NY AG Cuomo Said Merrill "Secretly and Prematurely" Awarded $3.5B In Bonuses Before Merger
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.
Create E-mail AlertRelated Categories
Insiders' BlogTrader Talk
Stocks Mentioned
+0.00Related Entities
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
