Bank of America Says Bonus Disclosure Will Harm It

[Lucky Luciano]

Source: Bloomberg

March 5 (Bloomberg) -- Bank of America Corp. will suffer “grave and irreparable harm” if Merrill Lynch & Co. employees paid $3.6 billion in bonuses just before the firm’s acquisition by the bank are publicly identified, its lawyers said.

Bank of America today filed documents in state court in Manhattan to intervene in a case brought by New York Attorney General Andrew Cuomo to compel former Merrill Chief Executive Officer John Thain to testify about the bonus recipients.

“Neither the individual names nor the job titles bear any reasonable or relevant relationship” to Cuomo’s investigation, the firms argued in the documents. “Nor is there a reasonable or relevant reason to disclose such information to the general public.”

The information Cuomo seeks would provide a “road map” revealing which business lines the banks believe to be most valuable and enable competitors to poach the bank’s top talent, Bank of America argued in the court filing. Disclosure of the information would also cause “internal dissension and consternation,” pose security risks for the exposed bankers and their families, and cause employees to leave, according to the filings.

--SNIP--

Read more: http://www.bloomberg.com/apps/news?pid=20601103&sid=aDJsoWxnk740&refer=news

---

If the bonuses were made public for all of the employees there would be a full scale riot and mutiny on the bank's trading floors. I would seriously expect fistfights based on jealousy and perceived injustices.

:popcorn:

[LiberalFighter]

1. Boo hoo

[HowHasItComeToThis]

10. MY BET IS PHONEY NAMES FOR MONEY TO SAUDI'S

[Name removed]

32. Deleted message

Message removed by moderator. Click here to review the message board rules.

[Tansy_Gold]

2. And what about the injustice to the "general public" whose taxes

funded those bonuses?

Fuck the Merrill bonusees, the B of A, all of the financial parasites. Fuck 'em all to hell.


TG

[Lucky Luciano]

9. I am just picturing...

Equity Derivatives Trading Floor

Trader A (to Trader X): Wow, that sonofabitch B only made $5MM PnL last year and his bonus was $750K!!! WHAT THE FUCK. This is bullshit.

Trader A (To B): How the fuck did you get $750K you prick. I made more PnL than you did last year. I am getting fucked over here. This is bullshit.

Trader B: Fuck off. I earned that, but your $10MM was based more on luck than skill.

Trader A: Blam -- Upper Cut...

Trader A to Trader C (A and B's boss) - Why did B get paid more than me - I made more PnL than he did last year you fuckin cocksucker...or maybe B was the one who was your personal cocksucker, which is why he got hooked up.

Trader C: B is more senior and has been here longer than...

Trader A: Blamo! Upper Cut! Take that you fuck...besides Trader D got paid more than you and he lost money!

Trader C: WHAT?! Let's kick his ass!

Traders A and C to Trader D: Blammo! Upper Cuts!

Trader E (A female) - Hey A and C! I made more PnL than both of you combined and I got no bonus last year. KICKS THEM BOTH IN THE NUTS! I am suing based on sexual discrimination!

etc etc etc...Riot ensues........etc etc etc...

Trader A: GUYS GUYS GUYS!!!!!! WAIT WAIT WAIT! HOLD ON FOR A SECOND!!!!

People stop everything they are doing midpunch....

Trader A: Guys...and Trader E....There is a gun shop downstairs across the street....and the mortgage traders are upstairs....let's settle this once and for all....

:popcorn: :popcorn: :popcorn: :popcorn: :popcorn: :popcorn: :popcorn: :popcorn: :popcorn: :popcorn: :popcorn: :popcorn: :popcorn: :popcorn: :popcorn: :popcorn:

[specimenfred1984]

19. and there you would stand betting on the fights

cowering in some corner counting your money.

[Lucky Luciano]

Hey...the laid off guy has to make a living! nt

[InkAddict]

52. I'll hold the bets so everything's hunky-dorry...okay?

(and while you watch the fights...bye-bye)

[Bake]

61. I'm selling "default swaps" on the losers!

Anybody interested?

Bake

[Downwinder]

13. Better yet nationalize them. We are already paying for them. n/t

[Demeter]

44. With Blurry Morning Vision, I thought You Had Written

Euthanize them!

It works for me....

[notesdev]

16. Just the concept

that ANYBODY in an industry which is at the epicenter of an economic catastrophe deserves a bonus is... how do I find words strong enough? Arrogant? Galling? Outrageous? None of those words seem to do the feeling justice.

[TheEuclideanOne]

30. Not only that, but the money that is going to pay for the bonuses

is coming from taxpayers that bailed their companies out because of their actions. So....
a) They are the epicenter of this catastrophe.
b) The taxpayers are bailing them out because of their actions.
c) They are getting bonuses from money that is required because of a problem that they caused.

Basically there are no words strong enough. You would have to invent words. Gallarrogant? Catastraphuckover?

