Get the Facts on the Big Banks

April 9, 2019

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Contents:

1. Citigroup

2. JPMorgan Chase

3. Morgan Stanley

4. Bank of America

5. State Street

6. Bank of New York (BNY) Mellon

7. Goldman Sachs

8. Summary

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Megabank Profile: Citigroup

Citigroup Took $45 Billion In Taxpayer-Funded Bailout Money…

Citigroup Took $45 Billion In In Taxpayer-Funded Federal Bailout Money, Which Has Been Criticized As “A No-Strings Attached Gift To The Banks” Responsible For The Financial Crisis.

• Citigroup Took $45 Billion In Federal Bailout Money. [“Bailout Tracker: Citigroup,” ProPublica, accessed 04/08/19]
  • The Troubled Asset Relief Program (TARP), A Taxpayer-Funded “Bailout Package For Banks,” Was Criticized As “A No-Strings Attached Gift To The Banks, The Very Same Institutions That Had Gotten The Country Into The Crisis In The First Place.” [David Brancaccio and Janet Nguyen, “No more bailouts: The lawmakers behind Dodd-Frank say that taxpayers won’t foot the bill the next time a bank fails,” MarketPlace, 09/19/18]

…While Its CEOs Raked In $129 Million In The Years Since The 2008 Financial Crisis.

Citigroup Has Paid Its CEOs $129.4 Million Since 2008.

• Citigroup Has Paid Its CEOs $129,420,607 Since 2008. [Citigroup, SEC Schedule 14A, 2018; Citigroup, SEC Schedule 14A, 2015; Citigroup, SEC Schedule 14A, 2012; Citigroup, SEC Schedule 14A, 2009]

Citigroup CEO Michael Corbat Made Over $24 Million Last Year, After Securing A 48 Percent Raise The Year Prior.

In 2018, Citigroup CEO Michael Corbat Made Over $24 Million…

• Citigroup CEO Michael Corbat Received $24.2 Million In Total Compensation In 2018. [“2019 Notice Of Annual Meeting And Proxy Statement,” Citigroup, 03/06/19]
• Corbat Got A 48 Percent Raise In 2017, “A Year In Which The Bank Made More Money From Operations But Still Fell Short Of Earlier Targets.” [“Citigroup raises CEO Corbat’s pay 48 percent to $23 million,” Reuters, 02/16/18]

In The Wake Of The Financial Crisis, Citigroup Agreed To Pay A $7 Billion Settlement For Misleading Investors About The Bad Mortgages That Led To The Crisis; Attorney General Eric Holder Said The Bank “Shattered Lives And Livelihoods Throughout The Country.”

In 2014, Citigroup Agreed To A $7 Billion Settlement Over Its “Shoddy Mortgage-Backed Securities,” Which Included The Justice Department’s “Largest Civil Fraud Penalty Ever,” 

• In July 2014, Citigroup Agreed To Pay A $7 Billion Settlement “To Resolve Claims It Misled Investors About Shoddy Mortgage-Backed Securities In The Run-Up To The Financial Crisis,” Which Included “The Largest Civil Fraud Penalty Ever Levied By The U.S. Justice Department.” [Aruna Viswanatha, “Citigroup to pay $7 billion to settle U.S. mortgage probe,” Reuters, 07/14/14]

Attorney General Eric Holder Said Citigroup “Contributed Mightily To The Financial Crisis That Devastated Our Economy In 2008.” 

• Then-Attorney General Eric Holder Said Citigroup “‘Contributed Mightily To The Financial Crisis That Devastated Our Economy In 2008,’” And That Its “‘Activities Shattered Lives And Livelihoods Throughout The Country.’” [Chris Isidore, “Citi inks $7 billion mortgage settlement,” CNN, 07/24/14]

Just Last Year, Citigroup Had To Pay Millions To Settle Allegations Including Miscalculating Interest Rates For 1.75 Million Accounts and Violating The Fair Housing Act.

In 2018, Citigroup Was Fined And Forced To Refund Millions Of Dollars After It Allegedly Miscalculated Interest Rates For 1.75 Million Accounts, Violated The Fair Housing Act, And Manipulated “The Most Important Interest Rate In The World.”

• In June 2018, The CFPB Ordered Citibank To Refund $335 Million To 1.75 Million Accounts “For Miscalculating Interest Rate Charges Over Eight Years,” But Did Not Require It To Pay An Additional Penalty. [Kate Berry, “Citi forced to pay $335M refund on card malfunction, but no CFPB fine,” American Banker, 06/29/18]
  • Citibank Is Citigroup’s “Primary Banking Subsidiary.” [“2019 Citigroup Inc. Notice of Annual Meeting and Proxy Statement,” Citigroup, 04/16/19]

• In March 2019, The OCC Ordered Citibank To Pay A $25 Million Fine For Violating The Fair Housing Act After The Bank “Did Not Equally Offer Certain Mortgage Discounts To All Citi Customers, Thereby ‘Adversely’ Affecting Some Customers Based On Their ‘Race, Color, National Origin, Or Sex.’” [Ben Lane, “Citibank to pay $25 million for violating the Fair Housing Act,” HousingWire, 03/19/19]

• In June 2018, Citibank Was Fined $100 Million As Part Of A Settlement With 42 U.S. States For Manipulating LIBOR, “A Key Measure Of Global Interest Rates That Impacts Trillions Of Dollars Worth Of Loans Worldwide, Including Consumer Products,” Which “Has Been Described As The Most Important Interest Rate In The World.” [David Z. Morris, “Citibank Fined $100 Million for Manipulating Key Global Interest Rate,” Fortune, 06/16/18]

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Megabank Profile: JPMorgan Chase

JPMorgan Chase And Its Subsidiaries Took $28.11 Billion In Taxpayer-Funded Bailout Money…

JPMorgan Chase And Its Subsidiaries Took $28.11 Billion In Taxpayer-Funded Federal Bailout Money, Which Has Been Criticized As “A No-Strings Attached Gift To The Banks” Responsible For The Financial Crisis.

