Cuomo Seeks to Force Thain to Reveal Merrill Bonuses

Cuomo Seeks to Force Thain to Reveal Merrill Bonuses - 2/23/2009

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2009 News and Press Releases

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HEADLINES \| SETTLEMENTS AND DISMISSALS \| COURT FILINGS LINKS TO OTHER NEWS \| NEWS ARCHIVE	HEADLINES ARCHIVED SETTLEMENTS AND DISMISSALS ARCHIVED

HEADLINE NEWS:

Cuomo Seeks to Force Thain to Reveal Merrill Bonuses
Karen Freifeld

Bloomberg.com. February 23, 2009
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EXCERPT: New York Attorney General Andrew Cuomo wants a state judge to force former Merrill Lynch & Co. Chief Executive Officer John Thain to disclose names of employees who got $3.6 billion in bonuses just before the firm merged with Bank of America Corp. Thain, 53, refused when questioned in Cuomo’s office Feb. 19 to identify executives who got bonuses in December, citing orders from Bank of America’s lawyers, according to a motion and a transcript of a deposition provided today by Cuomo’s office. The five executives Bank of America allowed Thain to testify about were among the few who didn’t receive a bonus, according to the motion. “Thain played a central role in the awarding of over $3.6 billion in bonuses just prior to Merrill Lynch’s merger with Bank of America,” Cuomo said in the court filing in New York state court in Manhattan. Cuomo has been examining whether Merrill broke state laws in connection with the bonuses. He also is cooperating with U.S. Special Inspector General Neil Barofsky in a federal probe of executive pay at banks that received money from the U.S. Treasury’s Troubled Assets Relief Program. Merrill and Charlotte, North Carolina-based Bank of America have gotten approximately $45 billion in TARP money.

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