U.S. gave regulators millions in bonuses
Bank auditors missed warning signs
Monday, March 22, 2010
As banks gambled on risky mortgages that helped create the worst financial crisis in generations, the U.S. government handed out millions of dollars in bonuses to regulators at agencies that missed or ignored warning signs that the system was on the verge of a meltdown. The bonuses, detailed in payroll data released to The Associated Press, show that just as bank executives got bonuses despite taking on dangerous amounts of risk during the financial boom, regulators got taxpayerfunded bonuses for doing “superior” work monitoringthe banks. The bonuses, released in response to a Freedom of Information Act request, were part of a reward program little known outside the government. Some government regulators got tens of thousands of dollars in perks ...
Subscribers must LOG-IN to read this full story.
Monthly and yearly online subscriptions are available. Access is free for print subscribers. Click here to see rates and register.
Front Section, Pages 1 on 03/22/2010
Comments
To report abuse or misuse of this area please hit the "Suggest Removal" link in the comment to alert our online managers. Please read our comment policy.
Use the comment form below to begin a discussion about this content.
Registration is required to make comments. Click here to LOGIN.
You can register for FREE to post comments and receive alerts.