NY AG Cuomo Said Merrill "Secretly and Prematurely" Awarded $3.5B In Bonuses Before Merger
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New York Attorney General Andrew Cuomo said Merrill Lynch (NYSE: MER) paid out $121 million in bonuses for the top four recipients before being acquired by Bank of America (NYSE: BAC).
Cuomo said Merrill "secretly and prematurely" awarded $3.5 billion in bonuses with Bank of America's "apparent complicity."
The comments were disclosed in a letter to Barney Frank, the Chairman of the House Financial Services Committee.
Wall Street executives will be testifying before the House Financial Services Committee today. Those testifying include J.P. Morgan's (NYSE: JPM) Jamie Dimon, Bank of America's (NYSE: BAC) Ken Lewis, Citigroup's (NYSE: C) Vikram Pandit, Morgan Stanley's (NYSE: MS) John Mack and Goldman Sachs' (NYSE: GS) Lloyd Blankfein.
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