Cuomo: Banks Paid Big Bonuses as Profits Slid

The Wall Street Journal reports:

Several of the banks hit hardest by the economic downturn and those that got the most U.S. government aid nonetheless handed out huge bonuses to hundreds of employees last year, according to New York Attorney General Andrew Cuomo.

Many of the banks that took money from the U.S. Treasury Department's Troubled Asset Relief Program had been saying they wanted to pay it back as soon as possible, largely because of restrictions put on compensation that came with the funds.

Many of the banks have already paid the money back, but some, such as Bank of America Corp. and Citigroup Inc., haven't yet done so. Mr. Cuomo said his office has been investigating compensation at many of the banks, including the original nine banks that took TARP funds, over the past nine months. The study refers to 2008 bonuses -- those that would have been paid before any of the banks repaid their government bailout money.

Check out some of the bonuses in the article.