The sheer audacity is astounding. It may not be illegal but it is morally repugnant. It’s simply nauseating. Merrill Lynch paid out 121 million dollars to its top four bonus recipients. That is just part of the greed:
“…Cuomo, who began questioning bonus plans in October after nine banks received $125 billion of U.S. Treasury capital injections, said in the letter that Merrill “secretly and prematurely” paid $3.6 billion of bonuses in December so that taxpayers would foot the bill.”
This is tax-payers’ dollars. Will the bailout payments to companies such as Merrill Lynch ever be repaid? Presumably, bonuses are handed out for exceptional performance. However, in this case, it seems that even when the company is managed in such a fashion that it required a financial bailout, performance is rewarded.
It seems that there is no limit to corporate greed.