The Associated Press reported New York Attorney General Andrew Cuomo is investigating bonuses Merrill Lynch paid executives just before being sold to Bank of America. The investigation will center on trying to determine why the time table for paying bonuses was moved up to December from its normal period in January .
Other questions that need to be answered are who knew about the bonuses, how could Merrill Lynch pay those bonuses when it was going to report a $15 billion loss for the 4th quarter and Bank America was seeking more federal funds to help it absorb losses at the investment bank. Bank America said it knew about the bonuses but had no authority over the pay outs because the Merrill Lynch sale had not been completed. The Associated Press said the bonuses were in the billions of dollars.
Those Merrill Lynch's executives got their greedy bonuses at the same time their company was loosing billions of dollars. It is not hard to figure why the paying of those bonuses were moved up a month. Give us our greedy bonuses while the getting is good. The Attorney General of every state should investigate every financial, wall street and any other firms who received government funds and make sure none of that money is dedicated to bonuses for the greedy executives.
It is really not hard to answer the question; how is all of this happening? Its corporate greed pure and simple. The massive wealth that has been transferred to Corporate America's top earners is criminal. The average American should understand what has been happening to his earnings and buying power and demand change.
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