Luxe Life

Merrill Lynch Paid $121 Million to Top Four Bonus Recipients

By Kimberly Castro

Posted: February 12, 2009

Merrill Lynch dished out a combined $121 million to the top four bonus recipients at the firm, right before Merrill was acquired by Bank of America Corp. Sheesh. Talk about shady timing.

Attorney General Andrew Cuomo has been investigating the last-minute timing of the bonuses and presented his findings earlier this week to Democratic Massachusetts Rep. Barney Frank.

"One disturbing question that must be answered is whether Merrill Lynch and Bank of America timed the bonuses in such a way as to force taxpayers to pay for them through the deal funding," Cuomo wrote in a February 10 letter to Frank. The letter became public yesterday, the day that the chief executives from the eight largest U.S. banks faced the ire of lawmakers at a committee hearing in Washington.

merril LYNCH

government should pass laws preventing theft of investors money

Rob @ Mar 08, 2009 20:57:56 PM

Furious

I am in agreement with Joe in PA. My IRA accounts weren't that impressive by most standards but it was my money - money that I worked hard for and a nice chunk of it has gone down the drain over the past year. I don't trust anyone any more. I'm pulling my funds out while I still have two nickels to rub together and sewing into my mattress. That's the only place it will be safe.

Angela of GA @ Feb 16, 2009 15:27:03 PM

OLD LAWSUITS LEFT UNPAID

While Merrill is cleaning house they might want to consider settling the collection of lawsuits decided by the courts a long time ago,but still unpaid. Certainly not in the "bonus" price range, but still significant amounts of money. They've been sitting on these for years.

Anna Daniher of NJ @ Feb 16, 2009 10:38:16 AM

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Luxe Life

Luxury is no longer the sole province of the elite. Upscale goods and services now target a much broader market. Kimberly Castro, deputy business editor of U.S.News & World Report, takes a look at the luxe life, from fine wines and cars to high-end real estate and wealth management. Though no elitist, Kim does admit a fondness for a bold bottle of Scout's Honor from Venge Vineyards and satiating her wanderlust in Europe.

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