New York Attorney General Andrew Cuomo sent letters to nine banks Wednesday demanding bonus information for top executives. The banks, which all received taxpayer bailout funds from the U.S. Treasury Department, are J.P. Morgan
Chase & Co., Citigroup Inc., Wells Fargo & Co. Goldman Sachs
Group Inc., Bank of New York Mellon Corp., Merrill Lynch and Co.,
Morgan Stanley, State Street Corp. and Bank of America Corp.
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Cuomo said he wanted a "detailed accounting" regarding expected payments to top executives in the "upcoming bonus season,'' including information on the expected bonus pool for this year, according to a statement issued by his office. He said he wanted information on bonuses from before and after the banks knew they would receive funds as part of the Troubled Asset Relief Program.
"Obviously, we will have grave concern if your expected bonus pool has increased in any way as a result of your receipt or expected receipt of taxpayer funds," one letter said.
Earlier in the week, Bloomberg reported that Wall Street firms were expecting to dole out $20 billion in bonuses this year, which is nearly half of 2007's record $39 billion. - Donna Block
Office of the Attorney General press release
Donna Block is one of The Deal's senior Wall Street reporters.
