A newspaper report identifies several "big banks that are struggling in the postbailout world". Eric Dash, 'Taking Their Cut/Once Banks Hand Out Pay, a Pittance for Shareholders" p. B1, col. 2 (New York Times Nat'l ed., "Business Day" Section, Wed., January 27, 2010). According to the report, these institutions are approving bonuses and payments to their employees which, aggregated, total nearly as much or more than their total profits last year:
- 88 cents out of every $1.00 "it made in 2009 to compensate all workers," id., in the case of one;
- 94 cents out of every dollar, in another case; and
- In another case, more than the total of its 2009 income in what might be called 'deficit dealing,' or "$1.45 for every dollar the company took in last year." Id.
Who told these companies that making these bonus payments at the obvious expense of the Shareholders fulfilled their Directors' and Officers' Fiduciary Duties?
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