Merrill Lynch Spent Your Money on a New House

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	Merrill Lynch Spent Your Money on a New House

falconz

2-11-2009 5:30 PM

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tags:

business, court, government

falconz says:

There is a lot of criticism about capping executive salaries. I have to say: where else will we get greed driven individuals to lead our companies into the toilet if we cap their salaries?

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/5726fd51-c8ea-480d-a544-01935f5eac78/A58B2425-9144-4401-9DC1-9CC98659D553/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://www.reuters.com/article/businessNews/idUSTRE51A40120090211?feedType=RSS&feedName=businessNews&sp=true" href="http://www.reuters.com/article/businessNews/idUSTRE51A40120090211?feedType=RSS&feedName=businessNews&sp=true" style="font-size: 11px;">www.reuters.com</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.reuters.com/article/businessNews/idUSTRE51A40120090211?feedType=RSS&feedName=businessNews&sp=true"><P>Merrill executives have drawn fire because they paid 2008 performance bonuses in December, earlier than usual and even as Merrill would reveal $15.3 billion of fourth-quarter losses by January 16.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.reuters.com/article/businessNews/idUSTRE51A40120090211?feedType=RSS&feedName=businessNews&sp=true"><P>Cuomo, who began questioning bonus plans in October after nine banks received $125 billion of U.S. Treasury capital injections, said in the February 10 letter obtained by Reuters that Merrill "secretly and prematurely" paid $3.6 billion of bonuses in December so that taxpayers would foot the bill.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.reuters.com/article/businessNews/idUSTRE51A40120090211?feedType=RSS&feedName=businessNews&sp=true"><P>The top four Merrill 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.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.reuters.com/article/businessNews/idUSTRE51A40120090211?feedType=RSS&feedName=businessNews&sp=true"><P>"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.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://www.reuters.com/article/businessNews/idUSTRE51A40120090211?feedType=RSS&feedName=businessNews&sp=true">Bank of America's top eight executives received no 2008 bonuses</blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/A58B2425-9144-4401-9DC1-9CC98659D553/blog/" title="blog or email this clip"><img src="http://content7.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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