Cuomo subpoenaed Merrill execs on bonuses
US Attorney General subpoenaes several top bankers at Merrill Lynch to question them about their 2008 bonuses
NEW YORK - New York Attorney General Andrew Cuomo has subpoenaed several top bankers from Merrill Lynch to question them about their bonus packages from 2008.
Merrill Lynch paid out more than $3.6 billion in bonuses, including $209 million to its top bankers, in December just prior to it announcing a $15.6 billion fourth-quarter loss. Its new owner, Bank of America, which bought the investment bank in September 2008, was powerless the stop the payments and has been locked in a row ever since. The bank blamed former Merrill boss John Thain for forcing through the payments.
Through his investigation, Cuomo is seeking to ascertain whether shareholders were properly informed about the bonus packages beforehand. The subpoenas do not name the bankers concerned, which were obtained by Cuomo after subpoenaing Thain at the end of February 2009.
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@risk.net or view our subscription options here: http://subscriptions.risk.net/subscribe
You are currently unable to print this content. Please contact info@risk.net to find out more.
You are currently unable to copy this content. Please contact info@risk.net to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@risk.net
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@risk.net
More on Regulation
Regulatory clarity urged for CME’s single-stock futures
SEC short selling and market access rules may hamper clearing and broker participation
Imminent US shake-up of LCR slated to include discount window
Adding Fed liquidity facility to bank regulation may help overcome stigma, raise lending capacity
French regulator wants permanent changes to EU’s output floor
Push for capital relief faces resistance from supervisors in Finland and the Netherlands
Council plans take Aquis, BME out of Esma oversight
German push to exempt Deutsche Börse catches three others, according to sources
Why watering down resolution plans is a bad idea
Bank failures are inevitable; banking crises are not
BIS’s Hernández de Cos on AI, non-bank risk and tokenisation
General manager talks about how the BIS is navigating a complex global environment
‘European SEC’ no silver bullet for growth
EU policymakers hope a single, centralised supervisor will help rev up Europe’s economy but critics are mustering
Permanent FRTB reforms seen as vital for IMA adoption
Temporary relief granted in June has done little to encourage internal model use in Europe
