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Bank of America Paying Hefty Bonuses
By: Alex De Mostafa

Bank of America primary hit the reports as one of the chief banks getting TARP funds. The government pressure tests found that Bank of America needed $33.9 billion in assets just to survive. When that information came out, they began selling additional stocks and liquidating assets in order to raise such a great amount of capital and they succeeded, Now that Bank of America has made some brilliant fiscal decisions and produced billions of dollars in assets, they are spending millions in bonuses, wishing to lure and preserve talent.

This is understandably reminiscent of AIG paying out TARP funds as bonuses and taking an executive island holiday on the taxpayers dime. When AIG paid out those millions of dollars in bonuses, they were referred to as retention payments, making certain the talent they already had did not desire to go to a stronger company. Now Bank of America is doing the same thing.

It is probable Bank of America will not see the unsympathetic national chaos AIG saw for the reason that its not precisely on the taxpayers dime. Bank of America is paying out capital they raised which they can do what they want with. On the other hand, with Bank of America doing by way of the Merrill Lynch union situation and still being quite puny, it makes experts and the general public wonder if they should be giving all these dollars in retention bonuses.

Among the employees who allegedly received the retention bonuses are two previous Merrill Lynch bankers, Fares Noujaim, a previous Bear Sterns financier that joined Merrill Lynch last year, newly chosen vice chairman of investment banking at Bank of America, and Harry McMahon. Noujaim is believed to receive $15 million paid over the course of two years. Both men were offered these bonuses in exchange for the promise not to leave the company. Apparently the Merrill Lynch combination is going through after all.

Competitive recruiting in investment banking and capital markets continues to be incredibly strong and were taking the steps needed to retain important talent in response to competitive pressures. spokeswoman Jessica Oppenheim said to the New York Post. She also went on to say that any precise reports as to the amount of money Noujaim is being rewarded is not correct, calling them inaccurate. Many news organizations have attempted to get in touch with Bank of America directly considering this new development but to no benefit.

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