Friday, November 25, 2011

Top Six Executives at J.P. Morgan Chase Each Got Paid $10 Million-Plus in 2010

On page 24 of this report filed with the SEC, banking giant J.P. Morgan Chase reports that it has paid each of its top six executives $11 million-plus each. Each of them received bonuses worth over $3.4 million in 2010. Jamie Dimon, the bank's CEO, took home total pay of over $20.8 million.
http://www.sec.gov/Archives/edgar/data/19617/000119312511091290/ddef14a.htm#toc149447_12

U.S. Multinationals Add Employees Abroad While Cutting Here

American multinational corporations hired 2.87 million foreigners, but dropped almost 864,000 Americans from their payrolls during the 2000s. As the biggest beneficiary of U.S. outsourcing, China gained 691,100 jobs from 1999 to 2009.

http://www.huffingtonpost.com/2011/11/22/us-multinational-companies-jobs_n_1107480.html?ref=business

Wednesday, November 23, 2011

Prosections of bankers for financial fraud have dropped by over 50% since 1999, when there were over 3,000 prosecutions to under 1,500 last year.They have dropped every year since then. As a result, shareholders and investors end up paying for reparations through civil cases. In other words, white collar crime was privatized during George W. Bush's Presidency. This not only destroys confidence in the market; it also creates social tension that can destroy communities.

http://www.cbsnews.com/8301-505123_162-57327688/bank-prosecutions-drop-as-bank-failures-rise/

Bailout Unconstitutional

Ex-AIG CEO Maurice "Hank" Greenberg has sued the U.S. in Court on Monday. He claims that the $182 billion bailout in 2008 of AIG was unconstitutional, violating the Fifth Amendment, because it did not justly compensate shareholders for property the government took from them. Even though this property was grossly over-valued, maybe even worthless.

http://www.huffingtonpost.com/2011/11/21/maurice-hank-greenberg-former-aig-ceo_n_1106092.html

Monday, November 21, 2011

Bank Lobbying to Reach a New High in 2011

$47 million in lobbying spending by commercial banks this year.
http://www.huffingtonpost.com/2011/11/21/bank-lobbying-record-high_n_1106350.html