Cuomo Releases Study on Pay in Banking Industry

New York Attorney General Andrew Cuomo released a report on July 31 that showed that nine banks that received government aid money paid out bonuses of nearly $33 billion last year despite huge losses that have besieged the industry and the economy. The nine firms in the report had combined 2008 losses of nearly $100 billion, which forced the government to ante up $175 billion in bailout money.