05
Mar
09

Andrew Cuomo Ain’t Havin’ It


From Reuters today:

Merrill’s top 10 earners made $209 million in 2008: report

New York’s Attorney General Andrew Cuomo has been investigating whether billions paid in executive bonuses at Merrill Lynch ahead of its takeover by Bank of America were sanctioned by the Charlotte, North Carolina-based bank…Cuomo said last week that BofA Chief Executive Kenneth Lewis and former Merrill Lynch Chief Executive John Thain have obstructed and interfered with his probe into the bonuses.

OK, so bankers engaging in scumbaggery isn’t news. But someone taking them to task for it is. From HuffPo:

Some of the top earners at Merrill Lynch who were given $209 million in 2008 were subpoenaed by New York State Attorney General Andrew Cuomo on Wednesday, a source close to the investigation tells the Huffington Post.

The subpoenas were served on the seven executives – including Andrea Orcel, the firm’s top investment banker (who was paid $33.8 million in cash and stock in 2008), trading chief Thomas Montag and former head of strategy Peter Kraus, who were named in a story in the Wall Street Journal on Wednesday, according to the source.

The subpoenas compel the executives, some of whom currently work at Bank of America, to come in and discuss their bonuses, who they communicated with regarding their bonuses, when they got their bonuses and other relevant information, says the source.

LOVELOVELOVE this!!! Way to redeem that family name, Andrew! All I remember from your father at this point was that asinine editorial he wrote about how Obama’s ticket would be doomed without Hillary as his Veep. Nice to know where the brains (and cojones) went in that family.

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