Slope of Hope Blog Posts

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Est Non Pro Bono

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NEW YORK (AP) — Citigroup Inc., one of the
biggest recipients of government bailout money, gave employees $5.33
billion in bonuses for 2008, New York's attorney general said Thursday
in a report detailing the payouts by nine big banks.

The
report from Attorney General Andrew Cuomo's office focused on 2008
bonuses paid to the initial nine banks that received loans under the
government's Troubled Asset Relief Program last fall. Cuomo has joined
other government officials in criticizing the banks for paying out big
bonuses while accepting taxpayer money.

Citigroup,
which is now one-third owned by the government as a result of the
bailout, gave 738 of its employees bonuses of at least $1 million, even
after it lost $18.7 billion during the year, Cuomo's office said. The
bank's top four recipients received a combined $43.7 million.

Bank
of America, which also received $45 billion in TARP money, paid $3.3
billion in bonuses, with 172 employees receiving at least $1 million
and the top four recipients receiving a combined $64 million. Merrill
Lynch, which Charlotte, N.C.-based Bank of America acquired during the
credit crisis, paid out $3.6 billion, including a combined $121 million
to four top employees.

Bank of America earned
$2.56 billion in 2008, while Merrill lost $30.48 billion. Cuomo's
office said Merrill Lynch doled out 696 bonuses of at least $1 million
for 2008.

Goldman gave 953
workers bonuses of at least $1 million, with its four most highly
compensated employees receiving a combined total of nearly $46 million.
JPMorgan gave 1,626 employees at least $1 million, and its top four
recipients received a combined $74.8 million. The two banks each gave
more than 200 employees bonuses in excess of $3 million.

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