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Bank of America Must Name Bonus Execs

Court demands firm spills

By John Johnson,  Newser Staff

Posted Mar 19, 2009 4:30 AM CDT
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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.”

Manhattan pedestrians under a glowing Bank of America marquee in Times Square.
Manhattan pedestrians under a glowing Bank of America marquee in Times Square.   (AP Photo/Craig Ruttle, file)
New York State Attorney General Andrew Cuomo won court order that Bank of America name executives who received bonuses as bank was about to merge with Merrill Lynch.
New York State Attorney General Andrew Cuomo won court order that Bank of America name executives who received bonuses as bank was about to merge with Merrill Lynch.   (AP Photo/Craig Ruttle, file)
Bank of America Chairman and Chief Executive Officer Ken Lewis testifies on Capitol Hill last month.
Bank of America Chairman and Chief Executive Officer Ken Lewis testifies on Capitol Hill last month.   (AP Photo/Lawrence Jackson)
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COMMENTS
Showing 1 of 1 comment
sailor86
Mar 19, 2009 9:44 AM CDT
Wow. I thought the feds were going to have to pry the info from BofA's cold,dead fingers.

 
Bank of America • Merrill Lynch • court • Andrew Cuomo • bonuses • court order • fiscal crisis • Ken Lewis

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