Bank Executives pledge to not use the taxpayer money to pay their executive bonuses

Do you believe the Bank Executives' pledges that they will not use the taxpayer money to pay their executive bonuses?

Here is from Associated Press via FoxBusiness:

Executives from four financial institutions that have received a total of $75 billion in federal bailout funds are promising they won't use the money to pay their executives and employees.

The executives made the pledge Thursday in an appearance before the Senate Banking Committee. Lawmakers have reacted in anger to reports that banks might use the bailout money to pay bonuses to their executives, acquire other banks or finance other business takeovers.

Jon Campbell, regional banking president for Wells Fargo & Co.(WFC) , told the committee his company doesn't need the government's investment to pay for bonuses or compensation and will not use it for that.

Executives from Goldman Sachs Inc. (GS), Bank of America (BAC) and JP Morgan Chase & Co.(JPM) made similar pledges.

Sources :

FoxBusiness: Bank Executives Promise Not to Use Bailout Money for Pay, November 13, 2008

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