Apr 04 2009
Bonus After Bonus
It was bad enough that AIG executives were awarded millions of dollars in bonuses after the tax-payer funded bailout, but the list is only getting longer. It was recently discovered that Merrill Lynch executives received 3.6 billion dollars in bonuses just before merging with Bank of America. That’s right, Merrill Lynch was performing terribly, and had no choice but to get bought out by a larger company, yet they were rewarded billions for their dismal performance.
It’s naive to think that such a scenario was an isolated incident, and that only those within AIG are susceptible to such egregious acts. Yesterday it was AIG and today it was Merrill Lynch/Bank of America; who will it be tomorrow?
