RE: WALL STREET BONUS PAYOUTS
NEW YORK, NY - New York City Comptroller John C. Liu stated the following in response to questions about predictions of record-bonuses on Wall Street:
"People are hurting from double-digit unemployment, home foreclosures, and skyrocketing living costs. Paying record-bonuses in the immediate wake of the largest taxpayer-funded bailout in history simply offends our sensibilities. Furthermore, the payment of substantial bonuses in stock will dilute shareholder value.
"The financial industry is vital to New York City's economic health, and industry employees should be compensated fairly and rewarded for sustainable performance. But taxpayers and shareholders today demand, and deserve, transparency and accountability from corporations about excessive executive compensation schemes. Reform is clearly needed."
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