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Thain Must Dish On Bonuses, Rules Court
That was quick!
John Thain has been ordered by a New York court to testify about those controversial Merrill Lynch bonuses, reports CNBC.
Earlier today, it was reported that New York Attorney General Andrew Cuomo, who is investigating the bonuses, filed a motion to compel Thain to testify, after the disgraced former Merrill CEO refused to answer questions about the issue, claiming that Bank of America had ordered him to stay mum.
Cuomo had subpoenaed Thain for testimony. He has also subpoenaed B of A CEO Ken Lewis, and another B of A exec, but does not appear to have taken their testimony yet.
Cuomo's 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.
Josh
Zachary
Praise be the Lawd! Glory Hallelujah!
February 23, 2009 7:23 PM | Reply | Permalink
Clawbacks, disgorgements and seizing ill-gotten gains, OH MY!
February 23, 2009 8:39 PM | Reply | Permalink
Thain has nothing to worry about. Karl Rove doesn't have to show up when subpoenaed; why should Thain?
February 23, 2009 10:39 PM | Reply | Permalink
If these guys have no respect for Congress, why should the American people?
If Congress wants respect, it had better show some judicial backbone and pretty damned quick.
February 23, 2009 11:24 PM | Reply | Permalink
Maybe we can get NY Atty Gen. Cuomo to send the Motion to Compel forms to John Conyers people so they knwo what they look like.
Better yet, get Atty Gen. Cuomo to subpoena Karl Rove and Congress can send a Foia request and a list of questions.
February 24, 2009 10:05 AM | Reply | Permalink