In the fall of 2007, when the U.S. economy first seemed in peril, I began answering reader queries here on the Business Desk. I still do so, but this page has expanded to include posts from eminent economists, "far-flung correspondents," and a variety of voices that have intriguing and/or useful things to say about economics, broadly defined. Please feel encouraged to respond to any and all of them.
How Many Board Members at Bailed-Out Wall St. Firms Kept Their Jobs?
Name:
Fred Lea
City & State:
Eugene, Ore.
Question: How many people on the Board of Directors at AIG, Citi, B of A, and Goldman Sachs kept their jobs and their salaries (in percentage terms) after receiving billions in bailout funds?
Paul Solman: I don't know, but surely more than most of us taxpayer/bailer-outers would be comfortable with. The administration's excuse is that it simply didn't have the manpower to run these institutions, especially given Republican obstructionism in filling slots at Treasury. One common counter: In the climate that prevailed during the crisis, there would have been no trouble finding replacement bankers for those at the failing firms.
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How Many Board Members at Bailed-Out Wall St. Firms Kept Their Jobs?
**Question:** How many people on the Board of Directors at AIG, Citi, B of A, and Goldman Sachs kept their jobs and their salaries (in percentage terms) after receiving billions in bailout funds?
**Paul Solman:** I don't know, but surely more than most of us taxpayer/bailer-outers would be comfortable with. The administration's excuse is that it simply didn't have the manpower to run these institutions, especially given Republican obstructionism in filling slots at Treasury. One common counter: In the climate that prevailed during the crisis, there would have been no trouble finding replacement bankers for those at the failing firms.
