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According to a newly released report by Attorney General Cuomo of New York, nine of the financial firms that were among the largest recipients of federal bailout money paid at least 5,000 of their traders and bankers bonuses in total of $5 billion last year. For example, Goldman Sachs paid 953 traders and bankers bonuses of more than $1 million. At Morgan Stanley, 428 employees received bonuses over $1 million.

Another stunning statistic is that in all, the nine banks gave more than $32.6 billion in bonuses to their employees, while their total loss for 2008 was $81 billion. Cuomo wonders, ?If the bank lost money, where do you get the money to pay the bonus?? A compensation critic, Jesse M. Brill notes that it is ?troublesome that the old ways are so ingrained that it is very hard for them to shed them.?

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