NY Atty General to go after Merrill Lynch bonuses

[w¡n9Nµ7 §£@¥€r 123]

Jan. 29 (Bloomberg) -- New York Attorney General Andrew Cuomo may demand the return of $4 billion in bonuses paid by Merrill Lynch & Co. just before it was acquired by Bank of America Corp., a person familiar with the matter said.

Cuomo also wants to know what Bank of America Chief Executive Officer Kenneth Lewis, 61, knew about the accelerated bonuses and about Merrill’s surprise $15 billion net loss in the fourth quarter, the person said. Lewis fired Merrill’s CEO John Thain this month after the losses required more federal aid.

The attorney general’s office is looking at whether the companies’ shareholders had all necessary information about Merrill’s finances and whether federal bail-out loans to Bank of America were used properly, the person said, asking not to be identified because the investigation is confidential.

“No longer will this country stand for wasteful spending of tax dollars on bonuses for executives whose companies have taken huge losses and required taxpayer bailouts,” Cuomo said today in a statement about bonuses paid at Wall Street firms that received funds from the Troubled Asset Relief Program or TARP.

...

Cuomo, a Democrat, is cooperating with Special Inspector General Neil Barofsky in a federal probe of executive pay at banks that got TARP money. Piggybacking on that investigation gives Cuomo’s office more auditing power than it normally has because state and federal investigators will share information, the person said.

http://www.bloomberg.com/apps/news?pid=206...&refer=home

[Ban Hammer 13,678]

good

i think their bonus should be limited to just 1000 times what i get at work, which is someone telling me "buy wal-mart stock."

Edited February 2, 2009 by charles!

[w¡n9Nµ7 §£@¥€r 123]

good

i think their bonus should be limited to just 1000 times what i get at work, which is someone telling me "buy wal-mart stock."

i sense class envy.

[Ban Hammer 13,678]

good

i think their bonus should be limited to just 1000 times what i get at work, which is someone telling me "buy wal-mart stock."

i sense class envy.

i'm generous, they can have one million times my bonus if you'd like.

[w¡n9Nµ7 §£@¥€r 123]

good

i think their bonus should be limited to just 1000 times what i get at work, which is someone telling me "buy wal-mart stock."

i sense class envy.

i'm generous, they can have one million times my bonus if you'd like.

class warfare doesn't become you

[Ban Hammer 13,678]

good

i think their bonus should be limited to just 1000 times what i get at work, which is someone telling me "buy wal-mart stock."

i sense class envy.

i'm generous, they can have one million times my bonus if you'd like.

class warfare doesn't become you

at least i'm not offering them your bonus

[w¡n9Nµ7 §£@¥€r 123]

Our bonus cycle doesn't come for another month. But with bonuses turning into a political football with uninformed members of the media and public, even though my employer hasn't availed of TARP funds, they may just not bother.

[Jasman0717 9]

Oh Oh, the Sopranos need to make a quick exit back to NJ