A sinking tide lifts bankster boats

The CEO of Fifth Third Bank, Kevin Kabat, is getting a 56% raise to $5.2 million a year.  Just to recap, the bank hasn’t turned a profit in 6 of the last 7 quarters and took $3.4 BILLION of hard-earned taxpayer money from the government as part of the bailout.  Oh, and unlike other bailout recipients, they don’t appear to have any plan in place to repay that money.

CEOs of bailed-out regional banks get raises

As 2009 came to a close, Fifth Third Bancorp was preparing to report its sixth loss in seven quarters.
The Cincinnati-based regional bank had received USD 3.4 billion of Troubled Asset Relief Program (TARP) funds with no immediate plan to repay. And its Midwestern market was still struggling with a shrunken auto sector and high mortgage foreclosure rates.
Nonetheless, the board of Fifth Third, the nation’s 17th-biggest bank, decided to increase the compensation of Chief Executive Kevin Kabat by 56%, to USD 5.2 million—even though the bank was barred from paying him a bonus because of the bailout rules.


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