Bank of Montreal President Admits Payouts to M&I Executives are “Large and Unreasonable”

Wisconsinites traveled to Montreal, Canada, yesterday to question the nearly $71 million in pay-outs to M&I executives. The sale of M&I to Bank of Montreal will result in the loss of hundreds of Wisconsin jobs and comes with M&I executives failing to pay back $1.7 billion in taxpayer TARP money.

“There is no question the payments were large,” Downe confessed. “And could we have negotiated something that was more reasonable, we would have tried to do so.”

“That these $71 million in executive bailouts are coming at the expense of Wisconsin jobs and with M&I giving up their responsibility to pay back $1.7 billion in TARP money is outrageous,” Peter Rickman, member of AFT-Wisconsin, Teaching Assistants Association. “As a state and a nation we have got to stop rewarding failure. Regardless of what Governor Walker may believe, paying out $71 million to a bunch of failed bank executives is not how you bring success to our economy.”

 

For video of Wisconsin Education Association Council’s Betsy Kippers questioning Downe here.

See Milwaukee Journal Sentinel article, CEO sets 'bold objective' for bank, here.

See Milwaukee Business Journal article, Group challenges M&I golden parachutes, here.

See DailyKos, Wisconsin Workers Crash Bank of Montreal Shareholders Meeting Re: M&I, here.

See Dane 101 coverage, M&I fight moves from Wisconsin to Bank of Montreal shareholder meeting, here. 

Yesterday concerned citiznes rallied outside of M&I Bank locations in Milwaukee and Madison to encourage M&I to be a better corporate citizen.  Today, Wisconsinites are rallying outside M&I Banks in La Crosse, Racine, Wisconsin Dells and Whitefish Bay to ask corporations to partake in the same shared sacrifice working families have to fix our economy.

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