Tuesday, March 31, 2009


Your government at work bailing out the rich, but of course not the auto workers

by Larry Geller

This news probably won’t stay disappeared for long:

In its last days as an independent company, Merrill [Lynch] gave performance-based bonuses exclusively to employees earning $300,000 a year or more and holding a rank of vice president or higher, according to their financial statements. $3.62 billion was handed out to these executives - a sum equal to 36.2 percent of the $10 billion in taxpayer funds that were allocated to Merrill as part of the Troubled Asset Relief Program (TARP) before the bonuses were paid. [truthout.org, Merrill Lynch Bonus Payments Dwarf A.I.G., 3/31/2009]


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