Cuomo pushes banks for bonus info

By David Ellis, CNNMoney.com staff writer


NEW YORK (CNNMoney.com) -- New York Attorney General Andrew Cuomo pressed eight of the nation's biggest banks for details on their bonus payment plans Monday, putting Wall Street's pay practices under yet another layer of scrutiny.

Cuomo ordered Citigroup (C, Fortune 500), Goldman Sachs (GS, Fortune 500), JPMorgan Chase (JPM, Fortune 500), State Street, Bank of New York Mellon, Bank of America (BAC, Fortune 500), Morgan Stanley (MS, Fortune 500) and Wells Fargo (WFC, Fortune 500) -- the original recipients of federal bailout money -- to submit details on their bonus programs in an effort to see if they had made any progress rooting out some of the destructive pay practices that helped fuel the recent economic crisis.

"We are exploring exactly how banks determined compensation this past year," Cuomo said during a conference call with reporters Monday.

Monday's announcement is the latest effort by New York's top law enforcement officials to shine a harsh light on Wall Street pay practices. Last July, Cuomo's office published a scathing rebuke of banks' 2008 compensation practices, charging that most financial firms paid out compensation that was nowhere close to their overall yearly performance.

To understand the complete picture, Cuomo asked each company to submit details on how they calculated bonuses, how their bonus pool would have been affected had they not received bailout funds and the total value of bonuses awarded in 2009.

Many large lenders are believed to be on track to pay out some of their biggest bonuses since the crisis first erupted nearly three years ago. That has incensed both lawmakers and the American public at a time when millions of workers are out of a job.

Hoping to rein in Wall Street's bonus practices, the Obama administration is considering a fee or tax on the financial industry after taxpayers stepped in to save the industry last fall, according to several media reports. To top of page

Frontline troops push for solar energy
The U.S. Marines are testing renewable energy technologies like solar to reduce costs and casualties associated with fossil fuels. Play
25 Best Places to find rich singles
Looking for Mr. or Ms. Moneybags? Hunt down the perfect mate in these wealthy cities, which are brimming with unattached professionals. More
Fun festivals: Twins to mustard to pirates!
You'll see double in Twinsburg, Ohio, and Ketchup lovers should beware in Middleton, WI. Here's some of the best and strangest town festivals. Play
Index Last Change % Change
Dow 17,253.90 97.05 0.57%
Nasdaq 4,588.75 26.56 0.58%
S&P 500 2,009.36 7.79 0.39%
Treasuries 2.63 0.03 1.27%
Data as of 2:30pm ET
Company Price Change % Change
Bank of America Corp... 17.10 0.33 1.97%
Yahoo! Inc 41.97 -0.62 -1.46%
Apple Inc 102.05 0.47 0.46%
Citigroup Inc 53.69 1.30 2.48%
Microsoft Corp 46.72 0.20 0.43%
Data as of 2:15pm ET

Sections

The restaurant's red star logo was controversial among the Vietnamese-American community More

The Federal Reserve is probably not going to raise interest rates until the summer of 2015 at the earliest. More

Apple says it has addressed customers' privacy concerns. But its security record says otherwise. More

Immigrant entrepreneurs leverage connections abroad to boost international exports -- and non-immigrants could stand to learn from their tactics. More

Occupy Wall Street offshoot Strike Debt says it has abolished nearly $4 million in private student loan debt for students who attended Everest College, part of Corinthian Colleges. More

Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.