• JPMorgan Chase And Its Subsidiaries Took $28.11 Billion In Federal Bailout Money. [“Bailout Tracker: JPMorgan Chase,” ProPublica; “Bailout Tracker: JPMorgan Chase Subsidiaries,” ProPublica, accessed 04/07/19]
  • The Troubled Asset Relief Program (TARP), A Taxpayer-Funded “Bailout Package For Banks,” Was Criticized As “A No-Strings Attached Gift To The Banks, The Very Same Institutions That Had Gotten The Country Into The Crisis In The First Place.” [David Brancaccio and Janet Nguyen, “No more bailouts: The lawmakers behind Dodd-Frank say that taxpayers won’t foot the bill the next time a bank fails,” MarketPlace, 09/19/18]

…While The Bank’s CEOs Raked In $243 Million In The Years Since The 2008 Financial Crisis.

JPMorgan Chase Has Paid Its CEOs $243 Million Since 2008.

• JP Morgan Chase Has Paid Its CEOs $243,033,647 Since 2008. [JPMorgan Chase, SEC Schedule 14A, 2018; JPMorgan Chase, SEC Schedule 14A, 2017;JPMorgan Chase, SEC Schedule 14A, 2014; JPMorgan Chase, SEC Schedule 14A, 2011; JPMorgan Chase, SEC Schedule 14A, 2009]

CEO Jamie Dimon Made Over $30 Million Last Year But Complained That JPMorgan Was “Under Assault” By Regulators – Even Though The Bank Has Grown By A Trillion Dollars Since The Crisis.

In 2018, JPMorgan Chase CEO Jamie Dimon Made Over $30 Million.

• In 2018, JPMorgan Chase Chairman And CEO James Dimon Received $30,033,745 in total compensation. [JPMorgan Chase, SEC Schedule 14A, 2018]

JP Morgan Chase Grew By $1 Trillion In The Decade Since The Financial Crisis…

• JP Morgan Chase Has Grown By A Full $1 Trillion Since The Financial Crisis. “JPMorgan Chase has $2.5 trillion in assets, compared with $1.5 trillion in 2007.” [Renae Merle, “A guide to the financial crisis — 10 years later,” The Washington Post, 09/10/18]

…But CEO Dimon Complained In 2015 That The Bank Was “Under Assault” By Regulators “Just Because We’re Big.”

• JP Morgan CEO Jamie Dimon Complained That The Bank Was “‘Under Assault’” By Regulators “‘Just Because We’re Big,’” During A 2015 Conference Call In Which He Reported That The Bank Earned $22 Billion The Previous Year. [Stephen Gandel, “Jamie Dimon calls regulation un-American, once again,” Fortune, 01/14/15]

In The Wake Of The Financial Crisis, JPMorgan Chase Paid A Record $13 Billion Settlement For Selling Bad Mortgages At The Heart Of The Financial Crisis…

In 2013, The Justice Department Reached A Record $13 Billion Settlement With JPMorgan Chase For Knowingly Selling Unsound Mortgages To Investors—A Practice “At The Heart” Of A Housing Bubble That Led To The Financial Crisis.

• In November 2013, JPMorgan Chase Settled With The Justice Department For A Then-Record $13 Billion, Then “The Largest In U.S. History,” For Having “Knowingly Sold Mortgages To Investors That Should Have Never Been Sold.” [Karen Freifeld, Aruna Viswanatha, David Henry, “JPMorgan agrees $13 billion settlement with U.S. over bad mortgages,” Reuters, 11/19/13]
• According To Authorities, The Practice Was “At The Heart Of What Inflated The Housing Bubble” That Led To The Financial Crisis. [Karen Freifeld, Aruna Viswanatha, David Henry, “JPMorgan agrees $13 billion settlement with U.S. over bad mortgages,” Reuters, 11/19/13]

…But Just Last Week, JPMorgan Chase Announced That It Made A $3.7 Billion Profit From Donald Trump’s Corporate Tax Cuts.

Last Week, JPMorgan Chase Announced That It Profited $3.7 Billion From Donald Trump’s Corporate Tax Cuts.

• In April 2019, CEO Jamie Dimon Announced That JPMorgan Chase Profited $3.7 Billion From Donald Trump’s Corporate Tax Cuts. [Trista Kelley, “Trump’s tax cuts added $3.7 billion to JPMorgan’s profits,” Business Insider, 04/04/19]

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Megabank Profile: Morgan Stanley

Morgan Stanley Took $10 Billion In Taxpayer-Funded Federal Bailout Money…

Morgan Stanley Took $10 Billion In Taxpayer-Funded Federal Bailout Money, Which Has Been Criticized As “A No-Strings Attached Gift To The Banks” Responsible For The Financial Crisis.

• Morgan Stanley Took $10 Billion In Federal Bailout Money. [“Bailout Tracker: Morgan Stanley,” ProPublica, accessed 04/08/19]
  • The Troubled Asset Relief Program (TARP), A Taxpayer-Funded “Bailout Package For Banks,” Was Criticized As “A No-Strings Attached Gift To The Banks, The Very Same Institutions That Had Gotten The Country Into The Crisis In The First Place.” [David Brancaccio and Janet Nguyen, “No more bailouts: The lawmakers behind Dodd-Frank say that taxpayers won’t foot the bill the next time a bank fails,” MarketPlace, 09/19/18]

…While Its CEOs Raked In $180 Million In The Years Since The 2008 Financial Crisis.

