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Merrill Lynch Bonuses

If you read my archives, you'll see I was one of the blogosphere's first - and only - Enron skeptics.  I still believe that Ken Lay and Jeff Skilling were wrongfully convicted.  No hater of business am I.  That said, someone needs to go to prison for this:Greg Farrell, FT: In spite of operating losses of $41.2bn for 2008, close to 700 Merrill executives received cash bonuses of more than $1m for the year, Mr Cuomo wrote.John Thain, former Merrill chief executive, and his management team paid the bonuses in late December, bringing forward the payments by a full month, just days before Bank of America completed its acquisition of Merrill. Neither he nor his inner circle received bonuses.After the $121m paid to the top four, the next 10 recipients took home $128m in incentive pay, while the top 149 bonus recipients got a total of $858m...continue to full post

Full post as published by Crime & Federalism on February 12, 2009 (boomark / email).