Bank of America Must Name Bonus Execs

Court demands firm spills
By John Johnson,  Newser Staff
Posted Mar 19, 2009 4:30 AM CDT
Manhattan pedestrians under a glowing Bank of America marquee in Times Square.    (AP Photo/Craig Ruttle, file)
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(Newser) – This doesn’t bode well for AIG: A judge ruled yesterday that Bank of America must identify the Merrill Lynch executives who received $3.6 billion in bonuses ahead of the banks’ merger, reports the Wall Street Journal. New York Attorney General Andrew Cuomo sought disclosure as part of his investigation into the timing of the payouts. BofA claimed the 200 names were confidential, but the judge didn’t buy company officials' “trade secret” argument.

“We will, of course, comply with the order of the court and turn over the information requested,” said a Bank of America spokesman. “We will continue to cooperate with the attorney general's investigation.”