Robert Scheer's Columns: Banking Bandits Get Their Reward
• Truthdig.com“Two firms, Citigroup and Merrill Lynch suffered massive loses of more than $27 billion at each firm. Nevertheless, Citigroup paid out $5.33 billion, in bonuses, and Merrill paid $3.6 billion in bonuses. Together, they lost $54 billion, paid out nearly $9 billion in bonuses and then received TARP bailouts totaling $55 billion. For three other firms—Goldman Sachs, Morgan Stanley, and J.P. Morgan Chase—2008 bonus payments were substantially greater than the banks’ net income.”
