Cuomo Subpoenas Merrill's $10M Execs

Payouts may violate securities law
By John Johnson,  Newser Staff
Posted Mar 4, 2009 8:45 PM CST
In this 2008 file photo, New York State Attorney General Andrew Cuomo listens to a question at a news conference on Wall Street Wednesday in New York.   (AP Photo/Craig Ruttle, file)
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(Newser) – New York Attorney General Andrew Cuomo has subpoenaed top executives of Merrill Lynch who got at least $10 million each last year as the bank floundered, the Wall Street Journal reports. Cuomo is investigating whether the payouts violated securities law and wants to know why executives at Merrill and Bank of America—which acquired Merrill in January—didn't disclose billions in bonuses. BofA filed a petition today to keep the pay information private.