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 New York’s A.G. Subpoenas Bank Execs Over BonusesPosted on Jan 27, 2009
New York Attorney General Andrew Cuomo sent out subpoenas to Bank of America’s Chief Administrative Officer J. Steele Alphin and recently ousted Merrill Lynch Chief Executive John Thain on Tuesday to look into hefty bonuses paid to Merrill Lynch higher-ups late last year—even as the company was bleeding billions in losses.
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By PatrickHenry, January 28 at 6:50 pm #
About time.
Report thisBy Eric L. Prentis, January 28 at 2:47 pm #
Merrill Lynch lost $27 billion dollars in 2008, received $10 billion in a government bailout yet paid out, early, $4 billion dollars in bonuses to their employees. Without the $55 billion dollars in government bailouts and $118 billion in government asset guarantees, both Bank of America and Merrill Lynch would be bankrupt and would be unable to pay any bonuses whatsoever. The sense of entitlement by the financial ruling class is outrageous, they are simply screwing the taxpayers while the slimy-on-the-take Congress says and does nothing. Lets make Eliot Spitzer a special prosecutor investigating financial system accounting fraud, executive compensation, bank regulation, lobbying, bank business practices and what to do about the Federal Reserve.
Report thisBy Myronh, January 28 at 1:00 pm #
(Unregistered commenter)
The US Constitution should be ammended to make bonuses illegal whenever a business is losing money. The Ammendment should also restrict bonuses to be of equal value to all empoyees of a profitable business; the CEO should not receive a penney more than the Janitor. The CEO is already recieving 10 to 400 times as much income as the worker. The Ammendment should limit the top Management salary to 10 times the average worker’s wage. Who in their right-mind actually believe any individual is worth several hundred times more than their workers? Without the Worker, the CEO is NOTHING.
Report thisBy frozenporklander, January 28 at 3:40 am #
(Unregistered commenter)
I smell another prostitution scandal coming up!
Report thisBy troublesum, January 27 at 9:40 pm #
Where is Holder? Why isn’t his office investigating this? Did Obama get campaign contributions from BOA and Merrill Lynch?
Report thisBy mill, January 27 at 9:20 pm #
Good for Mr Cuomo!
It is a grossly-rigged compensation system that pays billions in bonuses even as a company loses tens of billions of shareholder worth. If such systems are legal, either legislatures better act to change that or angry vigilantes may fill the void.
How do executives justify taking bonuses - though the business flounders - as appropriate, moral conduct?
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