Greed. Unadulterated Greed!
THE TELEGRAPH: Andrea Orcel, a London-based banking executive who worked for Merrill Lynch, is under investigation after receiving $36 million (£25.5m) in pay and bonuses last year.

Andrea Orcel, one of seven senior executives from investment bankers Merrill Lynch, is now under investigation. He received $36 million in pay and bonuses last year alone
Mr Orcel is one of seven senior executives from investment bankers Merrill Lynch subpoenaed by the New York Attorney General over bonuses.

Andrew Cuomo is investigating $3.6 bn (£2.5 bn) in bonuses paid by Merrill shortly before it was bought out by Bank of America (BoA) last September.

According to the Wall Street Journal, Mr Orcel, 45, the company's top investment banker, and nine other colleagues got a total of $209m (£148m) in cash and stocks in 2008 at a time when Merrill's net loss rose to $27.6 bn (£19.5bn) and it had to be bailed out by the American taxpayer.

Mr Orcel has worked on some of the world's biggest investment-banking deals in recent years, including the highly damaging Royal Bank of Scotland takeover of the Dutch bank ABN Amro in 2007, a deal for which he was paid a $12m (£8.5m) bonus.

The doomed deal was one reason why the Government was forced to take a 95 per cent stake in the bank. London Banker to Be Questioned in US over £25m Merrill Lynch Bonus >>> By Nick Britten | Thursday, March 5, 2009

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The Greedy Bastards at ‘Goldmine’ Sachs, Morgan Stanley, Merrill Lynch and Dresdner Kleinwort Just Can’t Steal Enough of Your Money!
BANKERS at four City firms have collected bonuses of more than £6.4billion this year, despite the worst financial crisis since 1929, it emerged yesterday.

While the rest of the country struggles under the ravages of the recession, London-based traders at Goldman Sachs, Morgan Stanley, Merrill Lynch and Dresdner Kleinwort have been notified of their bumper payouts.


They come despite the banks having reported a dramatic fall in profits and the Government bail-out of the banking sector.



Goldman Sachs has taken billions of taxpayer funds, as has Morgan Stanley.



And the huge payouts will hand further ammunition to those critics who blame the greed of bankers for the global economic crisis.



They believe such large bonuses have created a culture of short-termism and recklessness which fuelled the excesses in the run-up to the credit crunch and led to millions of jobs being lost. What Recession? £6.4bn Bonuses for City Bankers >>> By Mark Reynolds and Michael Pickard | Monday, December 22, 2008

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