While losing billions, 4,793 Wall Streeters made over $1 million in 2008

You've got to hand it to Andrew Cuomo. The New York attorney general is following a well-worn path to New York power. Like Rudy Giuliani and Eliot Spitzer, Cuomo is using his crackdown on Wall Street corruption as a stepping stone to higher office. The only problem for Cuomo is that he has not yet announced his run for New York governor.

But he is coming up with some great numbers to illustrate just how badly broken Wall Street's compensation system is. Despite losing billions in 2008, 4,793 bankers and brokers who work there got paid at least $1 million. What is amazing to me is how many of those people worked for firms that lost billions of dollars. Where did they get the money to pay the bonuses if they lost money? I am guessing from government bailouts, like the $700 billion TARP.


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