Cuomo Details Extravagant Merrill Lynch Bonuses

Do not mess with Attorney General Andrew Cuomo! Cuomo detailed his office's dealings with Merrill Lynch—namely how they asked Merrill what they were doing about 2008 bonuses in October but Merrill ignored them and apparently moved up their bonus schedule to spread billions in bonus money—in a letter to Rep. Barney Frank. You can read the letter (PDF) but here are some calculations: "The top four bonus recipients received a combined $121 million; The next four bonus recipients received a combined $62 million; The next six bonus recipients received a combined $66 million... Overall, the top 149 bonus recipients received a combined $858 million; 696 individuals received bonuses of $1 million or more." Cuomo also accused Bank of America, which bought Merrill Lynch, of being complicit in the bonus debacle.

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By Jen Chung in News on February 11, 2009 12:40 PM

Comments [rss]

rcltrh

These men should be in jail, or at least post their pictures around town so the friendly unemployed can see them to shake their hands. Or whatever else comes to their minds.

Zyskandar A Jaimot

Warren Buffet laughs

Warren Buffet laughs

because he has bought America cheap

He is a man who embraces his masks

Never showing us what is there

Your health co-pay goes up and Warren laughs

Your car insurance increases and Warren laughs

Movie ticket prices go up and Warren laughs

Airline fares increase and Warren laughs

Insidiousness comes in short/stout/off white

in this men's dept. always with a broad fake smile

Like your minister smiling

as he tells hermeneutic lies

Like your stockbroker smiling into the phone

as he touts another loser

Like your banker smiling gently

as he denies you a loan

Like your teacher smiling in pity

as you fail another test

Like the police smiling before the judge

as you await your fate

Warren Buffet laughs

He is a man who hides behind masks

because he has bought and sold losers

Dairy Queen, US Air, Disney, ABC,

Salomon, MickeyD's, GEICO and all the insurance companies

that with every 'loss' raise their premiums

Only to dump the cost always on us

Go ahead claim your hurricane loss in ‘Katrina’

He’ll probably tell you you’re not covered for flood damage

Ha…Ha…Ha…What about bond-fixing at Salomon or fraud at A.I.G.? Or those ‘Katrina’ victims left unpaid?

So what if hundreds of millions are squandered

Betting against the U.S. currency

Warren does what’s best for Warren

Yeah 9/11 was tragic the loss of life and all

allowing insurers and airlines and everyone to raise prices

to increase profit isn't that what it's all about?

And now ‘Warren’ tells us according to his yclept ‘metrics’

It is time to buy! Great now that Warren and his like

Are the only ones who have any money

And everyone tells Mr. Warren Buffet how brilliant he is

And Warren continues to laugh at us.

Leon Freilich

VALENTINE

I heart New York from head to toe

(Don't get me started)

And when the flowers and candy flow

I double-heart it.

books

ok so now that it's obvious that so much of America CORRUPT like so many South of the border countries

What are we going to do about it?!

I want to see legislation that cuts these absurd payments out. No individual of a PUBLIC company now getting tax payer money deserves a 30 million dollar bonus. The system is broke. The goverment needs to fix it. Shame is not enough.

Felix Hoenikker

http://online.wsj.com/article/SB123431293649170767.html

jackdonaghy

I have faith in future Governor Cuomo's investigation of these white collar scumbags, but Barney Frank is not the person to contact. I know Frank is the chairman of the relevant committee, but his abrasive behavior turns off Democrats and Republicans alike.

The Edge

Is that really a bad thing?

Rocknrope

This is a high profile opp for Cuomo. I hope he uses it fully to publicly take these guys out to the woodshed.

4 people sharing 121 million, so average of 30MM each. I'd love to see what these guys did to deserve it. If they brought in 3 billion each in revenue, that may offset it somewhat, but somehow I doubt it.

drewo

Please follow that up with a list of the salaries of all state civil servants, and the amount and number of salary increases received each year.

Dirk

When are these pricks going to get it? Stories like this put Wall Streets guys at the level of pedophiles in terms of the public's hatred for them.