Cuomo gets the dirt on Merrill’s bonuses
Option Armageddon
13 Febbraio 2009
John Thain bonused his guys a bit early this year, rushing out the payments prior to closing the merger with BofA. NY Attorney General Andrew Cuomo is on the case and found some startling facts. In this letter to Barney Frank he outlines his most damaging findings. Most interesting is that while the $3.6 billion bonus pool was split among 39,000 employees, 149 of them (a third of 1%) took home 24% of the pool. Here’s Cuomo’s breakdown:
* Top 4 bonus recipients got $121 million
* Recipients 5 thru 8 got $62 million
* 9-14 got $66 million
* 14 guys got over $10 million
* 20 received over $8 million
* 53 received over $5 million
* 149 over $3 million
* 696 over $1 million
The second part of Cuomo’s list is a …
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