Banks Paid $32.6 Billion in Bonuses Amid U.S. Bailout
By Karen Freifeld
July 30 (Bloomberg)-- Citigroup Inc., Merrill Lynch & Co. and seven other U.S. banks paid $32.6 billion in bonuses in 2008 while receiving $175 billion in taxpayer funds under the Troubled Asset Relief Program, according to a report by New York Attorney General Andrew Cuomo.
In the report, the state analyzed 2008 bonuses at nine banks that received TARP financing from the U.S. government. New York-based Citigroup and Merrill, since taken over by Bank of America Corp., received TARP funding totaling $55 billion, Cuomo said in his report.Feeling better about "the economy" now?
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