A New York Times article on the executive perks enjoyed by banking executives, particularly those at banks benefitting from bailout funds, drops an Arkansas angle today.
It’s not just big banks like Citigroup that dole out these perks. Small and midsize banks lavish them on their executives, too, and often sweeten salaries and bonuses with fringe benefits.
Bank of the Ozarks in Arkansas, which received $75 million in taxpayer money, paid $43,400 in 2007 for a personal assistant to coordinate business and charitable events from the home of George Gleason, the bank’s chief executive. ...
In the case of Bank of the Ozarks, Mr. Gleason, the chief, has an assistant working out of his home to oversee business, charitable and social functions held there. Susan Blair, a bank executive, said the arrangement was appropriate and helped produce record results last year. While the stock rose 13 percent, the bank recently accepted $75 million of taxpayer money.