|Is It Worth It?|
One of the hardest things for people to understand in the current financial crises is the mind-boggling salaries and bonuses CEOs of failed companies and banks have received. Two companies at the heart of the Wall Street meltdown, Lehman Brothers and AIG, paid their CEO’s $34 million & $14 million, respectively, in 2007, the year prior to the crisis.
The government’s TARP (Troubled Asset Relief Program) program has shoveled billions of dollars to bail out failing banks, like Goldman Sachs, who paid their CEO $68 million in cash and stock the year prior to the crisis (2007); and the Bank of New York Mellon, who paid their CEO $20.1 million; and J.P. Morgan, who paid their CEO $30 million.
While failed CEOs get rich and failed companies get billions of taxpayer dollars, multitudes of other Americans who have played by the rules have lost their retirements, jobs, and home values.
It’s enough to make a person ask, “Is it worth it to do what is right?” The Bible’s answer is yes: When the storm has swept by, the wicked are gone, but the righteous stand firm forever (Proverbs 10:25).
Reference: Jonathon Elias, “CEOs of Failed Companies Collecting Fat Paychecks,” wbztv.com (11-14-08); “Top TARP handouts, top CEO salaries, cnn.com (2-11-09)