Old news: Wall street firms paid big bonuses before holding out their hands for public dollars.
e.g. Merrill Lynch, paid out $4 billion dollars worth of bonuses for 2008.
New news: The distribution of those bonuses is worse than you think.
Let's understand that Merrill Lynch employs some 39,000 people.
Fifty-three Merrill bankers got bonuses of more than $5 million each. The top four got $121 million total. The FT goes further:That'd be 149 employees sopping up almost a quarter of the $4 billion Merril paid out in bonuses.
The next 10 bonus recipients took home $128m in incentive pay, while the top 149 recipients got $858m in aggregate payments.
What's the word I'm looking for.... clawback??!!
P.S. Oh yeah - NYAG
Late edit: corrected my Cuomo. Thanks, Russ.
3 comments:
Ummmm...Andrew Cuomo. Not that his Dad's name didn't have more style...
Mind you, this is probably just more of his prep work for running for governor (or senator. Whatever.)
He puts his hooks deep enough into the offending parties - I'd figure that's a fair exchange.
*grin*
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