[notesdev]

3. The real harm

would be exposure to the criminal liability they know would stem from it.

Sunshine is the best disinfectant. And where MY money is concerned, I damn well have a right to know what the hell is being done with it.

[Bozita]

15. Sunshine and vampires ...

... don't mix.

So, the real question is "Does sunshine finally win?"

[InkAddict]

53. Well, let me say that a sum that amounts to a grain of sand in

the ocean will pay the salary of a new-hire - course, what constitutes the assignment remains a question.

BONUSES - $$ unearned (gifted)
SALARY - $$ earned (doing what, you say - I could tell you, but then I'd have to...?????????)

[susanna]

4. And you're correct. That's the problem.

They probably rewarded the asshats who got us into this mess and dissed those who tried to call time out.

Man. The entitlement mentality of these freaking thieves never ends, does it?

on edit: wrong tense

[Name removed]

5. Deleted message

Message removed by moderator. Click here to review the message board rules.

[cosmicone]

11. welcome to DU n/t

[GiveMeFreedom]

34. Thank you Mr. CEO? n/t

[mwb970]

40. Speaking of transparency....

Are you commenting on the bonuses or promoting your get-rich-quick website? From the site:

Forum Booster is a website that pays you $0.10 for each post you make on a forum. This is great for those of us that would be searching and posting on forums either way, why not get paid for it? If you can post sixty posts in 1 hour, you can make $6, which is not that bad for earning money online.

It may not be minimum wage, but you have the advantage of being in the comfort of your own home. You can be in your pajamas sipping coffee while working on posting on these forums. Each post should be a minimum of 12 words, which is not difficult to do at all.

Overall there are tons of ways to make money quickly online but these are just the tried and true and the best of the best.

Your post here was 25 words. Was it "not difficult to do at all"? Were you "sipping coffee" at the time?

:eyes:

[ElboRuum]

65. Too late.

IMTT :(

[crikkett]

67. Wow that was quick!!

Hooray mods!

[crikkett]

66. Does spelling count?

Do they have to be real words? I might get in on this one.

:sarcasm:

[No Elephants]

60. Didn't Bank of America get bailout money?

[Atman]

6. Fuck them all.

They've already done "irreparable harm." Let them hang.

.

[gratuitous]

7. Dear Bank of America

I have a cunning plan, my lords, for helping you make incredible profits in the quarters and fiscal years to come. All I ask is that you turn over your operating capital to me, and I will keep your company running, and bestow large bonuses on people of my choosing. I will not give you an accounting of the money I spend, nor will I even reveal to you the recipients of those bonuses.

I have studied your current business model in detail, and I believe this to be an irresistible offer for you. Please call me.

[Pharlo]

55. To which CEO Baldric will reply

That's not a cunning plan. "A cunning plan" ALWAYS involves turnips.

[Kittycat]

8. Please, i want to watch Santelli's friends get their ass kicked, Live.

:rofl:

[DJ13]

12. They are probably afraid a cross check with the IRS

......would show that most of those bonuses werent claimed as income.

[Lucky Luciano]

14. nahhh....I doubt that....if they did not want

those bonuses to be known then they would not have reported that the bonuses existed at all...which does bring up a good point - just check the IRS records - of course that will only disclose the cash portion of the bonuses. Most of the bonuses come in the form of stock which are now worth substantially less than their original values...though the original values are what still get reported in the press.

[lumberjack_jeff]

17. Taxpayers ought to be the ones "poaching their top talent".

Then again, they ought to be in season.

[cliffordu]

27. yep. no limit....

:rofl:

[grondramb]

18. I don't know what they could disclose that's worse than what people already think nt

[TBF]

20. Here in Texas state and city officials have their salaries in the newspaper -

there's a whole database with that info and they make it public. Why should BofA be any different since they are now funded by taxpayers.

If they are worried about their security maybe they should keep them safe in jail (where they belong).

[truthisfreedom]

21. Could be that "grave and irreparable harm" took place when you handed out the billions in bonuses,

BOA. Think about it.

[mike_c]

22. recommended--- otherwise I'm speechless.....

What stupendous arrogance!

[Kablooie]

23. Oooh. I smell some Bush-like scandal meandering somewhere in the background.

[jwirr]

24. I am beginning to think that what these big companies call a crisis

is when they cannot pay huge bonuses and dividends. The companies may be sound but just not making the kind of profit they want. To bad. If they really want to know what being broke is all about they can come to my home.

[liberation]

33. You are correct

For decades the American workforce has been: downsized, outsourced, made work more for less, having out benefits reduced or eliminated, we had our retirement funds raided, etc, etc.

Most Americans have lived in a perennial state of depression. Most families have been requiring more than 1 salary in order to just barelly stay a float. He have been working longer hours for less money, having to bear a suffocating inflation, no benefits to speak of, broken families, shitty financial situations, etc, etc... that sounds like a depression, and that has been going on for years if not decades.