Morgan Stanley Has Paid Its CEOs Over $180 Million Since 2008.

• Morgan Stanley Has Paid Its CEOs $180,249,779 Since 2008. [Morgan Stanley, SEC Schedule 14A, 2018; Morgan Stanley, SEC Schedule 14A, 2017; Morgan Stanley, SEC Schedule 14A, 2014; Morgan Stanley, SEC Schedule 14A, 2011; Morgan Stanley, SEC Schedule 14A, 2008]

Morgan Stanley CEO James Gorman Made $29 Million Last Year.

In 2018, Morgan Stanley CEO James Gorman Made $29 Million—A 7.4 Percent Raise From The Previous Year.

• In 2018, Morgan Stanley Chairman And CEO James Gorman Received $29 Million In Total Compensation, A Raise Of 7.4 Percent From The Previous Year. [Sonali Basak, “Morgan Stanley Lifts James Gorman’s Pay to Record $29 Million for 2018,” Bloomberg, 01/18/19]

In The Wake Of The Financial Crisis, Morgan Stanley Settled For $3.2 Billion For Creating Flawed Mortgage-Backed Securities That Led To The Financial Crisis.

In 2016, Morgan Stanley Agreed To Pay $3.2 Billion To Settle Charges Over “Flawed Mortgage-Backed Bonds” It Packaged Before The Financial Crisis.

• In 2016, Morgan Stanley Reached A $3.2 Billion Settlement With State And Federal Authorities Over The Creation Of Flawed “Mortgage-Backed Bonds Before The Financial Crisis.” [Nathaniel Popper, “Morgan Stanley to Pay $3.2 Billion Over Flawed Mortgage Bonds,” The New York Times, 02/11/16]
• According To A U.S. Attorney, “‘Abuses In The Mortgage-Backed Securities Industry Such As These Helped Bring About The Most Devastating Financial Crisis In Our Lifetime.’” [Nathaniel Popper, “Morgan Stanley to Pay $3.2 Billion Over Flawed Mortgage Bonds,” The New York Times, 02/11/16]

In Recent Years, Morgan Stanley Has Faced Charges Of Continued Misconduct.

Just In The Past Two Years, Morgan Stanley Has Faced Charges Of Overbilling Clients, Flouting Anti-Money Laundering Rules, And Running A High-Pressure Sales Contest That Encouraged Customers To Borrow Money Against Their Accounts.

• In January 2017, Morgan Stanley Agreed To Pay $13 Million To Settle Charges Of Overbilling Clients And “Violating Custody Rules Designed To Safeguard Investor Assets.” [Sarah N. Lynch, “Morgan Stanley to pay $13 million for overbilling clients: SEC,” Reuters, 01/13/17]
• In June 2018, Morgan Stanley Was Fined For $3.6 Million For Failing To Maintain Systems To “Detect And Prevent The Misappropriation Of Client Funds.” [Katanga Johnson, “Morgan Stanley pays $3.6 million fine for weak investor protection rules,” Reuters, 06/29/18]
• In December 2018, Morgan Stanley’s Brokerage Unit Was Fined $10 Million For Failing To Comply With Anti-Money Laundering Rules, Allowing A “Lapse [That] Impaired The Firm’s Overall Tracking Of Tens Of Billions Of Dollars Of Wire And Foreign Currency Transfers.” [Suzanne Barlyn, “Morgan Stanley unit to pay $10 million fine for anti-money laundering violations,” Reuters, 12/26/18]
• In April 2017, Morgan Stanley Agreed To Pay $1 To Settle Charges By The State Of Massachusetts That It Ran A “High-Pressure Sales Contest Among Its Financial Advisers To Encourage Clients To Borrow Money Against Their Brokerage Accounts.” [Mark Schoeff Jr., “Morgan Stanley reaches $1 million settlement with Massachusetts over high-pressure sales contest,” InvestmentNews, 04/12/17]

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Megabank Profile: Bank of America

Bank of America Took $45 Billion In Taxpayer-Funded Federal Bailout Money…

Bank of America Took $45 Billion In Taxpayer-Funded Federal Bailout Money, Which Has Been Criticized As “A No-Strings Attached Gift To The Banks” Responsible For The Financial Crisis.

• Bank Of America Took $45 Billion In Federal Bailout Money. [“Bailout Tracker: Bank of America,” ProPublica, accessed 04/09/19]
  • The Troubled Asset Relief Program (TARP), A Taxpayer-Funded “Bailout Package For Banks,” Was Criticized As “A No-Strings Attached Gift To The Banks, The Very Same Institutions That Had Gotten The Country Into The Crisis In The First Place.” [David Brancaccio and Janet Nguyen, “No more bailouts: The lawmakers behind Dodd-Frank say that taxpayers won’t foot the bill the next time a bank fails,” MarketPlace, 09/19/18]

…While The Bank’s CEOs Raked In $135 Million In The Years Since The 2008 Financial Crisis.

Bank of America Has Paid Its CEOs $135 Million Since 2008.

• Bank of America Has Paid Its CEOs $135,195,523 Since 2008. [Bank of America, SEC Schedule 14 A, 2018; Bank of America, SEC Schedule 14A, 2012; Bank of America, SEC Schedule 14A, 2009]

Bank Of America CEO Brian Moynihan Made $22.8 Million Last Year And Has Been Criticized For Commuting 1,400 Miles From Home In His Corporate Jet.

