Banks Paid $32.6 Billion in Bonuses Amid U.S. Bailout.
Citigroup, Merrill Lynch, and seven other U.S. banks paid $32.6 billion in bonuses in 2008 while receiving $175 billion in taxpayer funds, according to a report by New York Attorney General Andrew Cuomo.
Cuomo analyzed 2008 bonuses at nine banks that received Trouble Asset Relief Program financing from the U.S. government. Citigroup and Merrill, which has since been taken over by Bank of America, received TARP funding totaling $55 billion. 8-5-2009
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Banks Paid $32.6 Billion in Bonuses Amid U.S. Bailout.
Citigroup, Merrill Lynch, and seven other U.S. banks paid $32.6 billion in bonuses in 2008 while receiving $175 billion in taxpayer funds, according to a report by New York Attorney General Andrew Cuomo.
Cuomo analyzed 2008 bonuses at nine banks that received Trouble Asset Relief Program financing from the U.S. government. Citigroup and Merrill, which has since been taken over by Bank of America, received TARP funding totaling $55 billion. 8-5-2009
