Cuomo Hands in Homework Assignment on Bankers’ Bonuses

by Derek Loosvelt | July 30, 2009

  • My Vault
New York State Attorney General Raggedy Andy Cuomo has gone playa hatin’ again, and this time he’s gone statistical, unveiling several seriously detailed banking compensation charts that include such figures as how many Goldman Sachs employees (953) pulled down a bonus worth more than $1 million last year, how many Morgan Stanley employees (428) banked a bonuse of a $1 million or higher and how many seven-figure incentive checks were doled out by Jamie Dimon to J.P. Morgan folks (1,626) for their efforts in ’08.

Of course, the point of the AG’s report is that a few months ago when money was falling out of big banks’ pockets by the billions, many were holding on to TARP billions with their left hands while signing monstrous bonus checks with their right hands.

Then again, perhaps the point of the AG's 21-page document was simply to publish its title: “No Rhyme or Reason: The ‘Heads I Win, Tails You Lose’ Bank Bonus Culture.”

Look for Cuomo’s coin flip to get some airtime tomorrow when the House votes on that compensation reform bill.

Filed Under: Finance

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