Henry A. Waxman, Committee Chairman on Oversight and Government Reform, Requests Compensation and Bonus Information for Employees of Major Banks.

In letters to nine major banks that will receive $125 billion of taxpayer funds, Chairman Waxman requested information on their compensation and bonus plans in 2008.

List of Banks

The letters are all essentially the same. Congress is upset at the level of bonuses being handed out and is asking for compensation data for 2006-2008 for all personnel broken down by salaries, bonuses (cash and equity), and benefits. It is asking for additional information of the highest paid employees. The banks have until November 10th to comply.

A huge public backlash is likely over this bailout and one can not blame them.

Mike “Mish” Shedlock
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