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Friday, February 13, 2009

Almost 700 Merrill Executives Paid $1m-plus Bonuses

Nearly 700 Merrill Lynch executives had cash bonuses of more than $1m each for last year, New York’s top law enforcement official disclosed on Wednesday.

Andrew Cuomo, New York’s attorney-general, called the bank’s decision to bring forward nearly $4bn of pay-outs a “surprising fit of corporate irresponsibility” that raised “serious and disturbing questions”.

Mr Cuomo said the bonuses for 2008 were “disproportionately distributed to a small number of individuals”, with the top four recipients taking in a combined $121m

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Looting the nation !

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