Thursday, July 30, 2009
STEPHEN BERNARD, The Associated Press,
STEPHEN BERNARD, The Associated Press,
N.Y. AG Details Big Bonuses at Bailed-Out Banks
The report from Attorney General Andrew Cuomo's office focused on 2008 bonuses paid to the initial nine banks that received loans under the government's Troubled Asset Relief Program last fall.
NEW YORK -- Citigroup Inc., one of the biggest recipients of government bailout money, gave employees $5.33 billion in bonuses for 2008, New York's attorney general said Thursday in a report detailing the payouts by nine big banks.
Citigroup, which gave 738 of its employees bonuses of at least $1 million, is now one-third owned by government as a result of its bailout. It paid bonuses of at least $3 million to 124 of those employees, even after it lost $18.7 billion during the year, Cuomo's office said.
The New York-based bank received $45 billion in government money and guarantees to protect it against hundreds of billions of dollars on potential losses from risky investments.
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Posted by Editor on 07/30/09 at 12:00 PM •
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