In 2018, Bank Of America Chairman And CEO Brian Moynihan Made Nearly $23 Million.

• In 2018, Bank Of America Chairman And CEO Brian T. Moynihan Received $22,754,510 In Total Compensation. [“2019 Proxy Statement,” Bank of America, 03/13/19]

Moynihan Has Been Criticized For Commuting On His Corporate Jet 1,400 Miles Round-Trip Between His Home And Bank Of America Headquarters.

• After Taking Over In 2010, Brian Moynihan Commuted 1,400 Miles Round-Trip On A Corporate Jet From His Home In Boston To Bank Of America’s Headquarters In Charlotte, North Carolina. [Deon Roberts, “Bank of America CEO ranks high for corporate jet use,” The Charlotte Observer, 04/20/16]
• Moynihan’s Lengthy Commute Has Been Criticized By Bank Of America Shareholders. [Deon Roberts, “Bank of America’s Moynihan defends his Boston residency,” The Charlotte Observer, 04/27/16]

In The Wake Of The Financial Crisis, Bank Of America Paid A “Record $17 Billion” Settlement—Larger Than Any Other Bank—For Misrepresenting The Quality Of Its Mortgage-Backed Securities And “Kicking Off The Recession.”

Bank Of America Paid $17 Billion—“The Largest Settlement Arising From The Economic Meltdown”— For “Making Serious Misrepresentations” About Its Mortgage-Backed Securities.

• Bank Of America Paid A “Record $17 Billion Settlement” For “Its Role In The Sale Of Mortgage-Backed Securities Before The 2008 Financial Crisis,” “The Largest Settlement Arising From The Economic Meltdown.” [Jeff Horwitz, “AP: Record $17B settlement reached for Bank of America’s role in financial crisis,” PBS, 08/20/14]
• The Mortgage-Backed Securities Caused “Huge Losses For Investors And A Slew Of Foreclosures, Kicking Off The Recession That Began In Late 2007.” [Jeff Horwitz, “AP: Record $17B settlement reached for Bank of America’s role in financial crisis,” PBS, 08/20/14]
• The Settlement Required Bank Of America To “Acknowledge Making Serious Misrepresentations” About “Questionable Loans” In The Mortgage-Backed Securities It And Its Subsidiaries Sold To Investors. [Jeff Horwitz, “AP: Record $17B settlement reached for Bank of America’s role in financial crisis,” PBS, 08/20/14]

Just Last Year, Bank Of America Had To Pay Millions In Fines And Settlements For Allegations Including Misleading Consumers And Fraudulent Practices.

Last Year, Bank Of America Had To Pay At Least $114 Million In Fines And Settlements For “Misleading” Customers, “Fraudulent Practices,” And “Attempted Manipulation” Of A Financial Benchmark.

• In September 2018, Bank Of America Was Ordered To Pay A $30 Million Penalty To The CFTC For “Attempted Manipulation Of The Swaps And Derivatives Benchmark.” [Doina Chiacu, “Bank of America to pay $30 million ‘manipulation’ penalty: CFTC,” Reuters, 09/19/18]
• In June 2018, Bank Of America Agreed To Pay A $42 Million Fine To The SEC After Its Merrill Lynch Division “Admitted To Misleading Brokerage Customers.” [Lisa Lambert and Jonathan Stempel, “BofA’s Merrill admits misleading customers, to pay $42 million SEC fine,” Reuters, 06/19/18]
• In March 2018, Bank Of America Merrill Lynch Agreed To Pay A “Record $42 Million Penalty To The State Of New York To Settle An investigation Into Fraudulent Practices In Connection With [Its] Electronic Trading Services.” [Press Release, New York Attorney General, 03/23/18]

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Megabank Profile: State Street

State Street Took $2 Billion In Taxpayer-Funded Federal Bailout Money…

State Street Took $2 Billion In Taxpayer-Funded Federal Bailout Money, Which Has Been Criticized As “A No-Strings Attached Gift To The Banks” Responsible For The Financial Crisis.

• State Street Took $2 Billion In Federal Bailout Money. [“Bailout Tracker: State Street,” ProPublica, accessed 04/08/19]
  • The Troubled Asset Relief Program (TARP), A Taxpayer-Funded “Bailout Package For Banks,” Was Criticized As “A No-Strings Attached Gift To The Banks, The Very Same Institutions That Had Gotten The Country Into The Crisis In The First Place.” [David Brancaccio and Janet Nguyen, “No more bailouts: The lawmakers behind Dodd-Frank say that taxpayers won’t foot the bill the next time a bank fails,” MarketPlace, 09/19/18]

…While Its CEOs Raked In $184 Million In The Years Since The 2008 Financial Crisis.

State Street Has Paid Its CEOs Nearly $184 Million Since 2008.

• State Street Has Paid Its CEOs $183,652,341 Since 2008. [State Street, SEC Schedule 14A, 2018; State Street, SEC Schedule 14A, 2017; State Street, SEC Schedule 14A, 2014; State Street, SEC Schedule 14A, 2011; State Street, SEC Schedule 14A, 2008]

State Street CEO Joseph Hooley Made Over $16 Million Last Year.

In 2018, State Street CEO Joseph Hooley Made Over $16 Million.

• In 2018, State Street Chairman And CEO Joseph L. Hooley Received $16,102,525 In Total Compensation. [State Street, SEC Schedule 14A, 2018]

In The Wake Of The Financial Crisis, State Street Settled For $663 Million For Its Role In The Crisis—Including Notifying “Preferred Investors” About The Impending Trouble While Leaving Charities And Retirement Funds “Completely Unaware” Of The Problems.

