Cuomo: Merrill Improperly Gave Out Bonuses
Wednesday, February 11, 2009 8:28
In a letter to Braney Frank, New York Attorney General Andrew Cuomo has accused Merrill Lynch executives of corporate irresponsibility by secretly and prematurely awarding $3.6 billion in bonuses as taxpayers were bailing out the industry.
Cuomo says that instead of disclosing its bonus plan in a transparent manner designed to assure the payments were warranted, Merrill Lynch moved the date of bonuses to richly reward “failed executives.”
Merrill recently came under fire for awarding its brokers with a “Retention” bonus after the Bank of America deal. Brokers were awarded a bonus of cash and stock equal to 100% of their trailing-12-month gross commission. Some bonuses ran into the millions.
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Carla says:
February 11th, 2009 at 9:01 am
I’m getting sick of this. It’s time to start writing down names.
Frank says:
February 11th, 2009 at 10:38 am
The great train robbery in slow motion now being experienced by sentient beings thought dead by the politicians who have royally screwed the taxpayers by allowing this to happen. Jail the Wall Street F**kers.
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