New York’s A.G. Subpoenas Bank Execs Over Bonuses
New York Attorney General Andrew Cuomo sent out subpoenas to Bank of America's Chief Administrative Officer J. Steele Alphin and recently ousted Merrill Lynch Chief Executive John Thain on Tuesday to look into hefty bonuses paid to Merrill Lynch higher-ups late last year -- even as the company was bleeding billions in losses.
New York Attorney General Andrew Cuomo sent out subpoenas to Bank of America’s Chief Administrative Officer J. Steele Alphin and recently ousted Merrill Lynch Chief Executive John Thain on Tuesday to look into hefty bonuses paid to Merrill Lynch higher-ups late last year — even as the company was bleeding billions in losses.
Your support is crucial...AP via Google News:
Those bonuses were paid as Merrill was about to report a $15 billion fourth-quarter loss, and while Bank of America was seeking more federal funds to help it absorb the mounting losses at the New York-based investment bank.
Attorney General Andrew Cuomo’s investigation will center on trying to determine why the timetable for paying the bonuses was moved up to December from its normal period in January; who knew about the bonuses; and how Merrill could justify spending billions of dollars on bonuses knowing its was on the brink of reporting a multibillion loss for the quarter, a person familiar with the probe told The Associated Press. The person spoke on condition of anonymity because the investigation is ongoing.
As we navigate an uncertain 2025, with a new administration questioning press freedoms, the risks are clear: our ability to report freely is under threat.
Your tax-deductible donation enables us to dig deeper, delivering fearless investigative reporting and analysis that exposes the reality beneath the headlines — without compromise.
Now is the time to take action. Stand with our courageous journalists. Donate today to protect a free press, uphold democracy and uncover the stories that need to be told.
Media
The paper’s kid-glove treatment of the scandal-ridden former governor isn’t restricted to its news pages.
COVID-19 doesn't care if you're wealthy or poor. Only a single-payer system can ensure that all Americans get the treatment they need.
Whether or not her opponents—within and outside Democratic ranks—are ready, the contender for Queens D.A. offers needed change.
A state senator credits the community "that was going to be profoundly affected by" the project and who "started asking questions.”
You need to be a supporter to comment.
There are currently no responses to this article.
Be the first to respond.