Over 100,000 people have been laid off by banks, but 9 in 10 executives at banks that accepted bailout money are still working says the Associated Press.
Even top executives whose banks made such risky loans they imperiled the economy have been largely spared any threat to their jobs, as Washington pumped billions in taxpayer money into the companies. Less fortunate are more than 100,000 bank employees laid off during a two-year stretch when industry unemployment nearly tripled, bank stocks plummeted and credit dried up.
“The same people at the top are still there, the same people who made the decisions causing a lot of our financial crisis,” said Rebecca Trevino of Louisville, Ky., a mother of three who was laid off from her job as a Bank of America training coordinator in October. “But that’s what tends to happen in leadership. The people at the top, there’s always some other place to lay blame.”
The article specifically calls out certain banks and credit card companies that made especially risky loans, but whose executives are still happily managing away: JPMorgan Chase & Co, Cleveland-based KeyCorp, and Capital One Financial Corp..
It seems we can only hope these folks are as good at saving a financial system as they are at wrecking one.
AP: 9 in 10 execs at bailout banks remain on job [MSNBC] (Thanks, Kerry!)