Outrage: Merrill’s record 3.8 billions bonuses and $27.6 billion loss in 2008!!!
By Daniel at 6 August, 2009, 2:40 am
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“…The judge also said the agreement “in no way specifies the basis for the $33 million figure or whether any of this money is derived directly or indirectly” from public funds advanced to Bank of America as part of its bail out.
An SEC spokesman declined immediate comment.
Bank of America, along with Citigroup Inc. and insurance giant American International Group, is among the largest recipients of government aid. It has received $45 billion from the federal $700 billion bank rescue program.
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Merrill ended up paying $3.6 billion in bonuses in 2008, the SEC said, even though it lost $27.6 billion that year, a record for the firm. The bonuses amount to nearly 12 percent of the $50 billion that Bank of America paid for Merrill.”
Soon we will have a bonuses crisis! Bonus system in wall street is definitely corrupted.
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