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Cuomo Subpoenas Thain Over Billions in Merrill Bonuses
By
Jen Chung
Published Jan 27, 2009
Modified Jan 27, 2009
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By
Jen Chung
Published Jan 27, 2009
Modified Jan 27, 2009
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Attorney General Andrew Cuomo wants former Merrill Lynch CEO John Thain to further spill about the bonuses given last year. Thain has come under fire for going ahead with $4 billion in bonuses last December, as the company was about to report a 4th quarter loss of $15 billion. Cuomo, who has subpoenaed Thain, said, "The fact that Merrill Lynch appears to have moved up the timetable to pay bonuses before its merger with Bank of America is troubling to say the least and warrants further investigation." Bank of America, which is taking over Merrill, fired Thain last week and claims it had no legal right to stop Thain from issuing the bonuses; Thain said in a memo to employees, "The total bonus pool was also substantially less than the amount allowed under our merger agreement."
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andrew cuomo
Bank of America
John Thain
Merrill Lynch
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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