Wall Street bonuses in Cuomo's sights

[Joanne98]

Source: Reuters


NEW YORK (Reuters) - Controversial Wall Street bonuses will be in focus on Monday as New York Attorney General Andrew Cuomo plans a midday announcement on the payouts.

Cuomo's announcement, set for noon, comes as many of the nation's biggest banks and securities firms prepare this month to tell employees how much they will take home for 2009.

Banks and the government are bracing for an expected public outcry over bonuses, in light of the industry's role in the near collapse of the financial system and recession.

While some bonuses may this year contain a larger percentage of stock, to reduce any temptation to take outsized risk, large payouts are likely to provoke the ire of Congress, governance critics and shareholders.

This may be especially true for Goldman Sachs Group Inc, Bank of America Corp and other companies that accepted billions of dollars of federal bailout money, regardless of whether the money has been repaid.

Bonuses typically comprise the bulk of annual compensation for the most highly-paid bankers and traders, regularly reaching seven-figure and, occasionally, eight-figure sums.

"It does seem really ridiculous," Christina Romer, chairwoman of the White House Council of Economic Advisers, said on CNN's "State of the Union" on Sunday.


Read more: http://www.reuters.com/article/idUSTRE60A35420100111

[watajob]

1. God bless Andrew!

A chip off the old block. :)

[Paper Roses]

2. Go for it Mr Attorney General. We need you to set examples.

If you can associate with the plight of a great many Americans today, you will take your inquiries and investigation as far as possible.

I am also really bugged that these bonus payments are being considered to be paid in stock. What a shell game.

[dixiegrrrrl]

3. Cuomo announces a lot of cases...but I never hear the resutls of them.

Anyone here have information on the outcomes of some of the more recent cases?

[Po_d Mainiac]

4. I'd hate to see him hold the ponies back, BUT..

Please take Mr Spitzer's advice and "keep your pants on in public."

[Vidar]

5. K&R.

[Odin2005]

6. KICK THEIR ASSES, Andrew!!!