NY AG May Claw Back $4B Merrill Bonuses
Cuomo expands probe into Merrill's handling of pre-takeover handouts
By Rob Quinn,  Newser Staff
Posted Jan 30, 2009 4:52 AM CST
Andrew Cuomo plans a probe to find out how much Bank of America's chief knew about the accelerated bonuses Merrill Lynch paid out before its takeover.   (AP Photo/Brian McDermott, file)
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(Newser) – New York Attorney General Andrew Cuomo is considering action ordering the return of $4 billion in early bonuses Merrill Lynch handed out to staff just before its bailout-backed takeover by Bank of America, an insider tells Bloomberg. Cuomo has widened his probe into the bonuses and aims to find out how much Bank of America's chief knew about the accelerated bonuses and whether bailout funds were misused.