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Some banks paid bonuses bigger than income: Cuomo

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Grant McCool
Reuters
Thursday, July 30, 2009

NEW YORK (Reuters) – Bonuses paid to executives at nine banks that received U.S. government bailout money in 2008 were greater than net income at some of the banks, the office of New York Attorney General Andrew Cuomo said on Thursday.

Cuomo, in a report on months of investigation into compensation paid by the banks, said employee pay “has become unmoored from the banks’ financial performance.”

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Some banks paid bonuses bigger than income: Cuomo 150709banner2

Representatives of the banks either declined comment on the report or could not comment immediately.

“There is no clear rhyme or reason to the way banks compensate and reward their employees,” said the report by Cuomo, New York’s top legal officer, who began his probe last October amid taxpayer complaints about Wall Street pay.

Full story here.

This article was posted: Thursday, July 30, 2009 at 1:15 pm





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