Banks Pressed on Bonus Plans
Andrew Cuomo, the Attorney General of the State of New York, sent a letter to nine banks seeking each bank’s “expected payments to top management in the upcoming bonus season. In particular, it is vital that you immediately provide us with any and all information concerning your firm’s expected bonus pool for this year, both prior to and after you understood that the firm would be a recipient of taxpayer funds pursuant to the Troubled Asset Relief Program.”
This letter follows concerns voiced by congressional leaders about how the banks are using the bailout funds and as the industry is under intense pressure as the Wall Street bonus season begins.
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Tags: andrew cuomo, attorney general of the state of new york, banks, bonus, congress, wall street
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