bank execs at failed bank to get $49 million in golden parachute money

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  1. profile image0
    pgrundyposted 10 years ago

    The sale of the bank I used to work for became final today. It was brokered with TARP money to prevent FDIC seizure of my bank, which was about to fail any second. Because the TARP money technically was given to the other bank to buy my bank (the other bank didn't have to funds to buy it nor did they especially want it--they just wanted the TARP money and had to buy our failed bank to get it)--because the TARP money was given to the buyer not my failed bank, the executives are not subject to the prohibition on golden parachutes.

    So--- the CEO and top five or six executives at my old bank will get a total of $49 million in severance packages for their good work destroying the company, and the employees will be let go, and this side of MI will get even more economically depressed.

    This is our tax money that is going to pay these guys. This is coming out of the $700 billion bailout package. How many other rich CEOs are getting their hands on this money through these loopholes?  I'm thinking lots of them.

    We are being scammed, big time. I'm really angry about it, though not surprised.

    It made the front page of our local paper this morning.

    Wow. Happy Freakin' New Year. mad

  2. profile image0
    Leta Sposted 10 years ago

    Owwch, Pam. sad   Sigh.  But what else is new?  Thing is, it is extra raw for you since you are living with it up close.

    I just learned they are cutting my salary by $1500 a year because of 'the economy.'  I'm just kind of laughing to myself.  What, my little extra yearly money is now going for an expensive shower curtain to line some corporate b*llsh*t CEO shower in Sedona?  LOL  (Oh, better be careful-I said that.)

  3. TheMoneyGuy profile image72
    TheMoneyGuyposted 10 years ago

    Stealing our tax dollars is the specialty of the banking industry.  The have been doing it before the revolutionary war.


    What's worse is you are just one employee they probably did it to all of the employess lower than executive level, and that probably adds up to a lot more than 1500.

    Happy New Year!!!


  4. profile image0
    pgrundyposted 10 years ago

    Exactly Lita! It's the people at the bottom who take the hits, and these guys at the top WHO CAUSED ALL THIS get their money no matter how bad it gets---and it's lots of money too. Why do any of those bank executives need multiple millions of dollars for being let go? They are already obscenely rich and they're all middleaged--it's not like they need this money to tide them over, it's just greed.

    But what really irritates me is that the whole two years I was at the bank I was gaslighted, even by some fellow employees (but many agreed and many left for the same reasons I did). I'd say, "The bank is failing. It's clear it's about to go down any minute," and I'd be chastised by my supervisor and my supervisor's supervisor who would stay the bank was one of the strongest in the nation and had been around over 80 years and everything was fine, even though it obviously was totally fubar--a fifth grader could see it was an utter mess.

    I hate crazy making. It's not even so much the crookedness and the greed, it's the crazy making corporate party line that requires every one to go completely insane in order to be considered a "good" employee. Insane as in saying things that have no connection to reality and saying them with a smile because the corporation like those things to be said. It's like a bad sci fi flick or something. roll

  5. profile image0
    pgrundyposted 10 years ago

    Hey Money Guy--Amen!

    Lita--I forgot to say, God, I'm sorry they cut your pay. I'm thinking any day here they'll be hiring volunteers for these jobs. I'm sure lots of people would feel privileged to do them for free. Or maybe they could get people like us to pay to work for them!

    Pay cuts are so junior high. When are they going to get REALLY creative! LOL!

  6. profile image0
    Leta Sposted 10 years ago

    Pam, Amen.

    The same thing was going on at the newspaper I left a few months ago. 

    The 'CEO' publisher lady (in quotes because she was such an complete idiot--ie, she didn't know her employees all made fun of her because she NEVER, repeat, never washed her hands in the bathroom) just lied, lied, lied.  The company is fine, just fine, of COURSE it is normal for designers to now be assigned to two telephones and run a cash register; the work is not that much.

    I do not suffer fools well, so a couple times, because I was under so much stress, I almost ripped her head off. 

    I do not allow them to make me crazy (always try to stay 'Machiavellian'), but keeping it all together and coming out of the situation looking like a rose was so damned stressful I was beginning to have ulcer symptoms.

    As my partner would say, let em rot in hell for this stuff--I would never want the burden on my soul of those extra little dollars or the extra large dollars.  I'll eat rice.  Or ramen!  LOL...

