Wednesday, February 11, 2009

Wall Street's self-enrichment...........

If you are a client of Merrill Lynch and think they really care about your money think again.

They "whored" taxpayer money to enrich themselves. What a bunch. Thanks Mr. Paulson for doing all you could do oversee taxpayer money. Perhaps a short phone call to Mr. Thain may have prevented this. Think anyone will have to disgorge these obscene bonus's? Think again.

Merrill, with Bank of America's knowledge, paid $3.6 billion in bonuses for 2008. That's an average of $91,000 per employee, Cuomo said, but the lion's share went to a select group.
The top four recipients received a combined $121 million; the next four received a combined $62 million; and the next six received a combined $66 million, according to Cuomo. The top 149 executives received a total of $858 million, and 696 received at least $1 million each, he wrote.
"These payments and their curious timing raise serious questions as to whether the Merrill Lynch and Bank of America boards of directors were derelict in their duties and violated their fiduciary obligations," Cuomo said.

Former Merrill CEO John Thain, after initially seeking a bonus for arranging the deal with Bank of America that saved his company from collapse, ultimately declined to receive a year-end payment.

Officials from Bank of America were not immediately available for comment. Cuomo's office confirmed the existence of the letter but declined further comment.

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CHIPPEWA PARTNERS, Native American Advisors, Inc. is a Registered Investment Advisor, founded by Dean Thomas Parisian in 1995. The firm is a manager to an exclusive clientele and is closed to new clients. As a Registered Investment Advisor, our expertise developed over 35 years balances experience, integrity and tremendous work ethic. Dean Parisian is a member at the White Earth Reservation of the Minnesota Chippewa Tribe, a former NYSE and FINRA arbitrator and trader who began his career with Kidder Peabody and later worked for Drexel Burnham Lambert in LaJolla, CA. His philanthropic interest is in Native American education and he's endowed a significant scholarship for Native Americans at the University of Minnesota. His greatest accomplishment includes raising two sons and 26 years of marriage. The Parisian family enjoys outdoor pursuits at Pamelot, their farm in Tennessee and at the Ghost Ranch, their ranch on the Yellowstone River in Montana. For media requests contact the firm via email: ChippewaPartners (at) gmail dot com, on Twitter: @DeanParisian. Global 404-202-8173