March 30 2009
Even as Merrill Lynch & Co. bled money and warily eyed a merger with Bank of America, company executives were preparing for a windfall.
Following the federal government's promise of $10 billion in TARP funds to buoy the ailing firm through it's roll-up, Merrill paid out $3.6 billion in bonuses: a package 22 times larger than compensation given by AIG, said Congressman Dennis Kucinich's offices in a Monday release.
The congressman's staff sent letters to Ken Lewis, CEO of Bank of America, Ben Bernanke, Chairman of the Federal Reserve, and Neel Kashkari, Interim Assistant Director of Financial Stability, requesting documents related to communications on Merrill Lynch compensation packages.
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