And the media? The pundits? The politicians? The Bankers? Not a f*cking "peep" during all those years.


Now it turns out that rich people just lost a shitload of money that never existed to begin with. Meaning that some of these assholes are going to be just very wealthy, instead of obscenely wealthy. And woahhhh, we will never hear the end of it.

Now that the rich feel the slightest of pinches in their pockets... Now it is when the sky is falling, eh? Cry me a f*cking river!

[Veruca Salt]

56. Freaking +1 to that!

I've got my tiny violin out for the mother-f'ers as well. :nopity:

[Proletariatprincess]

25. Scumbags!

Reveal everything and let the greedy bastards fight among themselves. I'd pay to see that! Just think of the revenue the government could make selling tickets. :applause:
We could retire the national debt...lol.

[w4rma]

26. That's right. When you do shady stuff and people find out then it will harm you. (nt)

[Bette Noir]

28. Good Lord.

Proposition an undercover cop, and your picture gets in the local newspaper. Steal millions from the American public, and your employer will sue to protect your identity as a trade secret.

As Keithie likes to say, "Now, we call it the bailout. Someday, we'll call it 'why Daddy went to jail.'"

[Tab]

29. I briefly had a BofA account

And when I went to deposit a check from someone, I was told it would take FIVE days to clear if it wasn't drawn on a BofA account.


Now, once upon a time that would be okay, but I seem to remember, oh, I don't know, TEN FRICKIN' YEARS ago we passed some kind of law requiring checks clear in about two days.

And not only that, they have fees like you wouldn't believe.


All together now.... awwwwwwwwwwwwwwwwwwwwwwww. :nopity:

[liberation]

31. Paying my credit card bills would inflict an irreparable damage on my bank account...

... therefore I am sure that Bank of America understands if I pass on paying them.

In the spirit of reconciliation and moving forward, of course...

[Sherman A1]

35. one word

TOUGH

[dipsydoodle]

46. Two's better

Fuck 'em.

[jordi_fanclub]

36. "grave and irreparable harm"...

Yeah, I can see "grave and irreparable harm", yes, but only because
they should find that offshore payments to some fictional employees!

[Hubert Flottz]

37. They'd be a lot easier to keep an eye on if they were in jail...

where thieves and goons who misappropriate government funds belong.

[pa28]

38. Soon the realization will set in.

During this 8 year experiment with market fundamentalism (epic failure) we gave full authority for allocation of capital to the very financial institutions needing bailout today.

Prepare yourself for shock; they allocated all the capital to . . . themselves!

Bank of America, what's left of Merrill Lynch or John Thain will not want to be the sin eaters for history's biggest equity stripping operation. So naturally they want to hide.

[JackRiddler]

58. Yes but it's been THIRTY years of market fundamentalism.

Ten since the Glass-Steagal repeal of Clinton and Gramm.

It's essential to understand a nomenklatura including at least half of Democratic officials was bought by the corporations.

[Solly Mack]

39. Let me grab my hankie. Oh, the humanity.

[ExExGOP]

41. Of course it will harm it,.....as it SHOULD

[JTFrog]

42. JUMP FUCKERS!

Just do it already.

[havocmom]

43. Momma used to say: If you are ashamed to let people know your doin it...

maybe you shouldn't be doin it!

[BR_Parkway]

45. Fine, turn back every dime you got from taxpayers and meet your

capital requirements by 5 pm today - or be prepared to let FDIC in

[pmorlan1]

47. GREED

I wouldn't be surprised if Merrill said that it paid this money in bonuses but it turned out that the guys at the top of Merrill probably split this money with the guys at the top of BOA. Yeah, that's how bad it's gotten. These guys are so greedy that nothing would surprise me.

[trthnd4jstc]

48. To Bank of America, I say Waah.

[durablend]

49. Well of course there will be grave harm to them

Factories might start cranking out guillotines again

[Botany]

50. bring back public whippings

[nradisic]

51. That is beyond ridiculous!

B of A and Citi should have been nationalized months ago. Enough bullshit already. Who believes these clowns by now....Gives us all a break! Boo-hoo...

[aquamarina]

54. If there is to be a full scale riot - then I say BRING IT

[emad]

57. full scale riot and mutiny/seriously expect fistfights...

I reckon Bank of America should just dump Merril Lynch straight back onto the resession dugn heap and see what happens.

While their acquisition of ML was hardly an altruistic or charitable act it nevertheless has surved a prupose.

[Historic NY]

59. Oh really...what a bunch of schmucks.

[Renew Deal]

62. I don't think they should name names

That's not really necessary.

[No Elephants]

63. WWJD? What will the judges do?

[d_b]

64. tough shit

[tbyg52]

68. Don't like it? GIVE US THE MONEY BACK! nt

[sarcasmo]

69. Fuck YOU! Bank of America.