, $1.1 million in 2008 and $70.3 million in 2007. Bank of America president and CEO Brian Moynihan earned $10 million in 2010, compared to his predecessor Ken Lewis, who made $4.2 million in 2009, $9.9 million in 2008 and $24.8 million in 2007.

Even Vikram Pandit, the CEO of Citigroup who worked for two years for just $1 a year as a symbolic gesture after the financial crisis, was awarded a $23.2 million retention package in May 2011.

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Bailed Out Bankers Testify: Live Video

MSNBC |   February 11, 2009 08:58 AM

The eight chief executives from bailed out Wall Street banks are testifying today before Congress. The CEOS will be quizzed aggressively on how they have used more than $160 billion in taxpayers’ money.

Watch the hearing live here

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Banking leaders face the hot seat in Congress

Via: Raw Story/ Associated Press
Published: Wednesday February 11, 2009

Banking leaders who benefited from a federal bailout are bringing a message of accommodation and gratitude to Congress, hoping for a better reception than the one given Treasury Secretary Timothy Geithner.

The eight chief executives nevertheless will likely hear plenty of skepticism Wednesday morning when they take seats at a witness table in the Rayburn House Office Building. It will be the first such examination by lawmakers since they passed the bailout bill last year. The CEOS will be quizzed aggressively on how they have used more than $160 billion in taxpayers’ money.

In prepared testimony, the banking industry leaders applauded the program for making more loans available and promised to pay their share of the money back to the Treasury over time. Anticipating confrontations over their own compensation, several asserted that none of the government’s money went to bonuses or dividends.

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