These Financial Services "Fat Cats" Make Too Much Money

If an executive at a financial institution creates value for shareholders, there is a good argument that he should be paid big money. But when federal government employees with all sorts of perks and benefits (including guaranteed pensions that private workers only dream about) make a lot of money at the sole expense of American taxpayers, that is something else (and never mentioned by Obama). These are the true "fat cats." From Biggovernment.com:

• The CFPB responded on August 4, 2011. The SF-50s revealed CFPB workers being hired at salaries twice the maximum ordinarily allowed under guidelines published each year by the Office of Personnel Management. A dozen new hires take home more than $225,000 a year, and a student intern is currently being paid $42,036 “through completion of education & study” as a communications trainee.

• The CFTC responded on September 12, 2011, but blocked out most of the information on the 26 forms provided. The documents, however, reveal that the agency has instituted a cash award bonus system, and during the first six months of 2011, the agency doled out from $400 to $5,000 in bonus income to employees already earning $225,000 or more per year.
• The Federal Reserve, responding on August 25, 2011, denied using SF-50s, despite an apparent statutory requirement to do so. It also refused a subsequent request for “Transcripts of Service,” which the agency said it used instead of SF-50s.
• The OCC responded on August 22, 2011. The SF-50s indicated that 85 workers earn $225,000 or more per year. The employee names, as well as the legal authority under which the pay raises were issued, were blotted out.
• The U.S. Department of the Treasury, responding on August 25, 2011, indicated that two employees earn more than $225,000, but withheld their names.
• The SEC responded on October 3, 2011, reporting that 103 workers earn $225,000 or more per year.