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Univ. of Toledo College of Law

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Wednesday, March 18, 2009

New York AG on Court's Decision on Merrill Lynch Bonuses

STATEMENT FROM ATTORNEY GENERAL CUOMO ON COURT DECISION TO FORCE BANK OF AMERICA AND MERRILL LYNCH TO TURN OVER LIST OF BONUS RECIPIENTS
"Today’s decision in the Bank of America case is a victory for taxpayers.  Let the sun shine in.  Justice Fried’s decision will now lift the shroud of secrecy surrounding the $3.6 billion in premature bonuses Merrill Lynch rushed out in early December.  Taxpayers demand and deserve transparency and now they will finally get it.  Bank of America chose litigation over transparency and we are gratified that this tactic has failed.  AIG should take heed and immediately turn over the list of bonus recipients we have subpoenaed.  The deadline for responding to our subpoena is tomorrow.  More litigation is not the answer - it is time for AIG to come clean."

http://lawprofessors.typepad.com/securities/2009/03/new-york-ag-on-courts-decision-on-merrill-lynch-bonuses.html

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