You knew this was coming: The Merrill Lynch execs named in yesterday's Wall Street Journal who received $10+ million accelerated bonuses are now in Andrew Cuomo's crosshairs, and he wants to talk to them:
New York Attorney General Andrew Cuomo subpoenaed Andrea Orcel, David
Sobotka, Peter Kraus, Thomas Montag, David Gu, David Goodman and Fares
Noujaim. The seven were identified in a Wall Street Journal report
Wednesday as executives who received some of the largest bonuses at
Merrill just days before it was taken over by Bank of America Corp. and
weeks ahead of announcing the company lost more than $15 billion in the
fourth quarter.
The attorney general's office is expected to question the former executives — some of whom took positions at Charlotte, N.C.-based Bank of America after the deal was completed — about their work; their individual bonuses; communications they had with former Merrill CEO John Thain about the bonuses; the size of the bonus pool; and the timing of the payments, a person familiar with the investigation said. The person asked to remain anonymous because of the ongoing nature of the investigation.
The attorney general's office is expected to question the former executives — some of whom took positions at Charlotte, N.C.-based Bank of America after the deal was completed — about their work; their individual bonuses; communications they had with former Merrill CEO John Thain about the bonuses; the size of the bonus pool; and the timing of the payments, a person familiar with the investigation said. The person asked to remain anonymous because of the ongoing nature of the investigation.
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