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Bank of New York Mellon scored $3B bailout, also oversees entire program
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| Contributor | Craverguy |
| Last Edited | Craverguy Feb 23, 2009 03:13pm |
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| Category | News |
| Media | Newspaper - New York Daily News |
| News Date | Monday, February 23, 2009 09:00:00 PM UTC0:0 |
| Description | A New York bank that won $3 billion in taxpayer bailout money was hired by the government to monitor all banks that pocketed public cash - including itself.
Bank of New York Mellon cashed in under the $700 billion Troubled Assets Relief Program - even as it was hired for $20 million to administer TARP money for the U.S. Treasury.
As "master custodian" for TARP and financial agent for the program, BONY safekeeps billions in cash, handles accounting and recordkeeping - and keeps track of limits on executive compensation at banks that got aid, a Daily News review of the deal found.
That means it has to keep an eye on its own boss: Chairman and CEO Robert Kelly pocketed $20.1 million in 2007, which includes a $7.5 million bonus and .2 million in perks for his jet, chauffeur, parking, club dues and home security.
"The fox is now guarding the golden chicken coop," said Rep. Dennis Kucinich (D-Ohio), whose House subcommittee is investigating taxpayer bailouts. |
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