CEOs cause meltdown, take 10% cut of bailout

by Chris Sturr | October 18, 2008

“Pay yourself first” goes the personal finance maxim. Apparently the current and former captains of America’s failed finance system appear to be heading this all too well. In a nice post by Magnifico at the Daily Kos, 10% of $700 billion bailout to cover Wall Street banker pay and bonuses.

The top execs at Morgan Stanley have, in fact, received $10.7 billion in compensation for the year to date, an amount greater than the current net worth of the company.

The CEOs defended their action, noting that it is generally considered rude to tip waiters less than 10%, even when the service is bad.

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