In 2010, State Street Agreed To Pay Investors $663 Million To Settle Charges Stemming From Its Role In “The Subprime Market Meltdown Of 2007.”

• In February 2010, State Street Agreed To Settle SEC Charges that It Misled “Investors About Their Exposure To Subprime Investments” “By Paying More Than $300 Million” To “Investors Who Lost Money During The Subprime Market Meltdown In 2007,” In Addition To Paying “Nearly $350 Million” To “Settle Private Claims”—A Total Of Approximately $663 Million. [Press Release, U.S. Securities and Exchange Commission, 02/04/10]

State Street Notified “Some Preferred Investors” That Their Subprime Mortgage Securities Were About To Go Bust, But Kept “Dozens Of Massachusetts Charities And Retirement Funds” “Completely Unaware.” 

• State Street “Told Some Preferred Investors in 2007 That One Of Its Bond Funds Was Almost Entirely Invested In Subprime Mortgage Securities, Allowing Them To Get Out,” While “Others Were Kept In The Dark, Costing Them Millions Of Dollars.” [Katie Zezima, “State Street Gave Some of Its Clients Better Data,” The New York Times, 02/04/10]
• Massachusetts Attorney General Martha Coakley Noted That State Street Kept “‘Dozens Of Massachusetts Charities And Retirement Funds—Completely Unaware” About The Subprime Mortgage Securities. [Katie Zezima, “State Street Gave Some of Its Clients Better Data,” The New York Times, 02/04/10]

In Recent Years, State Street Has Agreed To Pay Millions To Settle Charges Of Misconduct.

State Street Has Continued To Face Allegations Of Misconduct, Including That It Fraudulently Charged Secret Markups, “Conducted A Pay-To-Play Scheme” To Win Contracts, And Discriminated Against Female Executives.

• In September 2017, State Street Settled With The SEC For $35 Million Over Allegations That It “Fraudulently Charged Secret Markups” To Customers For Transition Management Services. [Press Release, U.S. Securities and Exchange Commission, 09/07/17]
• In January 2016, State Street Settled For $12 Million After It Allegedly “Conducted A Pay-To-Play Scheme […] To Win Contracts To Service Ohio Pension Funds.” [Press Release, U.S. Securities and Exchange Commission, 01/14/16]
• In October 2017, State Street Settled With The Labor Department For $5 Million After The Firm Allegedly “Discriminated Against More Than 300 Female Executives By Paying Them Less Than Male Colleagues.” [Jay-Anne B. Casuga, “State Street Female Executives to Get $5M Pay-Bias Settlement,” Bloomberg, 10/04/17]

 

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Megabank Profile: Bank Of New York (BNY) Mellon

Bank Of New York (BNY) Mellon Took $3 Billion In Taxpayer-Funded Federal Bailout Money…

BNY Mellon Took $3 Billion In Taxpayer-Funded Federal Bailout Money, Which Has Been Criticized As “A No-Strings Attached Gift To The Banks” Responsible For The Financial Crisis.

• BNY Mellon Took $3 Billion In Taxpayer-Funded Federal Bailout Money. [“Bailout Tracker: Bank of New York Mellon,” ProPublica, accessed 04/08/19]
  • The Troubled Asset Relief Program (TARP), A Taxpayer-Funded “Bailout Package For Banks,” Was Criticized As “A No-Strings Attached Gift To The Banks, The Very Same Institutions That Had Gotten The Country Into The Crisis In The First Place.” [David Brancaccio and Janet Nguyen, “No more bailouts: The lawmakers behind Dodd-Frank say that taxpayers won’t foot the bill the next time a bank fails,” MarketPlace, 09/19/18]

…While Its CEOs Raked In $146 Million In The Years Since The 2008 Financial Crisis.

BNY Mellon Has Paid Its CEOs $146 Million Since 2008.   

• BNY Mellon Has Paid Its CEOs $145,808,760 Since 2008. [BNY Mellon, SEC Schedule 14A, 2018; BNY Mellon, SEC Schedule 14A, 2017; BNY Mellon, SEC Schedule 14A, 2015; BNY Mellon, SEC Schedule 14A, 2012; BNY Mellon, SEC Schedule 14A, 2009]

BNY Mellon CEO Charles Scharf Made Over $17 Million In 2017.

In 2017, BNY Mellon Chairman And CEO Charles Scharf Made Over $17 Million.

• In 2017, BNY Mellon Chairman And CEO Charles W. Scharf Received $17,101,952 In Total Compensation. [BNY Mellon, SEC Schedule 14A, 2018]
• In 2018, Scharf Received $9,383,885 In Total Compensation. [BNY Mellon, SEC Schedule 14A, 2018]

Over A Decade After The Financial Crisis, BNY Mellon Is Still Facing A $1 Billion Lawsuit Over Toxic Mortgage-Backed Securities It Sold Before The 2008 Crisis.

BNY Mellon Is Still Facing A $1 Billion Lawsuit From German Lender Commerzbank, Which Seeks To Hold It Liable For Losses From “Toxic Mortgage-Backed Securities” Managed By BNY Mellon.

• BNY Mellon Has Been Sued By Commerzbank, A German Lender, “Seeking To Hold It Liable For Toxic Mortgage-Backed Securities That The German Lender Bought Before The Financial Crisis, Resulting In More Than $1 Billion Of Losses.” [Jonathan Stempel, “Bank of NY Mellon must face $1 billion Commerzbank lawsuit,” Reuters, 03/21/17]
• The Suit Alleges That BNY Mellon “‘Sat Idly’ For Years As Losses Piled Up.” [Jonathan Stempel, “Bank of NY Mellon must face $1 billion Commerzbank lawsuit,” Reuters, 03/21/17]
• The Case Is Still Pending. [Commerzbank AG v. Bank of New York Mellon, Case No. 1:15-cv-10029, PACER, accessed 04/09/19]

In Recent Years, BNY Mellon Has Continued To Face Charges Of Misconduct, Including Fraudulent Trading And Unsafe And Unsound Practices.

