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Some banks paid bonuses bigger than income: Cuomo

Posted By admin On July 30, 2009 @ 1:15 pm In Money Watch | Comments Disabled

Grant McCool
Reuters [1]
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.”


Some banks paid bonuses bigger than income: Cuomo 150709banner2 [2]

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. [1]

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URLs in this post:

[1] Reuters: http://www.reuters.com/article/newsOne/idUSTRE56T4MI20090730

[2] Image: http://prisonplanet.tv/signup.html

[3] Cuomo Modifies Gun Control Law to Exempt Hollywood: http://www.prisonplanet.com/cuomo-modifies-gun-control-law-to-exempt-hollywood.html

[4] NRA President Fires Back at Cuomo: http://www.prisonplanet.com/nra-president-fires-back-at-cuomo.html

[5] The Too Big To Fail Banks Are Now Much Bigger And Much More Powerful Than Ever: http://www.prisonplanet.com/the-too-big-to-fail-banks-are-now-much-bigger-and-much-more-powerful-than-ever.html

[6] Cuomo Close To Announcing Sweeping New Gun Control Laws: http://www.prisonplanet.com/cuomo-close-to-announcing-sweeping-new-gun-control-laws.html

[7] Goldman Sachs Names European Banks It Paid Amid AIG’s U.S.-Funded Bailout: http://www.prisonplanet.com/goldman-sachs-names-european-banks-it-paid-amid-aigs-u-s-funded-bailout.html

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