Bank Executives Should Be Denied Pay Raises

Services for Real Estate Pros with Law Offices of Louis J. Esbin

As reported on (Nov. 1, 2009):

Executives of America's 28 largest banks will meet with Federal Reserve supervisors on Monday to discuss the Fed's plan to police banks' pay policies, officials said Friday.

Consumer spending plunged in September by the largest amount in nine months, reflecting the end of the government's Cash for Clunkers auto sales program. Incomes, the fuel for future spending, were flat.

What History Says:

In 1802 it was said: “I believe that banking institutions are more dangerous to our liberties than standing armies.  If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake up homeless on the continent their fathers conquered.”

Thomas Jefferson (1802).

Today’s Required Response:

Call, write, or email your elected officials and tell them NO pay for bank executives without consumer protection and bankruptcy reform.  Why do the bank executives get an audience with the Federal Reserve, while their lobbyists thwart consumer protection laws and bankruptcy reform?  Are you, your clients, friends and family getting pay raises!




Comments (3)

Joshua Miller
YesWeCan Realty, Inc. - Randolph, MA

Why do more people not genuinely care about this?  Are we preoccupied or just distracted?  Great post Louis!

Nov 01, 2009 05:15 PM
Lenn Harley
Lenn Harley,, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

This is so easy.  The revolving door.

When Bernanke leaves the fed, he'll be going into the financial industry or writing about it.

When any of "the people's representatives" leave their present regulatory or administrative posts, they'll be going back to Wall Street, banking institutions or writing about it.

Protecting their future income is paramount.


Nov 01, 2009 08:28 PM
Louis Esbin
Law Offices of Louis J. Esbin - Santa Clarita, CA

And, to add insult to injury, the fact the CIT Group just filed a Chapter 11 Bankruptcy, resulting in a $2 billion loss to the Federal Reserve (the taxpayer).

Why is it acceptable for the banks to take and not repay money, but if a student does not repay a loan they are forced to do so as the debt is nondischargeable in bankruptcy, or if taxes are not paid the taxpayer is hounded by the taxing authorities until paid?  How can the Federal Reserve (not controlled or answerable to Congress) give away so much money without forcing collection?  And Banking Executives want salary increases?

Thomas Jefferson is sounding more and more prophetic!

Nov 02, 2009 12:06 AM