Perks got perkier at bailed out firms

NEW YORK, Oct. 20 (UPI) -- The value of executive perks at bailed out U.S. financial firms rose 4 percent in 2008 while declining in other firms, a research group said.

Equilar, which complies compensation data, said top executives at non-financial Fortune 100 companies found the value of their perks and benefits dropped 7 percent in 2008, The Washington Post reported Tuesday. Firms that received $350 billion in emergency taxpayer assistance, however, increased the same perks for their top executives.

Kenneth Lewis, chief executive officer at Bank of America, was granted $100,000 more for use of corporate jets, the newspaper said. Ralph Babb Jr., CEO of lender Comerica was granted more than $200,000 to cover country club expenses.

At GMAC Financial, CEO Alvaro de Molina received $2.5 million to pay his personal income tax.

"You would have thought that this would be the moment when everyone said, 'OK, the perks have got to stop -- at least while we're indebted to the government.' But that didn't happen," said Paul Hodgson, senior research associate at the Corporate Library.