Bank of America has lost its legal fight to prevent New York State Attorney General Andrew Cuomo from publicly releasing the names of the 200 Merrill Lynch staff who bagged the biggest bonuses for their toils in 2008.
Here's Wednesday testimony by Mr. Edward M. Liddy, Chairman and Chief Executive Officer, American International Group before the House Financial Services Subcommittee on Capital Markets, Insurance and Government-sponsored Enterprises:
AIG CEO Edward Liddy (you know, the guy who's working for $1-a-year, and who came in to protect the US taxpayer and sort out the mess) was hauled before a House of Representatives subcommittee Wednesday. His pleas for understanding that the $165m paid in retention bonuses to a group of staff tasked with unwinding $2.7 trillion in complex securities, however, fell mostly on deaf ears.
This one speaks for itself.
The AIG bonus debate has got really, hot. But below it an interesting letter written a couple of day back by firm CEO Edward Liddy to US Treasury Secretary Tim Geithner.
As a US judge ponders the request by New York State Attorney General Andrew Cuomo to publicly release the names of Merrill Lynch's top 200 2008 bonus earners, Here Is The City can exclusively reveal the names of several more of those bankers.
Just a few days after new UBS CEO Oswald Gruebel hinted to staff that there probably would need to be another round of cost-cutting, Swiss weekly newspaper SonntagsZeitung says that the firm is to purge 5,000 senior jobs, including 2,500 'management' positions in the bank's wealth businesses.
The Daily Telegraph reports that Barclays is likely to 'press the button' on a series of asset sales, which could include the disposal of Barclays Global Investors, which is thought to be worth some $7bn. At the very least, the unit's exchange-traded funds business, iShares, looks like being shopped, as JPMorgan Cazenove is said to have been appointed to look at a possible sale.
Dealbreaker ran a couple of corkers recently.
Reuters reports that Citi has been on the hire in London, agreeing 'multi-million dollar' guaranteed bonuses for a small group of top salespeople and traders.