As the financial sector's huge losses hurt economy, top execs reel in millions
Twenty big financial firms that got caught on the wrong side of the credit crunch suffered nearly $500 billion in cumulative stock-market losses last year and have brought the economy to the brink of recession.
Yet these firms still managed to shell out about $215 million collectively in compensation to their chief executive officers last year.
Proxy filings by the nation's top banking, insurance and securities firms portray a picture of some belt-tightening, with many financial-firm CEOs bringing home smaller paychecks than in 2006 and several chieftains losing their jobs.
Still, most of the affected firms offered generous compensation packages to their top executives in salaries, bonuses and, especially, stock and option awards.
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