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Cuomo Accuses Bank of America of Interfering With Probe
By
Jen Chung
Published Mar 7, 2009
Modified Mar 7, 2009
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By
Jen Chung
Published Mar 7, 2009
Modified Mar 7, 2009
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NY State Attorney General Andrew Cuomo, in his quest to get to the bottom of Merrill Lynch's extravagant bonuses right before announcing a $13.8 billion 4th quarter loss, told a judge, "We respectfully request that the court reject Bank of America’s continued efforts to stymie the attorney general’s investigation." Bank of America, which bought Merrill, has allegedly threatened to sue an employee for cooperating with Cuomo's investigation. The bank says it "has continually offered to provide the information the attorney general is seeking if he would agree to an appropriate confidentiality agreement. He has continually declined," (Cuomo wants to air all the dirty laundry). Additionally, the AG's office says it has found signs of "trading irregularity"; per Bloomberg News, a London-based Merrill trader who "recorded a trading profit of $120 million for the fourth quarter may instead have lost a large amount." Bank of America and Merrill Lynch have received a combined $45 billion in bailout funds.
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Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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