Banks paid billions in bonuses amid crisis…Posted: August 1, 2009
BONUSES paid to executives at nine banks that received US government bailout money in 2008 were greater than net income at some of the banks, the office of New York Attorney General Andrew Cuomo says.
Mr Cuomo, in a report on months of investigation into compensation paid by the banks, said employee pay “has become unmoored from the banks’ financial performance.”
Representatives of the banks either declined comment on the report or could not comment immediately.
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