New York Attorney General, Andrew Cuomo, is going after the greedy SOB’s that were at the top of the ladder at Merrill Lynch & Co. — those former exec’s “who were each paid more than $10 million in cash and stock last year, according to people familiar with the situation.”
In its waning days as a stand-alone company, Merrill paid out billions of dollars in bonuses, even though it wound up posting a fourth-quarter net loss of $15.84 billion. For all of 2008, the 10 highest-paid Merrill executives got a total of $209 million, and 11 were paid more than $10 million each according to people familiar with the situation. Merrill posted a net loss of $27.6 billion.
The WSJ reports, “Cuomo is investigating whether the bonuses violated securities laws.” These top exec’s working on Wall Street who received these big pay outs are in my opinion, morally and ethically bankrupt.