Tuesday, August 4, 2009

US banks slammed for bonus shock

US banks slammed for bonus shock

Go To Original

The New York Attorney-General has revealed taxpayers' money was used to pay bank staff bonuses last year.

After receiving $175 billion from taxpayers, the large banks paid numerous staff members bonuses of over $US10 billion.

JP Morgan Chase paid the largest amount in bonuses.

A report from the office of the Attorney General despite also stated that Citigroup and Merrill Lynch had paid large bonuses before being given $US55 billion in taxpayer money.

The report has offered more bad publicity for the banks which had been asked to limit excessive compensation and change the system of cosy bonuses to their executive and trading staff.

No comments: