NY: AG Cuomo Takes on Corporate Big Bonuses
Last Updated on Wednesday, 11 February 2009 01:43 Written by rslcpol Wednesday, 11 February 2009 01:39
From the New York Times:
Those payouts, made just as the firm’s merger closed with Bank of America, have caused a stir because they were made earlier than usual. Merrill typically pays out bonuses in January, but executives wanted to pay the bonuses out before the firm became part of Bank of America at the end of the year. Despite earlier rumors that Bank of America was surprised by the bonuses, the bank has recently publicly stated that they were fully aware of the amounts and timing.
Merrill lost money all year long, largely because of its bad mortgage investments.
Mr. Cuomo is investigating the bonus payments as well as other aspects of the merger.