Monday, March 9, 2009
New York State Attorney General Andrew Cuomo and Congressman Barney Frank, Chairman of the House Financial Services Committee, sent today a letter to Bank of America CEO Kenneth Lewis regarding bonuses paid to top executives at BofA and Merrill Lynch. The letter demands that BofA immediately disclose individual bonus data for all individuals at Merrill Lynch and BofA who received 2008 bonus awards of $1 million or more. The letter concludes by stating:
Your refusal to reveal compensation information fuels distrust and cynicism at a most sensitive time.