Knowing the company was effectively bankrupt, Merrill Lynch & Co. paid $3.6-billion in bonuses, with the approval of the company's new owner, Bank of America.
More at Bloomberg News Service.
Management at bailed-out firms Morgan Stanley and Citigroup's Smith Barney will hand out their ordinary billions in bonuses, but they understand the PR challenge well enough that they've specifically told recipients not to call them bonuses. They're "retention awards", now.
More at ThinkProgess.
Hobbled Swiss banking giant Credit Suisse will pay bonuses too, but they're paying them by handing out stock in a new hedge fund comprised of toxic investments. Clever.
More in The Independent (London, UK).
In Ireland they're effectively nationalizing its biggest banks.
More in the International Herald Tribune.
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