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Cuomo Details Extravagant Merrill Lynch Bonuses
By
Jen Chung
Published Feb 11, 2009
Modified Feb 11, 2009
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By
Jen Chung
Published Feb 11, 2009
Modified Feb 11, 2009
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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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andrew cuomo
Bank of America
bonus
executive compensation
Merrill Lynch
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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