Find Post Investigations On:
Facebook Scribd Twitter
Friendfeed RSS Google Reader
» About This Blog | Meet the Investigative Team | Subscribe
Ongoing Investigation

Top Secret America

The Post explores the top secret world the government created in response to the attacks of Sept. 11.

Ongoing Investigation

The Hidden Life of Guns

How guns move through American society, from store counter to crime scene.

Have a Tip?

Talk to Us

If you have solid tips, news or documents on potential ethical violations or abuses of power, we want to know. Send us your suggestions.
• E-mail Us


Post Investigations
In-depth investigative news
and multimedia from The Washington Post.
• Special Reports
• The Blog

Reporters' Notebook
An insider's guide to investigative news: reporters offer insights on their stories.

The Daily Read
A daily look at investigative news of note across the Web.

Top Picks
A weekly review of the best
in-depth and investigative reports from across the nation.

Hot Documents
Court filings, letters, audits and other documents of interest.

D.C. Region
Post coverage of investigative news in Maryland, Virginia and the District.

Washington Watchdogs
A periodic look into official government investigations.

Help! What Is RSS?
Find out how to follow Post Investigations in your favorite RSS reader.

Hot Comments

Unfortunately I believe that we are limited in what we can focus on. I think that if we proceed with the partisan sideshow of prosecuting Bush admin. officials, healthcare will get lost in the brouhaha.
— Posted by denamom, Obama's Quandary...

Recent Posts
Bob Woodward

The Washington Post's permanent investigative unit was set up in 1982 under Bob Woodward.

See what you missed, find what you're looking for.
Blog Archive »
Investigations Archive »

Have a Tip?
Send us information on ethics violations or abuses of power.
E-Mail Us »

Notable investigative projects from other news outlets.
On the Web »
Top Picks »

NY Probes Bank of America's Bonuses

POSTED: 10:34 AM ET, 11/14/2008 by Derek Kravitz

New York Attorney General Andrew M. Cuomo has subpoenaed Bank of America for a list of every executive who received a bonus of more than $250,000 over the past two years, The Wall Street Journal reports.

Cuomo's office sent letters requesting information from the nine institutions that received $125 billion in federal funding as part of the U.S. Treasury Department's Troubled Asset Relief Program. The Journal's Amir Efrati, citing anonymous sources, reported that Cuomo was dissatisfied with Bank of America's response to the inquiry.

At least some of the bonuses paid out to Bank of America executives are publicly available through the company's public filings., for example, has compiled a list of the top compensated executives at Bank of America over the past few years.

Bonuses would generally be listed as restricted stock awards or as "non-equity incentive plan compensation."

For example, Kenneth D. Lewis, Bank of America's president and chief executive, received $4.25 million in non-equity cash bonuses in 2007, along with another $4.25 million in restricted stock. (Lewis was named "Banker of the Year" by the trade publication American Banker recently, which The New York Times noted is "like being named the outstanding British soldier of 1776.")

The Times also points out that the number is less than half of Lewis's target bonus of $18.5 million in cash and restricted stock, reflecting the fact that Bank of America "significantly missed" its three main financial goals for the year. (Bank of America's profit for 2007 was down 29 percent from the previous year.)

Bank of America executive Anne Finucane was among the banking executives who told the Senate Banking Committee yesterday that bonuses would be slashed this year. Finucane said the bonus pool would be less than half the size of last year's, Bloomberg reports.

By Derek Kravitz |  November 14, 2008; 10:34 AM ET
Previous: Transition Watch, Sen. Stevens' Fate, Wall Street Bucks Regulation | Next: Report: Design Flaw Caused Bridge Collapse


Please email us to report offensive comments.

Post a Comment

We encourage users to analyze, comment on and even challenge's articles, blogs, reviews and multimedia features.

User reviews and comments that include profanity or personal attacks or other inappropriate comments or material will be removed from the site. Additionally, entries that are unsigned or contain "signatures" by someone other than the actual author will be removed. Finally, we will take steps to block users who violate any of our posting standards, terms of use or privacy policies or any other policies governing this site. Please review the full rules governing commentaries and discussions.

characters remaining


© 2010 The Washington Post Company