Democratic Underground Latest Greatest Lobby Journals Search Options Help Login
Google

Merrill paid bonuses early as BofA deal closed

Printer-friendly format Printer-friendly format
Printer-friendly format Email this thread to a friend
Printer-friendly format Bookmark this thread
This topic is archived.
Home » Discuss » Topic Forums » Economy Donate to DU
 
marketcrazy1 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 11:02 PM
Original message
Merrill paid bonuses early as BofA deal closed
Merrill paid bonuses early as BofA deal closed- FT
Wed Jan 21, 2009 10:27pm EST

Featured Broker sponsored link

NEW YORK, Jan 21 (Reuters) - Merrill Lynch paid billions of dollars of bonuses to its employees, three days before completing its life-saving sale to Bank of America Corp (BAC.N), the Financial Times reported on its website on Wednesday.

The money was paid as Merrill's losses were mounting, forcing Bank of America Chief Executive Kenneth Lewis last month to seek additional government support for the deal. Merrill's compensation committee agreed to pay bonuses on December 29, at least one month earlier than usual, the paper said.

Yet within days of that committee meeting, the FT said, BofA officials became aware Merrill's fourth-quarter losses would be much greater than expected.

Bank of America, in a statement, told the paper, "Merrill Lynch was an independent company until Jan 1. (Merrill CEO) John Thain decided to pay year-end incentives in December as opposed to their normal date in January. BofA was informed of his decision."

Last week, Bank of America said it would receive $20 billion in U.S. Treasury investment on top of $25 billion earmarked last fall for a combined BofA-Merrill.

Bank of America said Merrill had a $21.5 billion operating loss in the fourth quarter.

Despite the massive losses, Merrill set aside $15 billion for 2008 compensation, 6 percent lower than a year earlier.

A person familiar with the matter told the FT about $3 billion to $4 billion of that compensation were annual bonuses. The bulk is comprised by salaries and benefits. (Reporting by Joseph A. Giannone; Editing by Anshuman Daga)

Thomson Reuters 2009 All rights reserved http://www.reuters.com/article/marketsNews/idESN2150757... --- WHY AM I NOT SHOCKED!! note to bankers: TAXPAYERS DO NOT CARE HOW MUCH YOU STEAL! ( apparently )
Printer Friendly | Permalink |  | Top
GoesTo11 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-21-09 11:19 PM
Response to Original message
1. Just arrest these bastards and take back the money
I know, they say once it's been distributed, it's gone. But take it back. It's just stolen property.
Printer Friendly | Permalink |  | Top
 
leftofthedial Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-22-09 01:18 AM
Response to Original message
2. these bastards are thieves.
just like the guy in the ski mask at the liquor store.

throw their asses in prison. Pronto.
Printer Friendly | Permalink |  | Top
 
girl gone mad Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-22-09 01:42 AM
Response to Original message
3. Sick, sick, sick.
Can we bring back the guillotine, yet?
Printer Friendly | Permalink |  | Top
 
tomp Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-22-09 09:16 AM
Response to Original message
4. the people who gave them our money are complicit (including obama). nt
Printer Friendly | Permalink |  | Top
 
marketcrazy1 Donating Member (1000+ posts) Send PM | Profile | Ignore Thu Jan-22-09 12:17 PM
Response to Reply #4
5. Ex-Merrill CEO Thain to Leave Bank of America, CNBC Says
http://www.bloomberg.com/apps/news?pid=20601087&sid=aMO... --- now they should sue him for fraud and claw back his bonus!
Printer Friendly | Permalink |  | Top
 
Joiwind Donating Member (41 posts) Send PM | Profile | Ignore Thu Jan-22-09 01:39 PM
Response to Original message
6. 15B/300M = $50 apiece
How about if I go out to the CEO's house and take my family's share, $200, in silverware or bed coverings?

Sounds like a plan to me.

Or if 40 of us take his yacht out for a day of deep-sea fishing?
Printer Friendly | Permalink |  | Top
 
DU AdBot (1000+ posts) Click to send private message to this author Click to view 
this author's profile Click to add 
this author to your buddy list Click to add 
this author to your Ignore list Sat Nov 29th 2014, 04:02 AM
Response to Original message
Advertisements [?]
 Top

Home » Discuss » Topic Forums » Economy Donate to DU

Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators


Important Notices: By participating on this discussion board, visitors agree to abide by the rules outlined on our Rules page. Messages posted on the Democratic Underground Discussion Forums are the opinions of the individuals who post them, and do not necessarily represent the opinions of Democratic Underground, LLC.

Home  |  Discussion Forums  |  Journals |  Store  |  Donate

About DU  |  Contact Us  |  Privacy Policy

Got a message for Democratic Underground? Click here to send us a message.

© 2001 - 2011 Democratic Underground, LLC