Wednesday, October 29, 2008
Attorney General of NY is inquiring about bonuses
And in this endeavor he is joining forces with Rep. Henry Waxman. His targets are 9 major banks who have all taken the people's shilling, as it were, by partaking in the bank buyout plan.
Read the letter here.
The New York attorney general has expanded his investigation of bonus payments to Wall Street executives whose banking companies are receiving $125 billion in support from the federal government.And the young Cuomo lad, unlike douche nozzle Mukasey, won't hesitate to take legal action.
In a letter sent on Wednesday to the nine financial institutions receiving government aid, the attorney general, Andrew M. Cuomo, asked for “a detailed accounting regarding your expected payments to top management in the upcoming bonus season.”
The letter also raised the prospect of a lawsuit relying on a New York law that, Mr. Cuomo has said, permits the recovery of payments worth more than the services provided by executives.
Mr. Cuomo sent his letter to Citigroup, Bank of America, Bank of New York Mellon, Goldman Sachs, JPMorgan Chase, Merrill Lynch, Morgan Stanley, State Street and Wells Fargo.
In recent weeks, Mr. Cuomo’s office reached an agreement with the American International Group, the troubled insurance conglomerate, freezing millions of dollars in payments to former executives. The letter sent on Wednesday appears to represent an expansion of the inquiry into executive compensation at companies getting government money.
Read the letter here.
Subscribe to Posts [Atom]
Post a Comment