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Lewis Staying Mum on Merrill Bonuses
Looks like Ken Lewis isn't so eager to reveal what he knows about those controversial Merrill bonuses.
ABC News reports that that the Bank of America CEO -- subpoenaed recently by investigators for New York Attorney General Andrew Cuomo -- refused to provide the AG's office with a list of which company execs got bonuses, and how much they were worth. (For good measure, ABC adds that Lewis traveled to New York for his testimony in a $50 million corporate jet. You can see video of Lewis' arrival here.)
In response, Cuomo's office issued a subpoena to B of A to turn over that information.
The session with Lewis was "ugly and combative," in ABC's paraphrase of New York officials.
Merrill CEO John Thain earlier refused to divulge similar details about the bonuses during his own sitdown with Cuomo's investigators -- claiming B of A had told him not to. But after the AG's office obtained a court order, he was more forthcoming.
We'll see whether the same thing happens with B of A. But for now, it looks like the Bush White House's approach to subpoenas -- that they're optional -- is becoming more widespread.
Josh
Zachary
Shank of America needs a good spanking for what they are doing to their own consumers for this huge taxpayer rip-off. Off with their freakin heads!
February 27, 2009 4:14 PM | Reply | Permalink
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February 27, 2009 7:29 PM | Reply | Permalink
As I said in a previous post on the same story, charge and arrest Lewis and Thain under RICO. List all recipients of bonuses as co-conspirators. The truth will come as a flood. Bail? I don't think so.
We are suffering the self-indulgences of an American nobility. They need to be brought down.
February 27, 2009 8:03 PM | Reply | Permalink
It's looking more and more like these arrogant idiots perjured themselves.
How hard could it possibly be for the Feds to flip some of their underlings and charge these idiots with perjury?
February 28, 2009 12:19 AM | Reply | Permalink
I really hate to say this but I think the Obama administration is complicit in all this unless they act--and they show no signs of action. As long as they leave incompetent and corrupt executives, like Ken Lewis at Bank of America and Vikram Pandit of Citigroup in place, and allow the likes of Lewis to thumb his nose at the criminal justice system, the Obama folks are no different than the Bush folks.
Furthermore Geithner is so much part of the problem with Wall Street and the finance industry, it's hard for me to see how he could ever be part of a solution. And he's a dead ringer for the evil friend in Ghost--the one that had the Patrick Swayze character killed. That can't be good!
February 28, 2009 8:11 AM | Reply | Permalink