BofA, other banks gave billions in bonuses for 2008
Bank of America paid more than $3 billion in bonuses to employees last year . . . and it wasn't alone. The New York Attorney General released a report Thursday detailing enormous bonuses at nine banks that received federal bailout funds. WFAE's Julie Rose reports: One-hundred seventy two employees at Bank of America got bonuses of at least a million bucks last year. All told, the Charlotte-based bank handed out $3.3 billion in bonuses, while reporting earnings for the year of just $4 billion. Politicians and members of the public have expressed outrage over large bonuses banks have paid to employees despite taking billions of taxpayer dollars. Bank of America received $45 billion as part of the Troubled Asset Relief Program. In his biting 20-page report, New York Attorney General Andrew Cuomo says there is "no rhyme or reason" to the bonuses considering how poorly banks did last year. Bank of America refused to comment on the report. Wells Fargo also gave big bonuses - 62 employees got at least a million dollars, including some from Wachovia. And Merrill Lynch - which was acquired by Bank of America - gave 696 employees a bonus of at least that much. President Obama appointed a czar to oversee compensation for executives at banks that received government bailouts. But that oversight does not include bonuses paid for 2008.