Dodd says Wall Street compensation is outrageous

posted: 36 DAYS 20 HOURS AGO

Text SizeAAA

WASHINGTON -Financial companies that were shored up by taxpayer money are now paying their employees big bucks in compensation and benefits.

The chairman of the Senate Banking, Housing and Urban Affairs Committee says that's a source of outrage in the country.

One company that has received government money, Goldman Sachs, has said it has set aside $16.7 billion for compensation so far this year. That's more than a half-million dollars per employee.

Democratic Sen. Chris Dodd of Connecticut says such companies need to understand that what they are doing is an outrage. Dodd says the government should look into taking action to get those companies to back up and reconsider what they are paying out.

Dodd appeared Sunday on NBC's "Meet the Press."

THIS IS A BREAKING NEWS UPDATE. Check back soon for further information. AP's earlier story is below.

WASHINGTON (AP) — Financial companies that were shored up by taxpayer money are now paying their employees bug bucks in compensation and benefits.

The chairman of the Senate Banking, Housing and Urban Affairs Committee says that's a source of outrage in the country.

One company that has received government money, Goldman Sachs, has said it has set aside $16.7 billion for compensation so far this year. That's more than a half-million dollars per employee.

Dodd appeared Sunday on NBC's "Meet the Press."

2009-10-19 03:34:22