Cuomo May Seek Return of $4 Billion in Early Merrill Bonuses

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ASusilovic

Jan. 30 (Bloomberg) -- Andrew Cuomo, New York’s attorney general, may demand the return of $4 billion in bonuses paid by Merrill Lynch & Co. just before it was acquired by Bank of America Corp., a person familiar with the matter said.

Cuomo also wants to know what Bank of America Chief Executive Officer Kenneth Lewis, 61, knew about the accelerated bonuses and about Merrill’s surprise $15 billion net loss in the fourth quarter, the person said. Lewis fired Merrill’s CEO John Thain this month after the losses required more federal aid.

http://www.bloomberg.com/apps/news?pid=20601087&sid=aZUEe7e7KuG0&refer=home

Wall Street Bankers returning their bonuses ? They shall pay them toxic waste !
 
When the government creates prices controls, anyone with any clue jumps at it and says they dont know what they are doing it. When they do wage control on the rich, people praise it
 
Wall Street Bankers returning their bonuses ? They shall pay them toxic waste ! [/B]
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Maybe they should have been paid their bonuses in CDO/CMO's. That way it gets the toxic paper off the company's books and the guys who were selling the product can own it.
 
Quote from Daal:

When the government creates prices controls, anyone with any clue jumps at it and says they dont know what they are doing it. When they do wage control on the rich, people praise it
More...

it's not a wage control on the rich, it's a stipulation on a welfare check from the taxpayer

but you're too stupid to figure that out

people hate welfare queens, whether it's a black lady in a cadillac or a white guy in a private jet
 
Quote from Daal:

............. When they do wage control on the rich, people praise it
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Not true. If you want to give bonuses to your employees it should be from what you have earned. You can't beg money from the taxpayers and give it to your employees.
 
Quote from WaveStrider:

Maybe they should have been paid their bonuses in CDO/CMO's. That way it gets the toxic paper off the company's books and the guys who were selling the product can own it.
More...

Credit Suisse did that. A friend of mine who is an MD there said while his cash bonus was less than he would have liked, he received participation in a pool of toxic assets. He likened it to a lotto ticket. What they did though, was give a dollar equivilent at current CDO/CDS marks. So in other words, if he was due 500K in bonus, he esentially got 2-3x that amount of face value of those insturments, which are trading at a significant markdown. He was actually quite pleased with this arrangement.
 
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