Top TARP Banks Paid Out $32.6B In Bonuses: Cuomo

Law360, New York (July 30, 2009, 8:50 PM EDT) -- Nearly a dozen banking giants, including Merrill Lynch & Co., Citigroup Inc. and Bank of America Corp., doled out more than $32.6 billion in bonuses in 2008 while at the same time accepting $175 billion in taxpayer funds through the Troubled Asset Relief Program, according to a report released Thursday by New York Attorney General Andrew Cuomo.

The 22-page report analyzes the original nine U.S. banks that received TARP funding last year and concludes that even though the banks’ profits plummeted, they continued to hand out...
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