Yesterday, New York's Attorney General Andrew Cuomo won a battle when a court ruled that the names of the Merrill Lynch employees who received big bonuses back in December should be handed over to his office. Now, Cuomo wants to take the names of bonus recipients to the public.
Cumo's steps are part of the effort to ease the public outrage over the massive bonuses given to employees of companies such as Merill Lynch and AIG. The House of Representatives took steps today to remedy this -- voting to heavily tax the money doled out by large companies that took federal bailout money.
The outrage over bonuses has sparked a movement to bring transparency to the secretive world of Wall Street compensation. The thinking is that since the taxpayer is on the hook, everyone deserves to know who is getting rewarded. Bonuses and business as usual needs to end.
But yesterday, in the hearings on Capitol Hill, the chief of AIG made a counter point. Edward Liddy said his employees are at the center of a ferocious storm of public anger. The company is receiving threatening notes including one that said, "All the executives and their families should be executed with piano wire around their necks."
Our question: Should the names of those who received bonuses be made public? Tell us what you think.