Merrill Lynch Bonuses Were 22 Times the Size Of AIG's! (And Were Based On Performance!)

Merrill Lynch Bonuses Were 22 Times the Size Of AIG's!

www.alternet.org

The Merrill bonuses were 22 times larger than those paid by AIG ($3,620 million versus $165 million). They were also very large relative to the TARP monies allocated to Merrill. The Merrill bonuses were the equivalent of 36.2% of TARP monies Treasury allocated to Merrill and awarded to BOA after their merger. The bonuses, awarded mostly as cash, were made only to top management at Merrill. To be eligible for the bonuses, Merrill employees had to have a salary of at least $300,000 and attained the title of Vice President or higher.

(visit the link for the full news article)

[edit on 31-3-2009 by baseball101]

I think this is just outrageous ... why hasn't this gotten as much attention as the AIG bonus's ... this is even worse ... they all had a minimum salary of $300,000 and they were more then a third of the bailout money that was awarded ...

These were bonuses based on performance! unlike AIG's ...

how were they even able to get these? i think they all had pretty poor performance if they needed a bailout!

what are your thoughts?

www.alternet.org
(visit the link for the full news article)

While prior to the merger BOA knew of Merrill's intent to award billions of dollars in performance bonuses before the Fourth Quarter earnings were calculated, BOA did not disclose the details it possessed about the Merrill bonuses and the unusualness of the timing of those bonuses to its shareholders prior to their vote on the merger.

This raises important questions about what you knew about the Merrill bonuses, and what you did with your knowledge. If ordinary BOA shareholders were ignorant of the details of the Merrill bonus arrangement, was the U.S. government as well.

Some more interesting statements from the article ... what does this say about the Bank Of America?!

I suspect they planned on this not being exposed in the news.

If the media ignores it, it will be a sure sign that they planned on having it 'unrecorded' insofar as public disclosure goes.

It irks me to think my future tax-debt will be compounded by what these people 'feel' they are worth, rather than what I 'produce' in the economy. Either way it's unconstitutional, as radical homegrown terrorists would tend to point out.

the most interesting part is who qualified... vice president or higher, that only leaves........the president. so what, 2 people got those bonuses? wow, that's alot of money

reply to post by Maxmars


yeah there's actually a surprising amount of attention to it ... especially to kucinich's (sorry if i messed up the spelling) report

News Results

reply to post by undo


i agree there must not of been too many people who got these bonuses, which means these people were walking out with hefty bonuses