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Gerry McGill
Gerry McGill
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Who are the fat cats? Hint: It’s not the trial lawyers

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A Public Citizen report released in December, 2009 titled "Rewarding Failure" showed that CEO’s at the 10 Wall Street firms that failed or took Bailout money received (I can’t say earned) an average of $28.9 million A YEAR between 2002 and 2007.

Former Lehman Brothers CEO Richard Fuld took away $246.3 million between 2005 and 2007, the year before Lehman Brothers went bankrupt.

Merrill Lynch CEO Stanley O’Neal was forced out in 2007 and took a $161.5 million severance payment despite the disastrous results of his subprime mortgage bets.

Finally AIG CEO Martin Sullivan took a $47 million severance payment in 2008 just months before AIG took a public taxpayer bailout which has cost taxpayers like you and me at least $134 BILLION. (Pardon me for shouting but I’m mad).

Sara Palin, if you want a revolution, start with Wall Street reforms. You may be our only hope because Congress, especially the Senate isn’t going to do it. A second Public Citizen report, "Financial Industry Invests Heavily in Key Lawmakers" released in November reported that between the 2008 election and September, 2009 the financial industries comprised of banks, investment firms, insurance companies and real estate companies had given $48.3 million in campaign contributions to members of Congress and their leadership political action committies. Obviously they want us to have the best legislators money can buy.

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  1. Mike Bryant says:
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    I don’t think Sarah is the answer, but you are correct that a lot of the present bunch isn’t much interested in this, beyond maybe a campaign issue or quote. But, it’s our fees they talk so much about.