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.

Native American Advisors CHIPPEWA PARTNERS