The man who 8.1% of you thought deserved to be knocked out is back! Henry Waxman, channeling the cranky id of the American people, wants to see the compensation plans for the 9 major banks that were recently endowed with billions of U.S. dollars.
Dealbook: Representative Henry A. Waxman, who is leading a House investigation of the financial crisis, asked nine big banking companies on Tuesday to explain why they are paying billions of dollars in compensation and bonuses after they accepted cash injections of $125 billion as part of the government’s $700 billion bailout program.
“While I understand the need to pay the salaries of employees, I question the appropriateness of depleting the capital that taxpayers just injected into the banks through the payment of billions of dollars in bonuses, especially after one of the financial industry’s worst years on record,” Mr. Waxman wrote in letters to the chief executives of the nine banks, which include Citigroup, Bank of America, Goldman Sachs and JPMorgan Chase.
Mr. Waxman of California, the chairman of the House Committee on Oversight and Government Reform, said the banks had spent or reserved a total of $108 billion for employee compensation and bonuses in the first nine months of this year, nearly the same amount as last year.
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