Since 2015, BNY Mellon Has Faced Charges Including Fraudulent Trading Practices, “Unsafe And Unsound Practices,” And Understating Its Risks.

• In March 2015, BNY Mellon Agreed To Pay $714 Million To Settle Charges Of “Fraudulent Foreign Exchange Trading Practices.” [Press Release, U.S. Department of Justice, 03/19/15]
• In June 2017, The Federal Reserve Fined BNY Mellon For $3 Million “For Unsafe And Unsound Practices After The Firm Improperly Assigned A Lower Risk Weighting To A Portfolio Of Assets, Reducing The Firm’s Risk-Based Capital Ratios.” [Press Release, Board of Governors of the Federal Reserve System, 06/27/17]
• In January 2017, BNY Mellon Settled With The SEC For $6.6 Million For Allegedly Understating Information About Its Risks. [Press Release, U.S. Securities and Exchange Commission, 01/12/17]
• In December 2018, BNY Mellon Agreed To Pay $54 Million To Settle Charges That It Improperly Handled “‘Pre-Released’ American Depositary Receipts (ADRs),” Which “Resulted In Abusive Practices Like Inappropriate Short Selling And Dividend Arbitrage That Should Not Have Been Occurring.” [Press Release, U.S. Securities and Exchange Commission, 12/17/18]

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Megabank Profile: Goldman Sachs

Goldman Sachs Took $10 Billion In Taxpayer-Funded Federal Bailout Money…

Goldman Sachs Took $10 Billion In Federal Bailout Money.

• Goldman Sachs Took $10 Billion In Federal Bailout Money. [“Bailout Tracker: Goldman Sachs,” ProPublica, accessed 04/08/19]
  • The Troubled Asset Relief Program (TARP), A Taxpayer-Funded “Bailout Package For Banks,” Was Criticized As “A No-Strings Attached Gift To The Banks, The Very Same Institutions That Had Gotten The Country Into The Crisis In The First Place.” [David Brancaccio and Janet Nguyen, “No more bailouts: The lawmakers behind Dodd-Frank say that taxpayers won’t foot the bill the next time a bank fails,” MarketPlace, 09/19/18]

…While Its CEOs Raked In $207 Million In The Years Since The 2008 Financial Crisis

Goldman Sachs Has Paid Its CEOs $207 Million Since 2008.

• Goldman Sachs Has Paid Its CEOs $207,549,643 Since 2008. [Goldman Sachs, SEC Schedule 14A, 2018; Goldman Sachs, SEC Schedule 14A, 2016; Goldman Sachs, SEC Schedule 14A, 2013; Goldman Sachs, SEC Schedule 14A, 2010]

Goldman Sachs CEO David Solomon Made Over $20 Million Last Year.

In 2018, Goldman Sachs Chairman And CEO David M. Solomon Made $20.6 Million…

• In 2018, Goldman Sachs Chairman And CEO David M. Solomon Received $20,662,835 In Total Compensation. [“2019 Annual Meeting of Shareholders Proxy Statement,” Goldman Sachs, 03/22/19]

In The Wake Of The Financial Crisis, Goldman Sachs Paid Over $8 Billion To Settle Charges Over Its Subprime Mortgages And Mortgage-Backed Securities.

Goldman Sachs Agreed To Pay Over $8 Billion To Settle Charges Over “Serious Misconduct” Related To Its Mortgage-Backed Securities, Which Led To The Financial Crisis, And Its Marketing Of Subprime Mortgages. 

• In April 2016, Goldman Sachs Reached A $5.06 Billion Settlement With The Justice Department Over “‘Serious Misconduct In Falsely Assuring Investors That Securities It Sold Were Backed By Sound Mortgages.’” [Jana Kasperkevic, “Goldman Sachs to pay $5bn for its role in the 2008 financial crisis,” The Guardian, 04/11/16]
  • Goldman Sachs’ Mortgage-Backed Securities “Helped Tip The Economy Into Recession After The Housing Bubble Burst In 2007.” [Lucinda Shen, “Goldman Sachs Finally Admits it Defrauded Investors During the Financial Crisis,” Fortune, 04/11/16]
• In August 2014, Goldman Sachs Agreed To Pay $3.15 Billion To The Federal Housing Finance Agency To “Repurchase Mortgage-Backed Securities From Fannie Mae And Freddie Mac.” [Benjamin Snyder, “Goldman Sachs in $3.15 billion settlement with federal regulators,” Fortune, 08/22/14]
• In July 2010, Goldman Sachs Reached A $550 Million Settlement With The Securities And Exchange Commission—“The Largest Ever For A Financial Institution”—“Over How It Marketed A Subprime Mortgage Product.” [Rachelle Younglai and Steve Eder, “Goldman settles with SEC for $550 million,” Reuters, 07/16/10]

Goldman Sachs Is Being Investigated For Its Role In A Multibillion-Dollar Fraud That Funneled Billions To The Wealthy And Well-Connected.

Goldman Sachs Is Currently Being Investigated For Its Role In A “Multibillion-Dollar Fraud Involving A Malaysian Government Investment Fund” That Funneled At Least $2.7 Billion To The Wealthy And Well-Connected.

