NEW YORK (Reuters) – Bonuses paid to executives at nine banks that received U.S. government bailout money in 2008 were greater than net income at some of the banks, the office of New York Attorney General Andrew Cuomo said on Thursday.
Financial Regulatory Forum
By Elinor Comlay and Jonathan Stempel
NEW YORK, July 10 (Reuters) – JPMorgan Chase & Co, seeking to extricate itself from a federal bailout program, wants warrants held by the government to be sold at auction, after the Treasury Department demanded too high a price for the bank to buy them back. The bank revealed its decision as a Congressional Oversight Panel overseeing the $700 billion Troubled Asset Relief Program said it could could cost taxpayers billions of dollars if the government lets banks repurchase warrants too cheaply. (more…)