  7. AEvans profile image78
    AEvansposted 10 years ago

    It is disheartening as my bank was seized and the CEO's walked away with megabucks.
    I still believe they should help the people and not the banks. On Christmas when many were waiting in line for food, they were sitting up in their palacious homes and having extravagant parties, it completely disgusts me, however I am hoping that we have a better 2009. smile

  8. profile image0
    pgrundyposted 10 years ago

    Lita and AEvans--Yes, here's to a better 2009!

    Although, I have this feeling it's going to be a better 2009 with lots of rice and ramen noodles in it!

    No worries. I do like rice. smile

  9. TheMoneyGuy profile image72
    TheMoneyGuyposted 10 years ago

    The Choctaw have a good recipe for Wasps and Honey. 


  10. Scott Mandrake profile image61
    Scott Mandrakeposted 10 years ago

    Three cheers for the capitalist mentality.  I guess it is getting pretty old though.  The whole rich get rich and poor get poorer deal has been going on ever since history began being recorded.  It is a crying shame that those who wish to go about things in the "good and honest" way will always be getting the short end of the stick.

    Enough self pity though.  What shall we do instead? Will we make the effort to change this policy of greed or will we find a groove that works for us and keep our nose to the grindstone?  I'm for the Robin Hood approach myself.


  11. Scott Mandrake profile image61
    Scott Mandrakeposted 10 years ago

    Oh, I forgot to ask something.  Anyone know where the US is getting this 800 Billion dollars from?  Last time I checked they were already some trillions of dollars in debt.


  12. profile image0
    pgrundyposted 10 years ago

    Money Guy--We have lots of wasps here! They are those little European brown wasps that make paper houses under our eves and in the garage rafters. Maybe come summer I could freeze some for protein supplements next winter. See, things are looking up already!

    Hi Scott--I'm all for the Robin Hood thing too. I wasn't a year ago, but it's all getting to be a little bit more than I can stomach at this point. I don't know why Bernard Madow is even still alive. He's in his own apartment in NYC, and it just baffles me how this is so and yet no one busts in there and throws him out his own window. I'm not saying that would be the right thing to do--I'm just saying, what will it take before people snap?

    As for where the money is coming from--At first we were borrowing it from China, and now we're just inventing it--just printing it up. Money for everybody! Whoo hoo!

    Seriously, we really are just printing more. The Fed is authorized to do that, but there will almost certainly be consequences down the road. Everyone is so focused on putting out this fire--and in some ways rightly so--that only the farthest of the far right are even talking about the cost of that right now.

    1. Mark Knowles profile image61
      Mark Knowlesposted 10 years agoin reply to this


      I love the latest euphemisms.

      "Money supply growth," and "quantitative easing," are my current favorites.

      As we all know, the Fed had a pretty big hand in creating the current situation, but I did actually work out how much commission they will make if they have to print as much money as we all think they will have to - … -buzzword/

      $170,000,000,000 @ the 2% commission they get to charge lol

      Nice work if you can get it.........

      1. profile image0
        pgrundyposted 10 years agoin reply to this

        Holy Cow, Mark. That's not a bad paycheck. But I'm sure they earned it through their exceptional brilliance and hard work and so on and so forth. I know this from the hate mail I sometimes get on my financial hubs informing me that CEOs earn every penny they make, while the rest of us settle for crumbs because were are subcreatures. yikes

        <Pam now using power of intent to manifest $170,000,000,000 paycheck...>


  13. TheMoneyGuy profile image72
    TheMoneyGuyposted 10 years ago

    I prefer those big fat juicy ground wasps.  The ones that eat those gigantic locusts.  You roast em and they are so tasty.  I also really like bull frogs which might be why it is very hard to find one Oklahoma these days.  Same thing for snapping turtles I like to grab them straight out of the ditch.  Although I haven't done that in over 15 years as I recall it didn't take much talent so I am pretty sure I won't be starving this year.


    1. profile image0
      pgrundyposted 10 years agoin reply to this

      Well, here it would be rabbits and deer. We found 7 dead deer on our property when we moved in. I don't know if the guy who used to live here was poaching them or if we are living on top of a toxic waste dump or what, but it was weird, you know?

      Cool collection of skulls now though. We've got them hanging on the snowplow.

      1. TheMoneyGuy profile image72
        TheMoneyGuyposted 10 years agoin reply to this

        Very Cool,

        I have pretty good collection of skulls as well, but no poaching!!



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