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Merrill Lynch Gave $1M Bonuses to 700 Employees in 2008 Despite $27B Loss

HeadlineFeb 12, 2009

While the bank executives were testifying on Capitol Hill, New York Attorney General Andrew Cuomo disclosed new details about how Merrill Lynch paid out over $3 billion in bonuses last year just before the company was sold to Bank of America. 700 Merrill Lynch employees received bonuses of $1 million or more in 2008, even though the brokerage firm lost $27 billion. The top four bonus recipients received a total of $121 million in bonuses.

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