Late last month, Cuomo sought information from the country’s nine largest banks, including Charlotte-based BofA, regarding their plans for paying bonuses. He also asked their boards to explain what mechanisms they have in place to protect the taxpayer funds obtained through the federal bailout package.The 9 banks receiving federal bail out capital should have to cough up information on how they compensate their executives. If they don't like it, let them give the tax money back to the federal government.
The banks agreed to accept $125 billion in federal funds as part of the government’s "troubled assets relief program," or TARP, which is injecting money into banks.
How banks handle their compensation has become a political issue with the infusion of public funds. Critics say executives should not receive large amounts of compensation while their institutions are benefiting from federal funding.
Thursday, November 13, 2008
More power to NY AG Andrew Cuomo: