J.P. Morgan Chase Announces Staggering $9.3 Billion In Bonus Payouts

By Julie Smith on January 22, 2010, 8:23 am

As taxpayers struggle with the current economic conditions, bailed out bank JP Morgan Chase & Co. announced Friday it would pay a staggering $9.3 billion in bonus pay to its top employees.

Obscene Bonuses Equals Nothing For The Taxpayer

JP Morgan Chase & Co. and other big banks continue to payout obscene bonuses to top employees. It is a slap in the face to the American taxpayers who kept these institutions from going under. JP Morgan Chase received $25 billion in bailout funds in the fall of 2008. Although it paid all of the money back at the latter part of 2009, one must remember it was the lavish spending of institutions such as JP Morgan Chase that fueled the credit crisis in the first place. It was the greedy spending of the top executives of big banks including JP Morgan Chase. So, even as Americans still struggle with putting food on the table, paying mortgages, taking care of family and health, bank executives receive insane salaries and on top of the huge bonuses that the average person will not even see in a lifetime. Median household income in 2008 was $50,303 according to the U.S. Census Bureau.

 

Repeating The Cycle – Bank Executives Just Won’t Listen

As the executives at JP Morgan Chase and other big banks continue to receive lavish pay and bonuses, they are failing to realize that it is this very cycle that pushed our great country into a recession which began in 2007. It seems that as long as profits are up, the spending will continue as usual. They learned nothing as they pushed our country into a recession. So many are still suffering from the recession. The national unemployment rate is currently at ten percent, the highest it’s been since 1982.

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