Rep. Kucinich Seeks Information On Merrill Lynch Bonuses

[Purveyor]

Source: DOW JONES NEWSWIRES

By Michael R. Crittenden

WASHINGTON -(Dow Jones)- The top U.S. House Democrat on a key investigative subcommittee is raising questions about $3.6 billion in bonus payments paid to Merrill Lynch employees in the weeks before the firm was acquired by Bank of America Corp. (BAC).

Rep. Dennis Kucinich, chairman of the House Oversight and Government Reform panel's domestic policy subcommittee, has formally requested information on the bonuses from the Federal Reserve, Treasury Department and Bank of America, including all documents and communications between the company and the government.

The Ohio Democrat, in a letter sent Monday to Fed Chairman Ben Bernanke, sought to tie the Merrill bonuses to the $165 million in retention payments recently paid out by American International Group Inc. (AIG) that resulted in a backlash from the public and many lawmakers.

"In contrast to the bonuses awarded by AIG, the Merrill bonuses constituted a significant proportion of allocated TARP funds, were not locked into place by preexisting contract, and were performance, not retention, in nature," Kucinich wrote in the letter released by his office.

Kucinich said he is concerned that Fed and Treasury officials may have had knowledge of Merrill Lynch's intent to pay out the bonuses even as government officials sought to ensure the firm's acquisition by Bank of America would be completed.

"If ordinary shareholders were ignorant of the details of the Merrill bonus arrangement, was the U.S. government as well?" the letter to Bernake says.

Read more: http://tinyurl.com/dxhmkm

[groovedaddy]

1. Saw DK Friday night giving a speech in Lexington. We need more like him in Congress! n.t

[stillcool]

2. Every financial institution that...

received TARP money should be scrutinized, and if exorbitant bonuses were handed out, they should be given back. If AIG did it, so should the others

[Vidar]

3. Go, Dennis, go!

[Pastiche423]

4. K&R!

[defendandprotect]

5. Any luxury, from jets to bonuses, using bailout money has to be dealt with . . .

And all of the bonuses have to be -- at the least -- looked at as windfall profits --

same as ExxonMobil's profits should be considered over the past years ---

and heavily taxed as "Windfall profits" . . .!!!

[winyanstaz]

6. You are still the best Patriot in Congress

You rock Dennis Kucinich....thank you once again for taking action and stepping up for the American people. At least you listen and care. We would still not be paying trillions to prop up a system that has failed if we had you in charge. We would get out of the endless wars if you were at the wheel.
Instead, we are gearing up for even more wars.
So far, it looks like the same people that made this mess are once again in positions of power and it will not be such a change as I had hoped for once again.
If Obama and Congress would get rid of the Patriot Act I would feel much better that we are returning to the Constitution and restoring this Nation to being a Nation of Laws. However I shall not hold my breath.
I shall still give President Obama my support of course and still give him time. I greatly fear we are running out of that time.
We need many more like you Dennis Kucinich.

[Hepburn]

7. Thank you, Dennis!

:patriot: