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December 8, 2008
Reid Statement On Merrill Lynch CEO's Request For $10 Million Bonus After Taking $10 Billion Bailout
Washington, DC—Senate Majority Leader Harry Reid made the following statement today in response to reports today that the Merrill Lynch & Co. chairman and CEO has requested a $10 million bonus, subsidized by taxpayers. Merrill Lynch received $10 billion from the Troubled Asset Relief Program on October 14:
“The TARP program, from which Merrill Lynch has taken billions of taxpayer dollars, was designed explicitly to limit executive compensation, bonuses and golden parachutes. While American families struggle to keep their jobs and their homes, I question the chutzpah of asking for a $10 million taxpayer-subsidized bonus. Americans deciding which bills to pay this month just to make ends meet do not want their hard-earned money even indirectly spent rewarding executives from banks that are largely responsible for the economic crisis. I sincerely hope that Merrill Lynch rejects this request.”
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The Senate will convene at 10:00 a.m. and proceed to a period of morning business for up to one hour, with Senators permitted to speak for up to 10 minutes each.
Following morning business, the Senate will resume consideration of the motion to proceed to H.R. 7005.
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