It appears the Wall Street Journal has identified one of the latest mysteries on Wall Street, the names of the Merrill employees who received huge bonuses at the end of last year, despite the firm’s gigantic losses. This issue is currently the subject of an Andrew Cuomo witch hunt investigation, and according to reports, at least Ken Lewis wasn’t considered to have been very helpful. Here’s who the article identifies, though there are a still a few more holes to fill in:
Andrea Orcel — top investment banker. Bonus: $33.8 million.
David Goodman — Head of global commodities. Bonus: $16.5 million.
David Gu — Head of rates. Bonus: $18.7 million.
Thomas Montag — Head of global sales. Bonus $39.4 million.
David Sobotka (pictured) — Head of global proprietary trading. Bonus: $13 million (note that Merrill’s prop trading unit posted a gigantic loss for the year)
Fares Noujaim — Head of Middle East & Africa. Bonus: $15 million.
Peter Kraus — Head of strategy. Bonus: $29.4 million.
Of course, some of them might argue that their particular units were highly profitable and that they should be rewarded justly. But the company still was on the taxpayer dole/the verge of bankruptcy at the end of the year. And in the end, none of them could make any money without the whole company being solvent. So the idea of them running profitable units, while the firm heads into the toilet, doesn’t mean much.
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