• Last Month, The Federal Reserve Banned Two Goldman Sachs Bankers From Working In The Industry Due To Their Roles In “In A Multibillion-Dollar Fraud Involving A Malaysian Government Investment Fund.” [David Enrich and Matthew Goldstein, “2 Former Goldman Executives Barred From Banking Industry After Malaysia Fraud Scandal,” The New York Times, 03/12/19]
• One Of The Goldman Sachs Bankers Has Pleaded Guilty To Federal Charges Of Fraud And Was Ordered To Forfeit $44 Million, While The Other Banker Faces Federal Charges Of Bribery And Money Laundering. [David Enrich and Matthew Goldstein, “2 Former Goldman Executives Barred From Banking Industry After Malaysia Fraud Scandal,” The New York Times, 03/12/19]
• Goldman Sachs Helped The Fund, 1MDB, “Sell More Than $6 Billion Of Debt To Investors” Who Thought They Were Investing In Public Projects. However, Investigators Found That At Least $2.7 Billion Actually Went To “Fuel The Lavish Lifestyles Of Several People Close To A Former Malaysian Prime Minister.” [David Enrich and Matthew Goldstein, “2 Former Goldman Executives Barred From Banking Industry After Malaysia Fraud Scandal,” The New York Times, 03/12/19]
• The Malaysian Government Is Seeking Up To $7.5 Billion In Reparations From Goldman Sachs. [Rozanna Latiff, “Malaysia to summon two Goldman Sachs units ahead of 1MDB case,” Reuters, 03/18/19]

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Megabanks Took Billions In Taxpayer-Funded Bailout Funds Only To Put Millions Back Into The Pockets Of Their Wealthy CEOs

Eight Of The Biggest Banks In The Country Took $171.3 Billion In Taxpayer-Funded Bailout Money During The Financial Crisis.

Megabanks Citigroup, JPMorgan Chase, Morgan Stanley, Bank Of America, State Street, BNY Mellon, Goldman Sachs, And Wells Fargo Took In Billions In Taxpayer-Funded Bailout Money Criticized As “A No-Strings Attached Gift To The Banks” Responsible For The 2008 Financial Crisis.

• Megabanks Citigroup, JPMorgan Chase, Morgan Stanley, Bank Of America, State Street, BNY Mellon, Goldman Sachs, And Wells Fargo Took $171.3 Billion In Taxpayer-Funded Bailout Money During The Financial Crisis.
  • The Troubled Asset Relief Program (TARP), A Taxpayer-Funded “Bailout Package For Banks,” Was Criticized As “A No-Strings Attached Gift To The Banks, The Very Same Institutions That Had Gotten The Country Into The Crisis In The First Place.” [David Brancaccio and Janet Nguyen, “No more bailouts: The lawmakers behind Dodd-Frank say that taxpayers won’t foot the bill the next time a bank fails,” MarketPlace, 09/19/18]

Citigroup Took $45 Billion In Taxpayer-Funded Bailout Money.

• Citigroup Took $45 Billion In Federal Bailout Money. [“Bailout Tracker: Citigroup,” ProPublica, accessed 04/09/19]

JPMorgan Chase Took $28.11 Billion In Taxpayer-Funded Bailout Money.

• JPMorgan Chase And Its Subsidiaries Took $28.11 Billion In Federal Bailout Money. [“Bailout Tracker: JPMorgan Chase,” ProPublica, accessed 04/09/19; “Bailout Tracker: JPMorgan Chase Subsidiaries,” ProPublica, accessed 04/09/19]

Morgan Stanley Took $10 Billion In Taxpayer-Funded Bailout Money.

• Morgan Stanley Took $10 Billion In Federal Bailout Money. [“Bailout Tracker: Morgan Stanley,” ProPublica, accessed 04/09/19]

Bank Of America Took $45 Billion In Taxpayer-Funded Bailout Money.

• Bank Of America Took $45 Billion In Federal Bailout Money. [“Bailout Tracker: Bank of America,” ProPublica, accessed 04/09/19]

State Street Took $2 Billion In Taxpayer-Funded Bailout Money.

• State Street Took $2 Billion In Federal Bailout Money. [“Bailout Tracker: State Street,” ProPublica, accessed 04/09/19]

Bank Of New York (BNY) Mellon Took $3 Billion In Taxpayer-Funded Bailout Money.

• BNY Mellon Took $3 Billion In Federal Bailout Money. [“Bailout Tracker: Bank of New York Mellon,” ProPublica, accessed 04/09/19]

Goldman Sachs Took $10 Billion In Taxpayer-Funded Bailout Money.

• Goldman Sachs Took $10 Billion In Federal Bailout Money. [“Bailout Tracker: Goldman Sachs,” ProPublica, accessed 04/09/19]

Wells Fargo Took Over $28 Billion In Taxpayer-Funded Bailout Money.

• Wells Fargo And Wells Fargo Bank, NA Took $28.19 Billion In Federal Bailout Money. [“Bailout Tracker: Wells Fargo,” ProPublica, accessed 04/08/19; “Bailout Tracker: Wells Fargo,” ProPublica, accessed 04/09/19]

In The Years Since The 2008 Financial Crisis, Megabanks Have Collectively Paid Their Chief Executive Officers (CEOs) $1.4 Billion.

Citigroup Has Paid Its CEOs $129.4 Million Since 2008.

• Citigroup Has Paid Its CEOs $129,420,607 Since 2008. [Citigroup, SEC Schedule 14A, 2018; Citigroup, SEC Schedule 14A, 2015; Citigroup, SEC Schedule 14A, 2012; Citigroup, SEC Schedule 14A, 2009]

JPMorgan Chase Has Paid Its CEOs $243 Million Since 2008.

