Bonuses for Bankers

In a tacit acknowledgement of the country's awful economy and Wall Street's culpability for the crisis, Goldman Sachs executives this week decided to forgo bonuses for seven of its top executives. The Goldman Sachs CEO, Lloyd Blankenfein, will have to make do with what's left of the $54 million extra he took home one year ago, on top of his $600,000 annual salary. Other financial institutions are still considering what to do about year-end bonuses. Senator Bernie Sanders thinks Congress and the

In a tacit acknowledgement of the country's awful economy and Wall Street's culpability for the crisis, Goldman Sachs executives this week decided to forgo bonuses for seven of its top executives. The Goldman Sachs CEO, Lloyd Blankenfein, will have to make do with what's left of the $54 million extra he took home one year ago, on top of his $600,000 annual salary. Other financial institutions are still considering what to do about year-end bonuses. Senator Bernie Sanders thinks Congress and the Treasury Department should settle the matter. He wants the treasury secretary to ban bonuses altogether at banks that were bailed out. On Wednesday, he also formally introduced legislation capping total compensation for employees of bailed-out businesses at no more than the salary that the president of the United States is paid. "I think the American people are outraged at the greed and recklessness of Wall Street and the fact we had to have the middle class bail out these Masters of the Universe," he said.

In a letter to colleagues, Sanders outlined the pay-cap bill and two others; one to stop the Treasury Department from disbursing any more money from the $700 billion bailout, and another to close an IRS loophole that will save banks billions of dollars.

To read Sanders' legislation, click here.

To read the complete Dear Colleague letter, click here.