Rewarding Failure

The CEOs of 10 Wall Street firms that either failed or received taxpayer bailouts were paid an average of $28.9 million per year in the years leading up to the Wall Street meltdown, according to a Public Citizen report. Their average pay this decade, calculated through 2007, equaled 575 times the median American family’s 2007 income.

“Fat cat compensation has nothing to do with good corporate performance,” Public Citizen President Robert Weissman said. “These CEOs were exorbitantly compensated for driving their companies off the cliff. At a minimum, Congress must ensure that corporate leaders are paid for long-term performance, not short-term illusions.”