We're on the verge of the holidays this Monday and the Associated Press reported yesterday that bank executives around the country received an early present this year, courtesy of Joe and Jane Taxpayer:

Banks that are getting taxpayer bailouts awarded their top executives nearly $1.6 billion in salaries, bonuses, and other benefits last year, an Associated Press analysis reveals.

The rewards came even at banks where poor results last year foretold the economic crisis that sent them to Washington for a government rescue. Some trimmed their executive compensation due to lagging bank performance, but still forked over multimillion-dollar executive pay packages.

Benefits included cash bonuses, stock options, personal use of company jets and chauffeurs, home security, country club memberships and professional money management, the AP review of federal securities documents found.

The total amount given to nearly 600 executives would cover bailout costs for many of the 116 banks that have so far accepted tax dollars to boost their bottom lines.

We reported earlier this year about bank and financial institution executives who were receiving outrageous salary, bonus, and retirement packages after running their companies into the ground. John Thain, CEO of Merrill Lynch, who received the largest compensation for 2008 in the AP study, made headlines earlier this month when he lobbied for at least a $10 million bonus (he argued he was brought in after the risky decisions were made and managed to sell the company off to Bank of America. Hmmm...).

It's bad enough that the leaders of these institutions are being rewarded with unimaginable amounts of money for horrible performance, but the fact they are being paid with taxpayer dollars is enough to make anybody say "good grief." Happy Holidays!

Image by Flickr user K!T used under a Creative Commons license.