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Politics : Sioux Nation
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To: cirrus who wrote (160380)2/11/2009 9:37:19 AM
From: stockman_scott  Read Replies (2) of 362477
 
Top Four Merrill Bonus Recipients Got $121 Million (Update1)

By Karen Freifeld

Feb. 11 (Bloomberg) -- Merrill Lynch & Co.’s top four bonus recipients received a combined $121 million just before the firm was acquired by Bank of America Corp., according to New York Attorney General Andrew Cuomo.

In all, Merrill “secretly and prematurely” awarded $3.5 billion in bonuses, with Bank of America’s “apparent complicity,” Cuomo said in a Feb. 10 letter to Representative Barney Frank, the Massachusetts Democrat who heads the House Committee on Financial Services.

Cuomo has been examining whether Merrill broke securities laws when it paid the bonuses.

“One disturbing question that must be answered is whether Merrill Lynch and Bank of America timed the bonuses in such a way as to force taxpayers to pay for them through the deal funding,” Cuomo said in the letter.

Cuomo, who has subpoenaed the testimony of former Merrill Lynch Chief Executive Officer John Thain and Bank of America Chief Administrative Officer J. Steele Alphin, said in the letter he would require top officials to answer the question. He said he also plans to seek the testimony of other top executives at the firms.

To contact the reporter on this story: Karen Freifeld in New York at kfreifeld@bloomberg.net.

Last Updated: February 11, 2009 08:49 EST
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