Wednesday, February 11, 2009

Too big to fail...our tax money at work.

This is an excerpt from a letter NY's AG wrote to the House of Rep's Barny Franks:

Bearing in mind that Merrill moved up its bonus payments in advance of its announced $15 billion quarterly loss and $27 billion annual loss, we have determined that Merrill Lynch made the following bonus payments:

  • 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;
  • Fourteen individuals received bonuses of $1 0 million or more and combined they received more than $250 million;
  • 20 individuals received bonuses of $8 million or more;
  • 53 individuals received bonuses of $5 million or more;
  • 149 individuals received bonuses of $3 million or more;
  • Overall, the top 149 bonus recipients received a combined $858 million;
  • 696 individuals received bonuses of $1 million or more.
    Again, these payments and their curious timing raise serious questions as to whether the Merrill Lynch and Bank of America Boards of Directors were derelict in their duties and violated their fiduciary obligations.


The full letter is here: http://www.oag.state.ny.us/media_center/2009/feb/merrill%20letter.pdf

I just hope these bastards pay taxes on their windfall.