• JP Morgan Chase Has Paid Its CEOs $243,033,647 Since 2008. [JPMorgan Chase, SEC Schedule 14A, 2018; JPMorgan Chase, SEC Schedule 14A, 2017;JPMorgan Chase, SEC Schedule 14A, 2014; JPMorgan Chase, SEC Schedule 14A, 2011;JPMorgan Chase, SEC Schedule 14A, 2009]

Morgan Stanley Has Paid Its CEOs Over $180 Million Since 2008.

• Morgan Stanley Has Paid Its CEOs $180,249,779 Since 2008. [Morgan Stanley, SEC Schedule 14A, 2018; Morgan Stanley, SEC Schedule 14A, 2017; Morgan Stanley, SEC Schedule 14A, 2014; Morgan Stanley, SEC Schedule 14A, 2011; Morgan Stanley, SEC Schedule 14A, 2008]

Bank of America Has Paid Its CEOs $135 Million Since 2008.

• Bank of America Has Paid Its CEOs $135,195,523 Since 2008. [Bank of America, SEC Schedule 14 A, 2018; Bank of America, SEC Schedule 14A, 2012; Bank of America, SEC Schedule 14A, 2009]

State Street Has Paid Its CEOs $184 Million Since 2008.

• State Street Has Paid Its CEOs $183,652,341 Since 2008. [State Street, SEC Schedule 14A, 2018; State Street, SEC Schedule 14A, 2017; State Street, SEC Schedule 14A, 2014; State Street, SEC Schedule 14A, 2011; State Street, SEC Schedule 14A, 2008]

Bank Of New York (BNY) Mellon Has Paid Its CEOs $146 Million Since 2008.

• BNY Mellon Has Paid Its CEOs $145,808,760 Since 2008. [BNY Mellon, SEC Schedule 14A, 2018; BNY Mellon, SEC Schedule 14A, 2017; BNY Mellon, SEC Schedule 14A, 2015; BNY Mellon, SEC Schedule 14A, 2012; BNY Mellon, SEC Schedule 14A, 2009] 

Goldman Sachs Has Paid Its CEOs $207 Million Since 2008.

• Goldman Sachs Has Paid Its CEOs $207,549,643 Since 2008. [Goldman Sachs, SEC Schedule 14A, 2018; Goldman Sachs, SEC Schedule 14A, 2016; Goldman Sachs, SEC Schedule 14A, 2013; Goldman Sachs, SEC Schedule 14A, 2010]

Wells Fargo Has Paid Its CEOs $201 Million Since 2008.

• Wells Fargo Has Paid Its CEOs $201,142,328 In The Years Since The 2008 Financial Crisis. [Wells Fargo, SEC Schedule 14A, 2018; Wells Fargo, SEC Schedule 14A, 2015; Wells Fargo, SEC Schedule 14A, 2012; Wells Fargo, SEC Schedule 14A, 2009]

The CEOs Of The Megabanks Each Raked In Millions Last Year, With JPMorgan Chase CEO Jamie Dimon Leading The Pack By Making Over $30 Million In 2018. 

In 2018, JPMorgan Chase CEO Jamie Dimon Made Over $30 Million.

• In 2018, JPMorgan Chase Chairman And CEO James Dimon Received $30,033,745 in total compensation. [JPMorgan Chase, SEC Schedule 14A, 2018]

In 2018, Morgan Stanley CEO James Gorman Made $29 Million.

• In 2018, Morgan Stanley Chairman And CEO James Gorman Received $29 Million In Total Compensation, A Raise Of 7.4 Percent From The Previous Year. [Sonali Basak, “Morgan Stanley Lifts James Gorman’s Pay to Record $29 Million for 2018,” Bloomberg, 01/18/19]

In 2018, Citigroup CEO Michael Corbat Made Over $24 Million.

• Citigroup CEO Michael Corbat Received $24.2 Million In Total Compensation In 2018. [“2019 Notice Of Annual Meeting And Proxy Statement,” Citigroup, 03/06/19]

In 2018, Bank Of America CEO Brian Moynihan Made Nearly $23 Million.

• In 2018, Bank Of America Chairman And CEO Brian T. Moynihan Received $22,754,510 In Total Compensation. [“2019 Proxy Statement,” Bank of America, 03/13/19]

In 2018, Goldman Sachs CEO David M. Solomon Made $20.6 Million.

• In 2018, Goldman Sachs Chairman And CEO David M. Solomon Received $20,662,835 In Total Compensation. [“2019 Annual Meeting of Shareholders Proxy Statement,” Goldman Sachs, 03/22/19]

In 2018, Former Wells Fargo CEO Tim Sloan Made Over $18 Million.

• In 2018, Tim Sloan Received $18.4 Million In Total Compensation, A 5 Percent Increase From $17.5 Million In 2017. [Hugh Son, “Wells Fargo CEO Tim Sloan got a pay raise to $18.4 million as problems mount, shares tumble,” CNBC, 03/13/19]

In 2017, BNY Mellon CEO Charles Scharf Made Over $17 Million.

• In 2017, BNY Mellon Chairman And CEO Charles W. Scharf Received $17,101,952 In Total Compensation. [BNY Mellon, SEC Schedule 14A, 2018]
• In 2018, Scharf Received $9,383,885 In Total Compensation. [BNY Mellon, SEC Schedule 14A, 2018]

In 2018, State Street CEO Joseph Hooley Made Over $16 Million.

• In 2018, State Street Chairman And CEO Joseph L. Hooley Received $16,102,525 In Total Compensation. [State Street, SEC Schedule 14A, 2018]