Today’s Bank of America (BAC) and Merrill Lynch horror show unfolds…
CNBC reports that Andrew Cuomo is probing the massive bonuses paid to Merrill employees just as it merged with BofA. As we noted, the bonus pool came to a stunning 75% of Bank of America’s TARP second dip.
Not all bonuses deserve villification, but for a company with such a weak balance sheet to pay out bonuses that were down barely from last year with taxpayer money is outrageous.
No surprise then that Andrew Cuomo, eager to get Hillary’s Senate Seat, has pounced so quickly.