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Cuomo: B of A "Obstructing And Interfering" With Merrill Bonus Probe; Thain Staying Mum
John Thain is staying mum about the billion-dollar bonuses he approved just weeks before Merrill Lynch came under the control of Bank of America.
New York Attorney General Andrew Cuomo, who is investigating the controversial Merrill bonuses, has filed a motion in court, seeking to compel Thain to talk about the subject, reports Reuters. Cuomo's office says that during his sit-down with investigators last week, Thain refused to do so, claiming that Bank of America has told him to keep quiet.
Cuomo's office is alleging that B of A is "obstructing and interfering" with his investigation.
That probe is seeking to determine what Bank of America knew, and when, about Merrill's decision to award the bonuses, and about the massive losses that Merrill absorbed in the fourth quarter of last year, before it was formally taken over by B of A, but after the takeover had been announced.
B of A CEO Ken Lewis was subpoenaed last week, and another company exec was subpoenaed, along with Thain, before that.
Late Update: A spokesman for Thain told the Associated Press that Thain "would answer questions about individual bonuses if compelled by the court order."
Josh
Zachary
The lack of understanding these executives have of the real world most of us live in, is amazing. The air of entitlement might serve them well with a judge or Congress person, however, this is not 1929 and their greedy dealings that caused this mess will not go well with the general public who become unemployed and lose everything in BoA's depository. Especially should that general public be forced into using torches for light and heat.
February 23, 2009 1:35 PM | Reply | Permalink
I'm thinking Cheney Syndrome, arrogant intelligence leading to a meltdown in which the reactor of the economy melts down towards China!
February 23, 2009 5:15 PM | Reply | Permalink
Rich thieves get to keep their "bail out" money, maybe get a slap on the wrist..poor crooks get the "book" thrown at them, loose every thing they own, and spend years in over-crowded prisons
February 23, 2009 1:36 PM | Reply | Permalink
"obstructing and interfering" an official investigation would land someone's ass in jail if they weren't connected to the elite! Throw him in jail and he'll find out that Shank of America is not the law of the land!
February 23, 2009 2:12 PM | Reply | Permalink
"Cuomo's office is alleging that B of A is "obstructing and interfering" with his investigation."
I will believe Cuomo is serious only when he starts naming who in the B of A is doing the obstructing and interfering with his investigation and starts charging them with obstruction of justice.
Until then, Cuomo is allowing the people doing the obstructing and interfering to hide behind the corporate identity.
February 23, 2009 2:13 PM | Reply | Permalink
The concept of bonus has been perverted by the wealthy oligarchy. Traditionally bonuses were to reward contributions to a company’s success. This perversion happens when executive positions are determined by family connections. The golden parachute is the worst type of bonus.
February 24, 2009 10:07 AM | Reply | Permalink