{"id":403048,"date":"2019-04-13T19:43:03","date_gmt":"2019-04-13T18:43:03","guid":{"rendered":"http:\/\/rinf.com\/alt-news\/newswire\/house-dems-slam-big-bank-ceos-over-pay-disparity\/"},"modified":"2019-04-13T19:43:03","modified_gmt":"2019-04-13T18:43:03","slug":"house-dems-slam-big-bank-ceos-over-pay-disparity","status":"publish","type":"post","link":"http:\/\/rinf.com\/alt-news\/newswire\/house-dems-slam-big-bank-ceos-over-pay-disparity\/","title":{"rendered":"House Dems Slam Big Bank CEOs Over Pay Disparity"},"content":{"rendered":"
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For the first time in a decade, CEOs of America\u2019s mega-banks were summoned to Capitol Hill on April 10 to face scrutiny from lawmakers. House Financial Services Committee Chair Maxine Waters (D-Calif.) <\/span>explained<\/a> <\/span>that her goal was to find out what \u2014 if anything \u2014 the seven Wall Street leaders had learned since the 2008 financial crisis.<\/p>\n

The executives\u2019 own paychecks featured prominently in the questioning \u2014 for good reason. The financial industry\u2019s out-of-control pay practices were a key factor in the reckless behavior that led to the crash. Having massive jackpots sitting on the table, with little or no downside risk, gave bank executives a powerful incentive to make outrageous gambles that put us all in danger.<\/p>\n

A decade later, the big rewards for bad behavior continue. Waters pointed out that the big banks have had to fork out at least $163.7 billion in fines over the past decade for consumer abuses and other violations of the law. Meanwhile, Wall Street CEOs continue to perch near the top of compensation rankings.<\/p>\n

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