Last month, New York attorney general Andrew Cuomo scored a victory when a judge ruled former Merrill boss John Thain would have to name names in the Great Merrill Lynch bonus scandal.
Cuomo had, of course, launched a state investigation into the controversial payouts make by Merrill just days before it was acquired by Bank of America in December.
Well, the Wall Street Journal has stolen some of Mr Cuomo’s thunder by naming some of the names.
And one sticks out, for us – Andrea Orcel, bonus $33.8m.
Mr Orcel, it might be remembered, played a pivotal role in RBS’ disastrous acquisition of ABN Amro, bringing Santander and Fortis into the bidding consortium.
The Journal reckons Orcel got a one-time bonus worth $12m for his role in the deal. Quite a payout for an acquisition former RBS Chairman Sir Tom McKillop has called “a bad mistake”.
That said, the Journal reckons Orcel generated revenues of $550m for the bank last year.
And here are the other Merrill executive who struck it big in 2008
David Goodman, Head of global commodities – $16.5m.
David Gu, Head of rates – $18.7m.
Thomas Montag, Head of global sales – $39.4m.
David Sobotka, Head of global proprietary trading – $13m.
Fares Noujaim, Head of Middle East & Africa – $15m.
Peter Kraus, Head of strategy – $29.4 m.
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