Friday, January 02, 2009

Former Merrill Lynch executive pays 37 million for NYC apartment (with taxpayer money)

How taxpayer money is being spent wasted on bailouts for failed executives.

It's particularly important to publicize this sort of wretched excess, known as the privatization of profits and socialization of loss, as we approach the opening of the 111th Congress and the battle for affordable and guaranteed healthcare for all Americans goes into high gear.

As sure as night follows day, we will hear some many say, the United States can't afford to provide healthcare to all our citizens. When this deceit gets going, please remember that a huge amount of taxpayer money is raining on people like Peter Kraus--no questions asked.

This is 720 Park Avenue in New York City. It's one of the most expensive buildings in Manhattan. Peter Kraus and his wife Jill, just paid $37 million for an apartment in this building. This year, Peter Kraus received a payout of $25 million dollars for working at Merrill Lynch for just three months.

Merrill Lynch received TARP funds--taxpayer money. Lots of our money has fallen into the hands of executives who destroyed and looted their companies and are walking away with huge payouts. Peter Kraus is one such executive.

And he should be publicly shamed.

In New York like most localities, real estate sales are public records. A local New York Real Estate paper, The Real Deal searches for high profile sales in in doing so, the newspaper often turns up examples of staggering greed and excess. This transaction is a further startling indictment of our times.

"The sale of the seventh-floor unit closed December 18, according to property records posted Friday.

The buyer was identified as Jill Kraus, wife of Peter Kraus, a former executive vice president at Merrill Lynch who reportedly received a $25 million bonus after working at the firm for three months this year. However, only her name was listed on the property report. He was hired as chairman and CEO of AllianceBernstein on December 19. A Merrill Lynch spokeswoman would not comment on his pay package."


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