TARP Bank CEOs Cash In

Business Week reports:

So much for pay-for-performance reform. A new study by Presidio Pay Advisors, a San Francisco-based compensation consulting firm, looked closely at the 115 publicly traded banks’ compensation programs and found that while the bulk of them churned out negative shareholder returns and a boatload of losses, many of the senior executives have earned nifty pay hikes.

The study finds that about a third of the CEOs who held office from 2006 through the end of last year received increases in 2008 total cash compensation (base salary plus annual bonus); the increases ranged from 1% to 108% over 2006 levels, the study says. About 43% of CFOs got increases of up to 420% in the same period.

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