Merrill Lynch Bonuses Attracts Federal Attention
Update: The outsized bonuses awarded to Merrill Lynch execs have attracted federal attention as well.
Rep. Dennis Kucinich, chairman of a subcommittee of the House of Representatives' Oversight and Government Reform Committee, asked for documents related to the bonuses in letters to Fed Chairman Ben Bernanke and Bank of America Chief Executive Ken Lewis.
New York's Attorney General might demand that Merrill Lynch give back the $4 billion in bonuses paid to its execs before it was taken over by Bank of America.
"Bonus" implies "a job well done". Do I even need to say more?
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.
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Rowland Heights, California, United States