When banks do well – their CEOs collect big paychecks. When banks do poorly – their CEOs collect even BIGGER paychecks. That’s the story coming out of Wall Street where pay for the top CEOs increased more than 20% in 2011 according to a new report by Bloomberg News. That follows a 26% pay increase in 2010 as well.
Last year – revenues, profits, and stock prices plummeted at 33 of the 50 biggest financial institutions – yet their CEOs still got a huge pay raise. Just when you though Wall Street couldn’t lose any more accountability for its actions – we now know executives get fat checks regardless of how the company does.