Merrill secretly moved up bonus payments
UPDATE 1-Merrill secretly moved up bonus payments - Cuomo | Markets | Markets News | Reuters.
NEW YORK, Feb 11 (Reuters) - Merrill Lynch secretly accelerated bonus payments and gave at least $1 million to each of nearly 700 employees as the brokerage was amassing billions of dollars of losses, New York Attorney General Andrew Cuomo said in a letter to U.S. Rep. Barney Frank.
Cuomo’s letter comes as Frank’s House of Representatives Financial Services Committee on Wednesday gets set to grill executives from eight banks that received $125 billion from the U.S. Treasury last fall.
Among the chief executives answering questions on how they spent the taxpayer money will be Ken Lewis of Bank of America Corp (BAC.N), which acquired Merrill Lynch last month.
February 11th, 2009 in Breaking News, Economic Crisis