House Oversight Committee Requests Bonus Info of Major Banks

Henry A. Waxman, Committee Chairman on Oversight and Government Reform, Requests Compensation and Bonus Information for Employees of Major Banks.

In letters to nine major banks that will receive $125 billion of taxpayer funds, Chairman Waxman requested information on their compensation and bonus plans in 2008.

List of Banks

• Letter to Citigroup (121 KB)
• Letter to Bank of America (122 KB)
• Letter to Bank of New York Mellon (123 KB)
• Letter to Goldman Sachs (122 KB)
• Letter to JPMorgan Chase & Co. (121 KB)
• Letter to Merrill Lynch (121 KB)
• Letter to Morgan Stanley (124 KB)
• Letter to State Street Corporation (121 KB)
• Letter to Wells Fargo (123 KB)

The letters are all essentially the same. Congress is upset at the level of bonuses being handed out and is asking for compensation data for 2006-2008 for all personnel broken down by salaries, bonuses (cash and equity), and benefits. It is asking for additional information of the highest paid employees. The banks have until November 10th to comply.

A huge public backlash is likely over this bailout and one can not blame them.

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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