Banks Have Billions In Executive IOUs

Law360 (October 31, 2008, 12:00 AM EDT) -- Major banks participating in the U.S. Treasury Department's rescue plan have reportedly built up more than $40 billion in debt owed to top executives in past years' pay and pensions.

In analysis done by the Wall Street Journal, top financial firms set to receive a capital injection as part of the government's equity purchase plan have racked up billions in debt to their executives as of the end of 2007. At some firms, what the company still owes to executives tops even what they owe in...
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